RESIDENTIAL ACCREDIT LOANS INC
8-K, 1997-12-02
ASSET-BACKED SECURITIES
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                                    FORM 8-K


                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


        Date of Report (Date of earliest event reported) November 1, 1997


RESIDENTIAL  ACCREDIT  LOANS,  INC.  (as company  under a Pooling and  Servicing
Agreement  dated as of November 1, 1997  providing for, inter alia, the issuance
of Mortgage Asset-Backed Pass-Through Certificates, Series 1997-QS12)

                        Residential Accredit Loans, Inc.
             (Exact name of registrant as specified in its charter)


                          DELAWARE 333-33493 51-0368240
           (State or other jurisdiction (Commission) (I.R.S. employer
               of incorporation) file number) identification no.)


          8400 Normandale Lake Blvd., Suite 600, Minneapolis, MN 55437
               (Address of principal executive offices) (Zip code)



        Registrant's telephone number, including area code (612) 832-7000




          (Former name or former address, if changed since last report)


                         Exhibit Index located on Page 2




<PAGE>








                  Items 1 through 6 and Item 8 are not included because they are
not applicable.


Item 7.  Financial Statements, Pro Forma Financial Information and
         Exhibits.

                           (a)      Not applicable
                           (b)      Not applicable
                           (c)      Exhibits  (executed  copies):  The following
                                    execution copies of Exhibits to the Form S-3
                                    Registration Statement of the Registrant are
                                    hereby filed:

                                                                Sequentially
          Exhibit                                                 Numbered
          Number                                                 Exhibit Page

         10.1 Pooling and Servicing Agreement, dated as of November 1, 1997   4
         among Residential Accredit Loans, Inc., as company, Residential
         Funding Corporation, as master servicer, and Bankers Trust Company,
 as trustee.




<PAGE>





                                   SIGNATURES



         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused  this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                     RESIDENTIAL ACCREDIT LOANS, INC.



                                     By:
                                     Name:    Randy Van Zee
                                     Title:   Vice President


                  Dated:  November 26, 1997











                                   SIGNATURES



         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused  this report to be signed on its behalf by the
undersigned thereunto duly authorized.



















<PAGE>











                                   RESIDENTIAL ACCREDIT LOANS, INC.



                                   By:      /s/Randy Van Zee
                                   Name:    Randy Van Zee
                                   Title:     Vice President


                  Dated:  November 26, 1997







<PAGE>






                                                     5

                                  Exhibit 10.1


                  Pooling and Servicing Agreement,  dated as of November 1, 1997
among  Residential  Accredit  Loans,  Inc.,  as  company,   Residential  Funding
Corporation, as master servicer, and Bankers Trust Company, as trustee.














<PAGE>


                                 EXECUTION COPY








                        RESIDENTIAL ACCREDIT LOANS, INC.,

                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,

                                Master Servicer,

                                       and

                             BANKERS TRUST COMPANY,

                                     Trustee




                         POOLING AND SERVICING AGREEMENT

                           Dated as of November 1 1997



                 Mortgage Asset-Backed Pass-Through Certificates

                                Series 1997-QS12







NY1-242818.4

<PAGE>



                                TABLE OF CONTENTS
                                      Page

                                    ARTICLE I

                                                    DEFINITIONS

Section 1.01.     Definitions............................................ 3
Accrued Certificate Interest.............................................  3
Addendum and Assignment Agreement........................................  4
Additional Collateral....................................................  4
Additional Collateral Loan...............................................  4
Adjusted Mortgage Rate...................................................  4
Advance..................................................................  4
Affiliate................................................................  4
Agreement................................................................  4
Amount Held for Future Distribution......................................  4
Appraised Value..........................................................  5
Assignment...............................................................  5
Assignment Agreement.....................................................  5
Assignment of Proprietary Lease..........................................  5
Available Distribution Amount............................................  5
Bankruptcy Amount........................................................  6
Bankruptcy Code..........................................................  7
Bankruptcy Loss..........................................................  7
Book-Entry Certificate...................................................  7
Business Day.............................................................  7
Buydown Funds............................................................  7
Buydown Mortgage Loan....................................................  7
Cash Liquidation.........................................................  7
Certificate..............................................................  8
Certificate Account......................................................  8
Certificate Account Deposit Date.........................................  8
Certificateholder or Holder..............................................  8
Certificate Owner........................................................  8
Certificate Principal Balance............................................  8
Certificate Register and Certificate Registrar...........................  9
Class.................................................................... 10
Class A Certificate...................................................... 10
Class A-8 Notional Amount................................................ 10
Class B Certificate...................................................... 10
Class B Percentage....................................................... 10
Class B-1 Percentage..................................................... 10
Class B-1 Prepayment Distribution Trigger................................ 10
Class B-2 Percentage..................................................... 11
Class B-2 Prepayment Distribution Trigger................................ 11
Class B-3 Percentage..................................................... 11
Class B-3 Prepayment Distribution Trigger................................ 11
Class M Certificate...................................................... 11
Class M Percentage....................................................... 11
Class M-1 Percentage..................................................... 11
Class M-2 Percentage..................................................... 12
Class M-2 Prepayment Distribution Trigger................................ 12
Class M-3 Percentage..................................................... 12


NY1-242818.4
                                                    i

<PAGE>


                                                                     Page

Class M-3 Prepayment Distribution Trigger................................ 12
Class R Certificate...................................................... 12
Closing Date............................................................. 12
Code..................................................................... 12
Compensating Interest.................................................... 12
Cooperative.............................................................. 13
Cooperative Apartment.................................................... 13
Cooperative Lease........................................................ 13
Cooperative Loans........................................................ 13
Cooperative Stock........................................................ 13
Cooperative Stock Certificate............................................ 13
Corporate Trust Office................................................... 13
Credit Support Depletion Date............................................ 14
Curtailment.............................................................. 14
Custodial Account........................................................ 14
Custodial Agreement...................................................... 14
Custodian................................................................ 14
Cut-off Date............................................................. 14
Cut-off Date Principal Balance........................................... 14
Debt Service Reduction................................................... 14
Defaulted Mortgage Loss.................................................. 14
Deficient Valuation...................................................... 15
Definitive Certificate................................................... 15
Deleted Mortgage Loan.................................................... 15
Depository............................................................... 15
Depository Participant................................................... 15
Destroyed Mortgage Note.................................................. 15
Determination Date....................................................... 15
Disqualified Organization................................................ 15
Distribution Date........................................................ 16
Due Date................................................................. 16
Due Period............................................................... 16
Eligible Account......................................................... 16
Event of Default......................................................... 17
Excess Bankruptcy Loss................................................... 17
Excess Fraud Loss........................................................ 17
Excess Special Hazard Loss............................................... 17
Excess Subordinate Principal Amount...................................... 17
Extraordinary Events..................................................... 17
Extraordinary Losses..................................................... 18
FASIT.................................................................... 18
FDIC..................................................................... 18
FHLMC.................................................................... 18
Final Distribution Date.................................................. 18
Fitch.................................................................... 18
FNMA..................................................................... 18
Foreclosure Profits...................................................... 19
Fraud Loss Amount........................................................ 19
Fraud Losses............................................................. 20
Independent.............................................................. 20
Initial Certificate Principal Balance.................................... 20
Initial Class A-8 Notional Amount:....................................... 20


NY1-242818.4
                                                    ii

<PAGE>


                                                                      Page

Initial Monthly Payment Fund..............................................20
Insurance Proceeds........................................................20
Insurer...................................................................20
Interest Accrual Period...................................................20
International Borrower....................................................20
Late Collections..........................................................21
Liquidation Proceeds......................................................21
Loan-to-Value Ratio.......................................................21
Maturity Date.............................................................21
MLCC......................................................................21
Modified Mortgage Loan....................................................21
Modified Net Mortgage Rate................................................21
Monthly Payment...........................................................21
Moody's...................................................................22
Mortgage..................................................................22
Mortgage 100SM Loan.......................................................22
Mortgage File.............................................................22
Mortgage Loan Schedule....................................................22
Mortgage Loans............................................................23
Mortgage Note.............................................................23
Mortgage Rate.............................................................23
Mortgaged Property........................................................23
Mortgagor.................................................................23
Net Mortgage Rate.........................................................23
Non-Primary Residence Loans...............................................23
Non-United States Person..................................................24
Nonrecoverable Advance....................................................24
Nonsubserviced Mortgage Loan..............................................24
Officers' Certificate.....................................................24
Opinion of Counsel........................................................24
Outstanding Mortgage Loan.................................................24
Ownership Interest........................................................24
Parent PowerSM Loan.......................................................24
Pass-Through Rate.........................................................25
Paying Agent..............................................................25
Percentage Interest.......................................................25
Permitted Investments.....................................................25
Permitted Transferee......................................................27
Person....................................................................27
Pledged Asset Mortgage Servicing Agreement................................27
Pool Stated Principal Balance.............................................27
Pool Strip Rate...........................................................27
Prepayment Assumption.....................................................27
Prepayment Distribution Percentage........................................28
Prepayment Distribution Trigger...........................................29
Prepayment Interest Shortfall.............................................29
Prepayment Lockout Distribution Percentage................................30
Prepayment Period.........................................................30
Primary Insurance Policy..................................................30
Principal Prepayment......................................................30
Principal Prepayment in Full..............................................30
Program Guide.............................................................30


NY1-242818.4
                                                   iii

<PAGE>


                                                                           Page

Purchase Price............................................................ 30
Qualified Substitute Mortgage Loan........................................ 31
Rating Agency............................................................. 31
Realized Loss............................................................. 31
Record Date............................................................... 32
Regular Certificate....................................................... 32
REMIC..................................................................... 32
REMIC Administrator....................................................... 33
REMIC Provisions.......................................................... 33
REO Acquisition........................................................... 33
REO Disposition........................................................... 33
REO Imputed Interest...................................................... 33
REO Proceeds.............................................................. 33
REO Property.............................................................. 33
Request for Release....................................................... 33
Required Insurance Policy................................................. 33
Required Surety Payment................................................... 34
Residential Funding....................................................... 34
Responsible Officer....................................................... 34
Security Agreement........................................................ 34
Seller.................................................................... 34
Senior Accelerated Distribution Percentage................................ 34
Seller's Agreement........................................................ 35
Senior Percentage......................................................... 35
Senior Principal Distribution Amount...................................... 36
Servicing Accounts........................................................ 36
Servicing Advances........................................................ 36
Servicing Fee............................................................. 36
Servicing Officer......................................................... 36
Special Hazard Amount..................................................... 36
Special Hazard Loss....................................................... 37
Standard & Poor's......................................................... 38
Stated Principal Balance.................................................. 38
Subclass.................................................................. 38
Subclass Notional Amount.................................................. 38
Subordinate Percentage.................................................... 38
Subordinate Principal Distribution Amount................................. 38
Subserviced Mortgage Loan................................................. 39
Subservicer............................................................... 39
Subservicer Advance....................................................... 39
Subservicing Account...................................................... 39
Subservicing Agreement.................................................... 39
Subservicing Fee.......................................................... 39
Surety.................................................................... 40
Surety Bond............................................................... 40
Tax Returns............................................................... 40
Transfer.................................................................. 40
Transferee................................................................ 40
Transferor................................................................ 40
Trust Fund................................................................ 40
Uncertificated REMIC Regular Interests.................................... 41


NY1-242818.4
                                                    iv

<PAGE>


                                                                          Page

Uniform Single Attestation Program for Mortgage
          Bankers...........................................................41
Uninsured Cause.............................................................41
United States Person........................................................41
Voting Rights...............................................................41

                              ARTICLE II

                     CONVEYANCE OF MORTGAGE LOANS;
                   ORIGINAL ISSUANCE OF CERTIFICATES

Section 2.01. Conveyance of Mortgage Loans.................................42
Section 2.02. Acceptance by Trustee........................................48
Section 2.03. Representations, Warranties and
              Covenants of the Master Servicer and the
              Company......................................................49
Section 2.04. Representations and Warranties
              of Sellers...................................................54
Section 2.05. Execution and Authentication of
              Certificates.................................................56

                              ARTICLE III

                     ADMINISTRATION AND SERVICING
                           OF MORTGAGE LOANS

Section 3.01. Master Servicer to Act as Servicer...........................57
Section 3.02. Subservicing Agreements Between Master
              Servicer and Subservicers; Enforcement of
              Subservicers' and Sellers' Obligations.......................58
Section 3.03. Successor Subservicers.......................................59
Section 3.04. Liability of the Master Servicer.............................60
Section 3.05. No Contractual Relationship Between
              Subservicer and Trustee or
              Certificateholders.                 .........................60
Section 3.06. Assumption or Termination of Subservicing
              Agreements by Trustee........................................61
Section 3.07. Collection of Certain Mortgage Loan Payments;
              Deposits to Custodial Account................................61
Section 3.08. Subservicing Accounts; Servicing Accounts....................64
Section 3.09. Access to Certain Documentation and
              Information Regarding the Mortgage Loans.....................66
Section 3.10. Permitted Withdrawals from the
              Custodial Account............................................66
Section 3.11. Maintenance of the Primary Insurance
              Policies; Collections Thereunder.............................68
Section 3.12. Maintenance of Fire Insurance and
              Omissions and Fidelity Coverage.  ...........................70
Section 3.13. Enforcement of Due-on-Sale Clauses;
              Assumption and Modification Agreements;
              Certain Assignments..........................................71
Section 3.14. Realization Upon Defaulted Mortgage Loans....................74


NY1-242818.4
                                                         v

<PAGE>


                                                                       Page

Section 3.15.Trustee to Cooperate;
             Release of Mortgage Files..................................... 77
Section 3.16.Servicing and Other Compensation;
             Compensating Interest......................................... 79
Section 3.17.Reports to the Trustee and the Company........................ 80
Section 3.18.Annual Statement as to Compliance............................. 80
Section 3.19.Annual Independent Public Accountants'
             Servicing Report.............................................. 81
Section 3.20.Rights of the Company in Respect
             of the Master Servicer.         .............................. 82
Section 3.21.Administration of Buydown Funds............................... 82

                             ARTICLE IV

                   PAYMENTS TO CERTIFICATEHOLDERS

Section 4.01.Certificate Account........................................... 84
Section 4.02.Distributions................................................. 84
Section 4.03.Statements to Certificateholders.............................. 93
Section 4.04.Distribution of Reports to the Trustee and
             the Company; Advances by the Master Servicer.................. 95
Section 4.05.Allocation of Realized Losses................................. 97
Section 4.06.Reports of Foreclosures and Abandonment
             of Mortgaged Property.                 ....................... 99
Section 4.07.Optional Purchase of Defaulted Mortgage
             Loans.                                 ....................... 99
Section 4.08.Surety Bond...................................................100

                              ARTICLE V

                          THE CERTIFICATES

Section 5.01.The Certificates..............................................101
Section 5.02.Registration of Transfer and Exchange of
             Certificates.   ..............................................104
Section 5.03.Mutilated, Destroyed, Lost or Stolen
             Certificates..................................................109
Section 5.04.Persons Deemed Owners.........................................110
Section 5.05.Appointment of Paying Agent...................................110
Section 5.06.Optional Purchase of Certificates.............................110

                             ARTICLE VI

                 THE COMPANY AND THE MASTER SERVICER

Section 6.01.Respective Liabilities of the Company and the
             Master Servicer...............................................113
Section 6.02.Merger or Consolidation of the Company or the
             Master Servicer; Assignment of Rights and
             Delegation of Duties by Master Servicer.......................113
Section 6.03.Limitation on Liability of the Company,
             the Master Servicer and Others.        .......................114


NY1-242818.4
                                                        vi

<PAGE>


                                                                       Page

Section 6.04. Company and Master Servicer Not to Resign...................115

                              ARTICLE VII

                                DEFAULT

Section 7.01. Events of Default...........................................116
Section 7.02. Trustee or Company to Act; Appointment of
              Successor...................................................118
Section 7.03. Notification to Certificateholders..........................119
Section 7.04. Waiver of Events of Default.................................119

                             ARTICLE VIII

                        CONCERNING THE TRUSTEE

Section 8.01. Duties of Trustee...........................................121
Section 8.02. Certain Matters Affecting the Trustee.......................123
Section 8.03. Trustee Not Liable for Certificates or
              Mortgage Loans..............................................125
Section 8.04. Trustee May Own Certificates................................125
Section 8.05. Master Servicer to Pay Trustee's Fees
              and Expenses; Indemnification.        ......................125
Section 8.06. Eligibility Requirements for Trustee........................126
Section 8.07. Resignation and Removal of the Trustee......................127
Section 8.08. Successor Trustee...........................................128
Section 8.09. Merger or Consolidation of Trustee..........................128
Section 8.10. Appointment of Co-Trustee or Separate
              Trustee.....................................................129
Section 8.11. Appointment of Custodians...................................130
Section 8.12. Appointment of Office or Agency.............................130

                              ARTICLE IX

                              TERMINATION

Section 9.01. Termination Upon Purchase by the Master
              Servicer or the Company or Liquidation of All
              Mortgage Loans..............................................131
Section 9.02. Additional Termination Requirements.........................134

                               ARTICLE X

                           REMIC PROVISIONS

Section 10.01.REMIC Administration........................................135
Section 10.02.Master Servicer, REMIC Administrator and
              Trustee Indemnification.....................................139

                              ARTICLE XI

                       MISCELLANEOUS PROVISIONS


NY1-242818.4
                                                        vii

<PAGE>


                                                                        Page


Section 11.01. Amendment..................................................141
Section 11.02. Recordation of Agreement; Counterparts.....................144
Section 11.03. Limitation on Rights of Certificateholders.................144
Section 11.04. Governing Law..............................................145
Section 11.05. Notices....................................................145
Section 11.06. Notices to Rating Agency...................................146
Section 11.07. Severability of Provisions.................................147
Section 11.08. Supplemental Provisions
               for Resecuritization.......................................147



NY1-242818.4
                                                       viii

<PAGE>




                                                     EXHIBITS

Exhibit A:                  Form of Class A Certificate
Exhibit B:                  Form of Class M Certificate
Exhibit C:                  Form of Class B Certificate
Exhibit D:                  Form of Class R Certificate
Exhibit E:                  Form of Custodial Agreement
Exhibit F:                  Mortgage Loan Schedule
Exhibit G:                  Form of Seller/Servicer Contract
Exhibit H:                  Forms of Request for Release
Exhibit I-1:                Form of Transfer Affidavit and Agreement
Exhibit I-2:                Form of Transferor Certificate
Exhibit J-1:                Form of Investor Representation Letter
Exhibit J-2:                Form of ERISA Representation Letter
Exhibit K:                  Form of Transferor Representation Letter
Exhibit L:                  Form of Rule 144A Investment Representation
                            Letter
Exhibit M:                  Text of Amendment to Pooling and Servicing
                            Agreement Pursuant to Section 11.01(e) for a
                            Limited Guaranty
Exhibit N:                  Form of Limited Guaranty
Exhibit O:                  Form of Lender Certification for Assignment of
                            Mortgage Loan
Exhibit P:                  [Reserved]
Exhibit Q:                  Request for Exchange Form


NY1-242818.4
                                                        ix

<PAGE>




         This is a Pooling and Servicing Agreement, dated as of November 1 1997,
among  RESIDENTIAL  ACCREDIT  LOANS,  INC.,  as the company  (together  with its
permitted   successors  and  assigns,   the  "Company"),   RESIDENTIAL   FUNDING
CORPORATION,  as master  servicer  (together  with its permitted  successors and
assigns, the "Master Servicer"), and BANKERS TRUST COMPANY, as Trustee (together
with its permitted successors and assigns, the "Trustee").

                                              PRELIMINARY STATEMENT:

         The  Company  intends  to  sell  mortgage   pass-through   certificates
(collectively, the "Certificates"),  to be issued hereunder in multiple classes,
which in the aggregate will evidence the entire beneficial ownership interest in
the Mortgage Loans (as defined herein).  As provided herein, the Master Servicer
will make an election to treat the entire segregated pool of assets described in
the definition of Trust Fund herein,  and subject to this  Agreement  (including
the Mortgage Loans but excluding the Initial  Monthly  Payment Fund),  as a real
estate mortgage  investment conduit (a "REMIC") for federal income tax purposes.
The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7,
Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates
and the Uncertificated  REMIC Regular Interests (as defined herein),  the rights
in and to which will be  initially  represented  by the Class A-8  Certificates,
will be "regular  interests" in the REMIC, and the Class R Certificates  will be
the sole  class of  "residual  interests"  therein  for  purposes  of the  REMIC
Provisions (as defined herein) under federal income tax law.



NY1-242818.4

<PAGE>



         The  following  table sets forth the  designation,  type,  Pass-Through
Rate,  aggregate Initial Certificate  Principal Balance,  Maturity Date, initial
ratings and  certain  features  for each Class of  Certificates  comprising  the
interests in the Trust Fund created hereunder.

<TABLE>

<CAPTION>


                                        Aggregate Initial
                                           Certificate
                     Pass-Through            Principal                                       Maturity  Standard
Designation              Rate                Balance                 Features                  Date    & Poor's   Fitch
- -----------             ------              ---------                --------                ------   --------   -----



- ---------------------------------------------------------------------------------------------------------------------------


<S>                     <C>               <C>                        <C>                   <C>           <C>       <C> 
Class A-1               7.000%            $57,575,000.00              Senior               November 25,  AAA       AAA
                                                                                               2027
- ---------------------------------------------------------------------------------------------------------------------------
Class A-2               9.000%            $22,405,757.00              Senior               November 25,  AAA       AAA
                                                                                               2027
- ---------------------------------------------------------------------------------------------------------------------------
Class A-3               7.000%            $62,824,125.00              Senior               November 25,  AAA       AAA
                                                                                               2027
- ---------------------------------------------------------------------------------------------------------------------------
Class A-4               6.875%            $24,294,118.00              Senior               November 25,  AAA       AAA
                                                                                               2027
- ---------------------------------------------------------------------------------------------------------------------------
Class A-5               7.250%            $26,000,000.00              Senior               November 25,  AAA       AAA
                                                                                               2027
- ---------------------------------------------------------------------------------------------------------------------------
Class A-6               7.250%            $22,583,041.00              Senior               November 25,  AAA       AAA
                                                                                               2027
- ---------------------------------------------------------------------------------------------------------------------------
Class A-7               7.250%            $59,318,800.00            Prepayment             November 25,  AAA       AAA
                                                                  Lockout/Senior               2027
- ---------------------------------------------------------------------------------------------------------------------------
Class A-8           Variable Rate         $         0.00  Variable Strip/Senior        November 25,      Ar      AAA
                                                                                               2027
- ---------------------------------------------------------------------------------------------------------------------------
Class R                 7.250%            $       100.00         Residual/Senior           November 25,  AAA       AAA
                                                                                               2027
- ---------------------------------------------------------------------------------------------------------------------------
Class M-1               7.250%            $10,433,600.00            Mezzanine              November 25,  N/A       AA
                                                                                               2027
- ---------------------------------------------------------------------------------------------------------------------------
Class M-2               7.250%            $4,471,600.00             Mezzanine              November 25,  N/A        A
                                                                                               2027
- ---------------------------------------------------------------------------------------------------------------------------
Class M-3               7.250%            $4,471,500.00             Mezzanine              November 25,  N/A       BBB
                                                                                               2027
- ---------------------------------------------------------------------------------------------------------------------------
Class B-1               7.250%            $1,639,600.00            Subordinate             November 25,  N/A       BB
                                                                                               2027
- ---------------------------------------------------------------------------------------------------------------------------
Class B-2               7.250%            $745,200.00              Subordinate             November 25,  N/A        B
                                                                                               2027
- ---------------------------------------------------------------------------------------------------------------------------
Class B-3               7.250%            $1,341,561.05            Subordinate             November 25,  N/A       N/A
                                                                                               2027
- ---------------------------------------------------------------------------------------------------------------------------

</TABLE>


         The Mortgage  Loans have an aggregate  Cut-off Date  Principal  Balance
equal to $298,104,002.05.  The Mortgage Loans are fixed-rate first lien mortgage
loans having terms to maturity at origination or  modification  of not more than
30 years.

         In  consideration  of  the  mutual  agreements  herein  contained,  the
Company, the Master Servicer and the Trustee agree as follows:




NY1-242818.4
                                                         2

<PAGE>



                                                     ARTICLE I

                                                    DEFINITIONS

         Section 1.01.              Definitions.

         Whenever  used in this  Agreement,  the  following  words and  phrases,
unless the context otherwise requires, shall have the meanings specified in this
Article.

         Accrued Certificate  Interest:  With respect to each Distribution Date,
as to any Class A Certificate (other than the Class A-8 Certificates), any Class
M  Certificate,  any Class B Certificate  or any Class R  Certificate,  interest
accrued during the related Interest  Accrual Period at the related  Pass-Through
Rate on the  Certificate  Principal  Balance thereof  immediately  prior to such
Distribution  Date. With respect to each Distribution  Date, as to the Class A-8
Certificates  in the aggregate,  interest  accrued  during the related  Interest
Accrual  Period at the  related  Pass-Through  Rate on the  Class  A-8  Notional
Amount.  With respect to each Distribution Date, as to any Subclass of Class A-8
Certificates, interest accrued during the related Interest Accrual Period at the
related  Pass-Through Rate on the Subclass Notional Amount.  Accrued Certificate
Interest will be calculated on the basis of a 360-day year, consisting of twelve
30-day  months.  In each  case  Accrued  Certificate  Interest  on any  Class of
Certificates will be reduced by the amount of (i) Prepayment Interest Shortfalls
(to the extent not offset by the Master  Servicer with a payment of Compensating
Interest as provided in Section 4.01),  (ii) the interest  portion  (adjusted to
the Net  Mortgage  Rate  (or the  Modified  Net  Mortgage  Rate in the case of a
Modified  Mortgage  Loan)) of Realized Losses  (including  Excess Special Hazard
Losses,  Excess Fraud Losses, Excess Bankruptcy Losses and Extraordinary Losses)
not allocated solely to one or more specific Classes of Certificates pursuant to
Section  4.05,  (iii) the  interest  portion of  Advances  previously  made with
respect to a Mortgage Loan or REO Property which remained unreimbursed following
the Cash  Liquidation  or REO  Disposition of such Mortgage Loan or REO Property
that were made with respect to delinquencies that were ultimately  determined to
be Excess Special Hazard Losses,  Excess Fraud Losses,  Excess Bankruptcy Losses
or  Extraordinary  Losses and (iv) any other interest  shortfalls not covered by
the subordination provided by the Class M Certificates and Class B Certificates,
including  interest that is not collectible  from the Mortgagor  pursuant to the
Soldiers'  and  Sailors'  Civil  Relief  Act of 1940,  as  amended,  or  similar
legislation  or  regulations  as in  effect  from  time to  time,  with all such
reductions  allocated  among  all of the  Certificates  in  proportion  to their
respective amounts of Accrued Certificate  Interest payable on such Distribution
Date which  would have  resulted  absent  such  reductions.  Any  portion of the
reductions described in the immediately preceding sentence that are allocated to
the Class A-8 Certificates shall be allocated


NY1-242818.4
                                                         3

<PAGE>



among the Subclasses  thereof, if any, in proportion to their respective amounts
of Accrued  Certificate  Interest payable on such  Distribution Date which would
have  resulted  absent  such  reductions.  In  addition  to that  portion of the
reductions  described in the second preceding sentence that are allocated to any
Class of Class B  Certificates  or any  Class of Class M  Certificates,  Accrued
Certificate  Interest  on such  Class of Class B  Certificates  or such Class of
Class M Certificates  will be reduced by the interest  portion  (adjusted to the
Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of
Class B Certificates  or such Class of Class M Certificates  pursuant to Section
4.05.

         Addendum and Assignment Agreement:  The Addendum and
Assignment Agreement, dated as of January 31, 1995, between MLCC
and the Master Servicer.

         Additional  Collateral:  With respect to any Mortgage  100SM Loan,  the
marketable  securities  held from time to time as security for the  repayment of
such Mortgage 100SM Loan and any related collateral.  With respect to any Parent
PowerSM Loan, the third-party  guarantee for such Parent PowerSM Loan,  together
with (i) any  marketable  securities  held from time to time as security for the
performance of such  guarantee and any related  collateral or (ii) any mortgaged
property  securing the  performance of such  guarantee,  the related home equity
line of credit loan and any related collateral.

         Additional Collateral Loan:  Each Mortgage Loan that is
supported by Additional Collateral.

         Adjusted  Mortgage Rate: With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.

         Advance:  As to any Mortgage Loan, any advance made by the
Master Servicer, pursuant to Section 4.04.

         Affiliate:  With respect to any Person,  any other Person  controlling,
controlled by or under common  control with such first Person.  For the purposes
of this  definition,  "control"  means the power to direct  the  management  and
policies of such Person,  directly or indirectly,  whether through the ownership
of voting securities,  by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

         Agreement:  This Pooling and Servicing Agreement and all
amendments hereof and supplements hereto.

         Amount Held for Future Distribution:  As to any Distribution
Date, the total of the amounts held in the Custodial Account at


NY1-242818.4
                                                         4

<PAGE>



the close of  business  on the  preceding  Determination  Date on account of (i)
Liquidation Proceeds, Insurance Proceeds,  Principal Prepayments,  Mortgage Loan
purchases  made pursuant to Section 2.02,  2.03,  2.04 or 4.07 and Mortgage Loan
substitutions  made  pursuant  to Section  2.03 or 2.04  received or made in the
month of such Distribution Date (other than such Liquidation Proceeds, Insurance
Proceeds and purchases of Mortgage Loans that the Master  Servicer has deemed to
have been received in the preceding  month in accordance  with Section  3.07(b))
and (ii)  payments  which  represent  early  receipt of  scheduled  payments  of
principal  and  interest  due on a date or dates  subsequent  to the related Due
Date.

         Appraised  Value: As to any Mortgaged  Property,  the lesser of (i) the
appraised value of such Mortgaged  Property based upon the appraisal made at the
time of the  origination of the related  Mortgage Loan, and (ii) the sales price
of the Mortgaged  Property at such time of origination,  except in the case of a
Mortgaged  Property  securing a refinanced or modified Mortgage Loan as to which
it is  either  the  appraised  value  determined  above or the  appraised  value
determined in an appraisal at the time of  refinancing or  modification,  as the
case may be.

         Assignment:  An  assignment  of the  Mortgage,  notice of  transfer  or
equivalent  instrument,  in recordable  form,  sufficient  under the laws of the
jurisdiction  wherein  the related  Mortgaged  Property is located to reflect of
record  the  sale  of the  Mortgage  Loan to the  Trustee  for  the  benefit  of
Certificateholders,   which   assignment,   notice  of  transfer  or  equivalent
instrument  may be in the  form  of one or  more  blanket  assignments  covering
Mortgages  secured  by  Mortgaged  Properties  located  in the same  county,  if
permitted by law and accompanied by an Opinion of Counsel to that effect.

         Assignment Agreement:  The Assignment and Assumption
Agreement,  dated November 26, 1997, between Residential Funding and the Company
relating to the transfer and assignment of the Mortgage Loans.

         Assignment of Proprietary  Lease:  With respect to a Cooperative  Loan,
the  assignment  of the  related  Cooperative  Lease from the  Mortgagor  to the
originator of the Cooperative Loan.

         Available  Distribution  Amount: As to any Distribution Date, an amount
equal to (a) the sum of (i) the amount on deposit in the Custodial Account as of
the  close of  business  on the  immediately  preceding  Determination  Date and
amounts  deposited in the Custodial  Account in connection with the substitution
of Qualified  Substitute  Mortgage Loans, (ii) the amount of any Advance made on
the immediately  preceding  Certificate  Account Deposit Date,  (iii) any amount
deposited in the Certificate  Account on the related Certificate Account Deposit
Date pursuant to the second paragraph of Section 3.12(a), (iv) any amount


NY1-242818.4
                                                         5

<PAGE>



deposited in the  Certificate  Account  pursuant to Section 4.07, (v) any amount
that the Master Servicer is not permitted to withdraw from the Custodial Account
or the  Certificate  Account  pursuant  to Section  3.16(e)  and (vi) any amount
received  by the  Trustee  pursuant  to the  Surety  Bond  in  respect  of  such
Distribution  Date,  reduced by (b) the sum as of the close of  business  on the
immediately  preceding  Determination Date of (w) aggregate Foreclosure Profits,
(x) the Amount Held for Future  Distribution,  and (y) amounts  permitted  to be
withdrawn by the Master  Servicer from the  Custodial  Account in respect of the
Mortgage Loans pursuant to clauses (ii)-(x), inclusive, of Section 3.10(a).

         Bankruptcy  Amount: As of any date of determination  prior to the first
anniversary  of the Cut-off Date, an amount equal to the excess,  if any, of (A)
$175,592 over (B) the aggregate amount of Bankruptcy  Losses allocated solely to
one or more specific Classes of Certificates in accordance with Section 4.05. As
of any date of  determination  on or after the first  anniversary of the Cut-off
Date,  an  amount  equal to the  excess,  if any,  of (1) the  lesser of (a) the
Bankruptcy  Amount  calculated  as of the close of business on the  Business Day
immediately preceding the most recent anniversary of the Cut-off Date coinciding
with or preceding such date of determination  (or, if such date of determination
is an anniversary of the Cut-off Date,  the Business Day  immediately  preceding
such date of  determination)  (for  purposes of this  definition,  the "Relevant
Anniversary") and (b) the greater of

         (A) the greater of (i) 0.0006 times the aggregate  principal balance of
all the  Mortgage  Loans in the  Mortgage  Pool as of the  Relevant  Anniversary
having a Loan-to-Value Ratio at origination which exceeds 75% and (ii) $100,000;
and (B) the  greater of (i) the  product of (x) an amount  equal to the  largest
difference in the related  Monthly  Payment for any  Non-Primary  Residence Loan
remaining in the Mortgage Pool (other than  Additional  Collateral  Loans) which
had an original  Loan-to-Value  Ratio of 80% or greater that would result if the
Net  Mortgage  Rate  thereof  was equal to the  weighted  average  (based on the
principal  balance of the Mortgage Loans as of the Relevant  Anniversary) of the
Net Mortgage  Rates of all Mortgage  Loans as of the Relevant  Anniversary  less
1.25% per annum,  (y) a number equal to the weighted  average  remaining term to
maturity,  in  months,  of all  Non-Primary  Residence  Loans  remaining  in the
Mortgage Pool as of the Relevant  Anniversary,  and (z) one plus the quotient of
the number of all  Non-Primary  Residence  Loans  remaining in the Mortgage Pool
divided by the total number of  Outstanding  Mortgage Loans in the Mortgage Pool
as of the Relevant Anniversary, and (ii) $50,000,

over (2) the aggregate  amount of Bankruptcy  Losses  allocated solely to one or
more specific  Classes of Certificates in accordance with Section 4.05 since the
Relevant Anniversary.


NY1-242818.4
                                                         6

<PAGE>




         The  Bankruptcy  Amount may be further  reduced by the Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided
that prior to any such  reduction,  the Master Servicer shall (i) obtain written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency below the
lower of the then-current  rating or the rating assigned to such Certificates as
of the  Closing  Date by such  Rating  Agency  and (ii)  provide  a copy of such
written confirmation to the Trustee.

         Bankruptcy Code:  The Bankruptcy Code of 1978, as amended.

         Bankruptcy  Loss:  With  respect  to any  Mortgage  Loan,  a  Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation  nor a Debt  Service  Reduction  shall  be  deemed a  Bankruptcy  Loss
hereunder  so long as the Master  Servicer  has  notified the Trustee in writing
that the Master  Servicer is diligently  pursuing any remedies that may exist in
connection  with the  representations  and warranties made regarding the related
Mortgage  Loan and either (A) the related  Mortgage  Loan is not in default with
regard to payments due  thereunder or (B)  delinquent  payments of principal and
interest  under the related  Mortgage  Loan and any  premiums on any  applicable
primary hazard  insurance  policy and any related escrow  payments in respect of
such Mortgage Loan are being advanced on a current basis by the Master  Servicer
or a  Subservicer,  in either case  without  giving  effect to any Debt  Service
Reduction.

         Book-Entry Certificate:  Any Certificate registered in the
name of the Depository or its nominee.

         Business  Day:  Any day other than (i) a Saturday or a Sunday or (ii) a
day on which  banking  institutions  in the  State  of New  York,  the  State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial  Account or the Certificate  Account are at the
time located) are required or authorized by law or executive order to be closed.

         Buydown  Funds:  Any amount  contributed  by the seller of a  Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments  required to be made from the Mortgagor's  funds in the early years
of a  Mortgage  Loan.  Buydown  Funds  are not part of the Trust  Fund  prior to
deposit into the Custodial or Certificate Account.

         Buydown Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related  Buydown Funds in  accordance  with a related
buydown agreement.

         Cash Liquidation:  As to any defaulted Mortgage Loan other
than a Mortgage Loan as to which an REO Acquisition occurred, a


NY1-242818.4
                                                         7

<PAGE>



determination  by the  Master  Servicer  that  it  has  received  all  Insurance
Proceeds,  Liquidation  Proceeds and other payments or cash recoveries which the
Master Servicer  reasonably and in good faith expects to be finally  recoverable
with respect to such Mortgage Loan.

         Certificate:  Any Class A Certificate, Class M Certificate,
Class B Certificate or Class R Certificate.

         Certificate  Account:  The  separate  account or  accounts  created and
maintained  pursuant to Section  4.01,  which shall be entitled  "Bankers  Trust
Company, as trustee, in trust for the registered holders of Residential Accredit
Loans, Inc., Mortgage Asset-Backed Pass-Through Certificates,  Series 1997-QS12"
and
which must be an Eligible Account.

         Certificate Account Deposit Date:  As to any Distribution
Date, the Business Day prior thereto.

         Certificateholder  or Holder: The Person in whose name a Certificate is
registered  in the  Certificate  Register,  except that  neither a  Disqualified
Organization  nor a  Non-United  States  Person  shall be a holder  of a Class R
Certificate  for  purposes  hereof  and,  solely  for the  purpose of giving any
consent or direction pursuant to this Agreement,  any Certificate,  other than a
Class R Certificate,  registered in the name of the Company, the Master Servicer
or  any  Subservicer  or  any  Affiliate  thereof  shall  be  deemed  not  to be
outstanding and the Percentage Interest or Voting Rights evidenced thereby shall
not be taken  into  account  in  determining  whether  the  requisite  amount of
Percentage  Interests or Voting  Rights  necessary to effect any such consent or
direction   has  been   obtained.   All   references   herein  to  "Holders"  or
"Certificateholders"  shall reflect the rights of Certificate Owners as they may
indirectly exercise such rights through the Depository and participating members
thereof,  except as otherwise  specified  herein;  provided,  however,  that the
Trustee shall be required to recognize as a "Holder" or "Certificateholder" only
the  Person  in  whose  name a  Certificate  is  registered  in the  Certificate
Register.

         Certificate Owner: With respect to a Book-Entry Certificate, the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository  Participant,  if any,
and otherwise on the books of the Depository.

         Certificate Principal Balance: With respect to each Class A Certificate
(other than any Class A-8 Certificate)  and Class R Certificate,  on any date of
determination,  an amount equal to (i) the Initial Certificate Principal Balance
of such Certificate as specified on the face thereof,  minus (ii) the sum of (x)
the


NY1-242818.4
                                                         8

<PAGE>



aggregate of all amounts previously distributed with respect to such Certificate
(or any predecessor Certificate) and applied to reduce the Certificate Principal
Balance  thereof  pursuant  to  Section  4.02(a)  and (y) the  aggregate  of all
reductions  in  Certificate   Principal  Balance  deemed  to  have  occurred  in
connection  with  Realized  Losses  which  were  previously  allocated  to  such
Certificate  (or any  predecessor  Certificate)  pursuant to Section 4.05.  With
respect to each Class M  Certificate,  on any date of  determination,  an amount
equal  to (i)  the  Initial  Certificate  Principal  Balance  of  such  Class  M
Certificate  as  specified  on the face  thereof,  minus (ii) the sum of (x) the
aggregate of all amounts previously distributed with respect to such Certificate
(or any predecessor Certificate) and applied to reduce the Certificate Principal
Balance  thereof  pursuant  to  Section  4.02(a)  and (y) the  aggregate  of all
reductions  in  Certificate   Principal  Balance  deemed  to  have  occurred  in
connection  with  Realized  Losses  which  were  previously  allocated  to  such
Certificate (or any predecessor Certificate) pursuant to Section 4.05; provided,
that if the Certificate Principal Balances of the Class B Certificates have been
reduced to zero, the Certificate  Principal  Balance of each Class M Certificate
of those Class M Certificates outstanding with the highest numerical designation
at any given  time  shall  thereafter  be  calculated  to equal  the  Percentage
Interest evidenced by such Certificate times the excess, if any, of (A) the then
aggregate  Stated  Principal  Balance  of the  Mortgage  Loans over (B) the then
aggregate  Certificate  Principal  Balance of all other Classes of  Certificates
then  outstanding.  With  respect  to each Class B  Certificate,  on any date of
determination,  an amount equal to (i) the Initial Certificate Principal Balance
of such Class B Certificate as specified on the face thereof, minus (ii) the sum
of (x) the aggregate of all amounts previously  distributed with respect to such
Certificate  (or  any  predecessor   Certificate)  and  applied  to  reduce  the
Certificate  Principal  Balance thereof  pursuant to Section 4.02(a) and (y) the
aggregate of all  reductions in  Certificate  Principal  Balance  deemed to have
occurred in connection with Realized  Losses which were previously  allocated to
such  Certificate  (or any  predecessor  Certificate)  pursuant to Section 4.05;
provided,  that the Certificate Principal Balance of each Class B Certificate of
those Class B Certificates outstanding with the highest numerical designation at
any given time shall be calculated to equal the Percentage Interest evidenced by
such  Certificate  times the excess,  if any, of (A) the then  aggregate  Stated
Principal Balance of the Mortgage Loans over (B) the then aggregate  Certificate
Principal  Balance of all other Classes of Certificates  then  outstanding.  The
Class A-8 Certificates will have no Certificate Principal Balance.

         Certificate Register and Certificate Registrar:  The
register maintained and the registrar appointed pursuant to
Section 5.02.



NY1-242818.4
                                                         9

<PAGE>



         Class:  Collectively, all of the Certificates bearing the
same designation.

         Class A  Certificate:  Any one of the Class A-1,  Class A-2, Class A-3,
Class A-4, Class A-5, Class A-6, Class A-7 or Class A- 8 Certificates,  executed
by the Trustee and authenticated by the Certificate  Registrar  substantially in
the form  annexed  hereto as Exhibit A, each such  Certificate  (other  than the
Class  A-8  Certificates)  evidencing  an  interest  designated  as  a  "regular
interest"  in the REMIC for  purposes  of the  REMIC  Provisions.  The Class A-8
Certificates  will  represent the entire  beneficial  ownership  interest in the
Uncertificated REMIC Regular Interests. On and after the date of issuance of any
Subclass  of Class  A-8  Certificates  pursuant  to  Section  5.01(c),  any such
Subclass will represent the  Uncertificated  REMIC Regular Interest or Interests
specified by the initial Holder of the Class A-8  Certificates  pursuant to said
Section.

         Class A-8 Certificates:  The Class A Certificates designated
as Class A-8 Certificates, including any Subclass thereof.

         Class A-8 Notional Amount: As of any Distribution Date, with respect to
the Class A-8  Certificates,  the  aggregate  Stated  Principal  Balance  of the
Mortgage Loans immediately prior to such Distribution Date.

         Class B Certificate:  Any one of the Class B-1 Certificates,  Class B-2
Certificates or Class B-3 Certificates executed by the Trustee and authenticated
by the Certificate Registrar substantially in the form annexed hereto as Exhibit
C and evidencing an interest designated as a "regular interest" in the REMIC for
purposes of the REMIC Provisions.

         Class B Percentage:  The Class B-1 Percentage, Class B-2
Percentage and Class B-3 Percentage.

         Class  B-1  Percentage:  With  respect  to  any  Distribution  Date,  a
fraction,  expressed as a  percentage,  the  numerator of which is the aggregate
Certificate Principal Balance of the Class B-1 Certificates immediately prior to
such date and the denominator of which is the aggregate Stated Principal Balance
of all of the Mortgage Loans (or related REO  Properties)  immediately  prior to
such Distribution Date.

         Class  B-1  Prepayment   Distribution  Trigger:  With  respect  to  any
Distribution Date, a test that shall be satisfied if the fraction  (expressed as
a  percentage)  equal to the sum of the  Certificate  Principal  Balances of the
Class B-1  Certificates,  Class  B-2  Certificates  and  Class B-3  Certificates
immediately  prior to such  Distribution  Date divided by the  aggregate  Stated
Principal  Balance of all of the  Mortgage  Loans (or  related  REO  Properties)
immediately prior to such Distribution Date is greater than or equal to 1.25%.


NY1-242818.4
                                                        10

<PAGE>




         Class  B-2  Percentage:  With  respect  to  any  Distribution  Date,  a
fraction,  expressed as a  percentage,  the  numerator of which is the aggregate
Certificate Principal Balance of the Class B-2 Certificates immediately prior to
such date and the denominator of which is the aggregate Stated Principal Balance
of all of the Mortgage Loans (or related REO  Properties)  immediately  prior to
such Distribution Date.

         Class  B-2  Prepayment   Distribution  Trigger:  With  respect  to  any
Distribution Date, a test that shall be satisfied if the fraction  (expressed as
a  percentage)  equal to the sum of the  Certificate  Principal  Balances of the
Class B-2  Certificates  and Class B-3  Certificates  immediately  prior to such
Distribution  Date divided by the aggregate Stated  Principal  Balance of all of
the  Mortgage  Loans  (or  related  REO  Properties)  immediately  prior to such
Distribution Date is greater than or equal to 0.70%.

         Class B-3 Percentage: With respect to any Distribution Date, a fraction
expressed as a percentage,  the numerator of which is the aggregate  Certificate
Principal  Balance of the Class B-3 Certificates  immediately prior to such date
and the denominator of which is the aggregate  Stated  Principal  Balance of all
the  Mortgage  Loans  (or  related  REO  Properties)  immediately  prior to such
Distribution Date.

         Class  B-3  Prepayment   Distribution  Trigger:  With  respect  to  any
Distribution Date, a test that shall be satisfied if the fraction  (expressed as
a  percentage)  equal to the sum of the  Certificate  Principal  Balances of the
Class B-3 Certificates  immediately  prior to such  Distribution Date divided by
the aggregate Stated Principal  Balance of all of the Mortgage Loans (or related
REO Properties)  immediately  prior to such Distribution Date is greater than or
equal to 0.45%.

         Class M Certificate:  Any one of the Class M-1 Certificates,  Class M-2
Certificates or Class M-3 Certificates executed by the Trustee and authenticated
by the Certificate Registrar substantially in the form annexed hereto as Exhibit
B and evidencing an interest designated as a "regular interest" in the REMIC for
purposes of the REMIC Provisions.

         Class M Percentage:  The Class M-1 Percentage, Class M-2
Percentage and Class M-3 Percentage.

         Class  M-1  Percentage:  With  respect  to  any  Distribution  Date,  a
fraction,  expressed as a  percentage,  the  numerator of which is the aggregate
Certificate Principal Balance of the Class M-1 Certificates immediately prior to
such date and the denominator of which is the aggregate Stated Principal Balance
of all of the Mortgage Loans (or related REO  Properties)  immediately  prior to
such Distribution Date.



NY1-242818.4
                                                        11

<PAGE>



         Class  M-2  Percentage:  With  respect  to  any  Distribution  Date,  a
fraction,  expressed as a  percentage,  the  numerator of which is the aggregate
Certificate Principal Balance of the Class M-2 Certificates immediately prior to
such date and the denominator of which is the aggregate Stated Principal Balance
of all of the Mortgage Loans (or related REO  Properties)  immediately  prior to
such Distribution Date.

         Class  M-2  Prepayment   Distribution  Trigger:  With  respect  to  any
Distribution Date, a test that shall be satisfied if the fraction  (expressed as
a  percentage)  equal to the sum of the  Certificate  Principal  Balances of the
Class M-2 Certificates,  Class M-3 Certificates,  Class B-1 Certificates,  Class
B-2  Certificates  and  Class  B-3  Certificates   immediately   prior  to  such
Distribution  Date divided by the aggregate Stated  Principal  Balance of all of
the  Mortgage  Loans  (or  related  REO  Properties)  immediately  prior to such
Distribution Date is greater than or equal to 4.25%.

         Class  M-3  Percentage:  With  respect  to  any  Distribution  Date,  a
fraction,  expressed as a  percentage,  the  numerator of which is the aggregate
Certificate Principal Balance of the Class M-3 Certificates immediately prior to
such date and the denominator of which is the aggregate Stated Principal Balance
of all of the Mortgage Loans (or related REO  Properties)  immediately  prior to
such Distribution Date.

         Class  M-3  Prepayment   Distribution  Trigger:  With  respect  to  any
Distribution Date, a test that shall be satisfied if the fraction  (expressed as
a  percentage)  equal to the sum of the  Certificate  Principal  Balances of the
Class M-3 Certificates, Class B-1 Certificates, Class B-2 Certificates and Class
B-3  Certificates  immediately  prior to such  Distribution  Date divided by the
aggregate Stated Principal  Balance of all of the Mortgage Loans (or related REO
Properties) immediately prior to such Distribution Date is greater than or equal
to 2.75%.

         Class R Certificate:  Any one of the Class R  Certificates  executed by
the Trustee and authenticated by the Certificate Registrar  substantially in the
form annexed  hereto as Exhibit D and  evidencing  an interest  designated  as a
"residual interest" in the REMIC for purposes of the REMIC Provisions.

         Closing Date:  November 26, 1997.

         Code:  The Internal Revenue Code of 1986.

         Compensating Interest: With respect to any Distribution Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal  Prepayments in
Full during the related  Prepayment  Period, but not more than the lesser of (a)
one-twelfth  of 0.125% of the Stated  Principal  Balance of the  Mortgage  Loans
immediately preceding such Distribution Date and (b) the sum of the Servicing


NY1-242818.4
                                                        12

<PAGE>



Fee,  all income  and gain on  amounts  held in the  Custodial  Account  and the
Certificate Account and payable to the  Certificateholders  with respect to such
Distribution Date and servicing compensation to which the Master Servicer may be
entitled pursuant to Section 3.10(a)(v) and (vi);  provided that for purposes of
this definition the amount of the Servicing Fee will not be reduced  pursuant to
Section  7.02  except as may be required  pursuant to the last  sentence of such
Section.

         Cooperative: A private, cooperative housing corporation organized under
the laws of,  and  headquartered  in, the State of New York which owns or leases
land and all or part of a  building  or  buildings  located  in the State of New
York, including apartments, spaces used for commercial purposes and common areas
therein and whose board of directors authorizes, among other things, the sale of
Cooperative Stock.

         Cooperative  Apartment:  A dwelling unit in a  multi-dwelling  building
owned or leased by a  Cooperative,  which unit the  Mortgagor  has an  exclusive
right to  occupy  pursuant  to the  terms of a  proprietary  lease or  occupancy
agreement.

         Cooperative  Lease: With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative  Apartment occupied
by the Mortgagor and relating to the related  Cooperative  Stock, which lease or
agreement  confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.

         Cooperative  Loans:  Any of the  Mortgage  Loans  made in  respect of a
Cooperative  Apartment,  evidenced  by a  Mortgage  Note  and  secured  by (i) a
Security  Agreement,  (ii) the related  Cooperative Stock Certificate,  (iii) an
assignment of the Cooperative  Lease, (iv) financing  statements and (v) a stock
power (or other  similar  instrument),  and  ancillary  thereto,  a  recognition
agreement  between the Cooperative  and the originator of the Cooperative  Loan,
each of which was  transferred  and assigned to the Trustee  pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.

         Cooperative Stock:  With respect to a Cooperative Loan, the
single outstanding class of stock, partnership interest or other
ownership instrument in the related Cooperative.

         Cooperative Stock Certificate:  With respect to a
Cooperative Loan, the stock certificate or other instrument
evidencing the related Cooperative Stock.

         Corporate Trust Office: The principal office of the Trustee at which at
any particular  time its corporate trust business with respect to this Agreement
shall  be  administered,  which  office  at the  date of the  execution  of this
instrument is located at Four


NY1-242818.4
                                                        13

<PAGE>



Albany Street, New York, New York  10006, Attention: Residential
Funding Corporation Series 1997-QS12.

         Credit Support Depletion Date: The first Distribution Date on which the
Certificate  Principal  Balances  of  the  Class  M  Certificates  and  Class  B
Certificates have been reduced to zero.

         Curtailment:  Any Principal Prepayment made by a Mortgagor
which is not a Principal Prepayment in Full.

         Custodial  Account:  The  custodial  account or  accounts  created  and
maintained pursuant to Section 3.07 in the name of a depository institution,  as
custodian for the holders of the Certificates,  for the holders of certain other
interests in mortgage loans serviced or sold by the Master  Servicer and for the
Master  Servicer,  into which the  amounts  set forth in  Section  3.07 shall be
deposited directly. Any such account or accounts shall be an Eligible Account.

         Custodial  Agreement:  An agreement  that may be entered into among the
Company,  the Master Servicer,  the Trustee and a Custodian in substantially the
form of Exhibit E hereto.

         Custodian:  A custodian appointed pursuant to a Custodial
Agreement.

         Cut-off Date: November 1, 1997.

         Cut-off Date  Principal  Balance:  As to any Mortgage  Loan, the unpaid
principal  balance  thereof  at the  Cut-off  Date  after  giving  effect to all
installments of principal due on or prior thereto, whether or not received.

         Debt Service Reduction:  With respect to any Mortgage Loan, a reduction
in the scheduled  Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code,  except such a reduction
constituting a Deficient  Valuation or any reduction that results in a permanent
forgiveness of principal.

         Defaulted  Mortgage Loss: With respect to any Mortgage Loan, a Realized
Loss that is  attributable  to the  Mortgagor's  failure to make any  payment of
principal or interest as required under the Mortgage Note, not including Special
Hazard Losses,  Extraordinary Losses (or any other loss resulting from damage to
the related  Mortgaged  Property (or, with respect to a  Cooperative  Loan,  the
related Cooperative  Apartment)),  Bankruptcy Losses, Fraud Losses and any other
interest shortfalls not covered by the subordination  described in Section 4.05,
including  interest that is not collectible  from the Mortgagor  pursuant to the
Soldiers'  and  Sailors'  Civil  Relief  Act of 1940 or similar  legislation  or
regulations as in effect from time to time.



NY1-242818.4
                                                        14

<PAGE>



         Deficient Valuation:  With respect to any Mortgage Loan, a valuation by
a court of competent  jurisdiction  of the Mortgaged  Property in an amount less
than the then outstanding indebtedness under the Mortgage Loan, or any reduction
in the amount of principal to be paid in connection  with any scheduled  Monthly
Payment that constitutes a permanent  forgiveness of principal,  which valuation
or reduction results from a proceeding under the Bankruptcy Code.

         Definitive Certificate:  Any definitive, fully registered
Certificate.

         Deleted Mortgage Loan:  A Mortgage Loan replaced or to be
replaced with a Qualified Substitute Mortgage Loan.

         Depository:  The Depository Trust Company, or any successor  Depository
hereafter  named.  The  nominee  of  the  initial  Depository  for  purposes  of
registering those Certificates that are to be Book-Entry  Certificates is Cede &
Co. The Depository shall at all times be a "clearing  corporation" as defined in
Section  8-102(3) of the Uniform  Commercial Code of the State of New York and a
"clearing  agency"  registered  pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.

         Depository  Participant:  A  broker,  dealer,  bank or other  financial
institution  or other  Person  for whom from time to time a  Depository  effects
book-entry transfers and pledges of securities deposited with the Depository.

         Destroyed Mortgage Note:  A Mortgage Note the original of
which was permanently lost or destroyed and has not been
replaced.

         Determination Date: With respect to any Distribution Date, the 20th day
(or if such  20th  day is not a  Business  Day,  the  Business  Day  immediately
following such 20th day) of the month of the related Distribution Date.

         Disqualified Organization:  Any organization defined as a "disqualified
organization"  under Section  860E(e)(5) of the Code,  which includes any of the
following:  (i) the United States, any State or political  subdivision  thereof,
any possession of the United States, or any agency or  instrumentality of any of
the foregoing  (other than an  instrumentality  which is a corporation if all of
its activities  are subject to tax and,  except for the FHLMC, a majority of its
board of directors is not selected by such  governmental  unit),  (ii) a foreign
government, any international organization,  or any agency or instrumentality of
any of the  foregoing,  (iii) any  organization  (other  than  certain  farmers'
cooperatives  described in Section 521 of the Code) which is exempt from the tax
imposed by Chapter 1 of the Code  (including  the tax  imposed by Section 511 of
the Code on


NY1-242818.4
                                                        15

<PAGE>



unrelated   business  taxable   income),   (iv)  rural  electric  and  telephone
cooperatives  described in Section  1381(a)(2)(C)  of the Code.  A  Disqualified
Organization  also  includes any  "electing  large  partnership,"  as defined in
Section  775(a) of the Code and any other  Person so  designated  by the Trustee
based upon an Opinion of Counsel that the holding of an Ownership  Interest in a
Class R Certificate by such Person may cause the Trust Fund or any Person having
an Ownership  Interest in any Class of Certificates  (other than such Person) to
incur a liability  for any  federal  tax  imposed  under the Code that would not
otherwise be imposed but for the Transfer of an Ownership  Interest in a Class R
Certificate   to  such  Person.   The  terms   "United   States",   "State"  and
"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

         Distribution  Date:  The 25th day of any month  beginning  in the month
immediately  following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day  immediately  following
such 25th day.

         Due Date:  With respect to any Distribution Date, the first
day of the month in which such Distribution Date occurs.

         Due  Period:   With  respect  to  any  Distribution  Date,  the  period
commencing  on  the  second  day  of the  month  preceding  the  month  of  such
Distribution Date and ending on the related Due Date.

         Eligible  Account:  An  account  that  is  any of  the  following:  (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available,  or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent  acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel  delivered to the
Trustee and each Rating Agency) the registered  Holders of  Certificates  have a
claim with  respect to the funds in such account or a perfected  first  security
interest   against  any   collateral   (which  shall  be  limited  to  Permitted
Investments)  securing  such  funds  that is  superior  to  claims  of any other
depositors or creditors of the depository institution with which such account is
maintained,  or (iii) in the case of the Custodial  Account,  either (A) a trust
account or accounts  maintained in the corporate  trust  department of The First
National  Bank of  Chicago  or (B) an  account  or  accounts  maintained  in the
corporate  asset services  department of The First National Bank of Chicago,  as
long as its short term debt  obligations  are rated P-1 (or the  equivalent)  or
better by each Rating Agency and its long term debt obligations are rated A2 (or
the  equivalent) or better,  by each Rating  Agency,  or (iv) in the case of the
Certificate  Account,  a trust  account or accounts  maintained in the corporate
trust division of Bankers Trust


NY1-242818.4
                                                        16

<PAGE>



Company, or (v) an account or accounts of a depository institution acceptable to
each Rating  Agency (as  evidenced in writing by each Rating  Agency that use of
any such account as the Custodial  Account or the  Certificate  Account will not
reduce the rating  assigned to any Class of  Certificates  by such Rating Agency
below  the  lower of the  then-current  rating or the  rating  assigned  to such
Certificates as of the Closing Date by such Rating Agency).

         Event of Default:  As defined in Section 7.01.

         Excess Bankruptcy Loss:  Any Bankruptcy Loss, or portion
thereof, which exceeds the then applicable Bankruptcy Amount.

         Excess Fraud Loss:  Any Fraud Loss, or portion thereof,
which exceeds the then applicable Fraud Loss Amount.

         Excess Special Hazard Loss:  Any Special Hazard Loss, or
portion thereof, that exceeds the then applicable Special Hazard
Amount.

         Excess Subordinate  Principal Amount:  With respect to any Distribution
Date on which the Certificate Principal Balance of the most subordinate class or
classes of Certificates (as established in Section 4.05 hereof) then outstanding
is to be reduced to zero and on which  Realized  Losses are to be  allocated  to
such  class or  classes,  the  excess,  if any,  of (i) the  amount  that  would
otherwise be  distributable  in respect of principal on such class or classes of
Certificates  on such  Distribution  Date over (ii) the  excess,  if any, of the
Certificate   Principal  Balance  of  such  class  or  classes  of  Certificates
immediately  prior to such  Distribution  Date  over  the  aggregate  amount  of
Realized  Losses  to be  allocated  to  such  classes  of  Certificates  on such
Distribution  Date as  reduced  by any  amount  calculated  pursuant  to Section
4.02(b)(i)(E).

         Extraordinary Events: Any of the following conditions with respect to a
Mortgaged  Property  (or, with respect to a Cooperative  Loan,  the  Cooperative
Apartment)  or Mortgage  Loan  causing or  resulting  in a loss which causes the
liquidation of such Mortgage Loan:

                    (a) losses that are of the type that would be covered by the
         fidelity bond and the errors and omissions insurance policy required to
         be  maintained  pursuant  to Section  3.12(b)  but are in excess of the
         coverage maintained thereunder;

                    (b) nuclear  reaction or nuclear  radiation  or  radioactive
         contamination, all whether controlled or uncontrolled, and whether such
         loss be direct or  indirect,  proximate  or remote or be in whole or in
         part caused by,  contributed to or aggravated by a peril covered by the
         definition of the term "Special Hazard Loss";


NY1-242818.4
                                                        17

<PAGE>




                    (c)  hostile  or  warlike  action  in time of  peace or war,
         including  action in  hindering,  combatting  or  defending  against an
         actual, impending or expected attack:

                            1.   by any government or sovereign power, de
                    jure or de facto, or by any authority maintaining or
                    using military, naval or air forces; or

                            2.   by military, naval or air forces; or

                            3.   by an agent of any such government, power,
                    authority or forces;

                    (d)  any  weapon  of  war   employing   atomic   fission  or
         radioactive force whether in time of peace or war; or

                    (e) insurrection,  rebellion, revolution, civil war, usurped
         power  or  action  taken  by   governmental   authority  in  hindering,
         combatting  or  defending  against  such  an  occurrence,   seizure  or
         destruction  under quarantine or customs  regulations,  confiscation by
         order of any government or public authority;  or risks of contraband or
         illegal transportation or trade.

         Extraordinary Losses:  Any loss incurred on a Mortgage Loan
caused by or resulting from an Extraordinary Event.

         FASIT:  A "financial asset securitization investment trust"
within the meaning of Section 860L of the Code.

         FDIC:  Federal Deposit Insurance Corporation or any
successor thereto.

         FHLMC:   Federal   Home  Loan   Mortgage   Corporation,   a   corporate
instrumentality of the United States created and existing under Title III of the
Emergency Home Finance Act of 1970, as amended, or any successor thereto.

         Final  Distribution  Date:  The  Distribution  Date on which  the final
distribution  in respect of the  Certificates  will be made  pursuant to Section
9.01, which Final  Distribution  Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.03.

         Fitch:  Fitch Investors Service, L.P. or its successor in
interest.

         FNMA:  Federal National Mortgage Association, a federally
chartered and privately owned corporation organized and existing
under the Federal National Mortgage Association Charter Act, or
any successor thereto.



NY1-242818.4
                                                        18

<PAGE>



         Foreclosure   Profits:   As  to  any   Distribution   Date  or  related
Determination  Date and any Mortgage  Loan,  the excess,  if any, of Liquidation
Proceeds,  Insurance Proceeds and REO Proceeds (net of all amounts  reimbursable
therefrom  pursuant to Section  3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash  Liquidation  or REO  Disposition  occurred in the
related  Prepayment  Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance  with Section 3.14) plus accrued and unpaid  interest at the Mortgage
Rate on such unpaid  principal  balance from the Due Date to which  interest was
last paid by the Mortgagor to the first day of the month  following the month in
which such Cash Liquidation or REO Disposition occurred.

         Fraud Loss Amount:  As of any date of  determination  after the Cut-off
Date,  an amount  equal to: (X) prior to the second  anniversary  of the Cut-off
Date an amount equal to 2.00% of the aggregate  outstanding principal balance of
all of the Mortgage  Loans as of the Cut-off Date minus the aggregate  amount of
Fraud Losses allocated solely to one or more specific Classes of Certificates in
accordance  with  Section  4.05  since  the  Cut-off  Date  up to  such  date of
determination  and (Y) from the second to the fifth  anniversary  of the Cut-off
Date,  an amount  equal to (1) the lesser of (a) the Fraud Loss Amount as of the
most  recent  anniversary  of the  Cut-off  Date and (b) 1.00% of the  aggregate
principal balance of all of the Mortgage Loans as of the most recent anniversary
of the Cut-off Date minus (2) the  aggregate  amount of Fraud  Losses  allocated
solely to one or more  specific  Classes  of  Certificates  in  accordance  with
Section  4.05 since the most recent  anniversary  of the Cut-off Date up to such
date of  determination.  On and after the fifth anniversary of the Cut-off Date,
the Fraud Loss Amount shall be zero.

         The Fraud Loss  Amount may be  further  reduced by the Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided
that prior to any such  reduction,  the Master Servicer shall (i) obtain written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency below the
lower of the then-current  rating or the rating assigned to such Certificates as
of the  Closing  Date by such  Rating  Agency  and (ii)  provide  a copy of such
written confirmation to the Trustee.

         Fraud Losses:  Losses on Mortgage Loans as to which there
was fraud in the origination of such Mortgage Loan.

         Independent: When used with respect to any specified Person, means such
a Person who (i) is in fact independent of the Company,  the Master Servicer and
the Trustee,  or any Affiliate thereof,  (ii) does not have any direct financial
interest or any material indirect financial interest in the Company,  the Master
Servicer or the Trustee or in an Affiliate thereof, and (iii) is


NY1-242818.4
                                                        19

<PAGE>



not  connected  with the  Company,  the  Master  Servicer  or the  Trustee as an
officer, employee, promoter,  underwriter,  trustee, partner, director or person
performing similar functions.

         Initial  Certificate  Principal Balance:  With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date as set forth in the Preliminary Statement hereto.

         Initial  Class  A-8  Notional  Amount:  With  respect  to any Class A-8
Certificate,   the  Cut-off  Date  Principal   Balance  of  the  Mortgage  Loans
corresponding to the Uncertificated REMIC Regular Interests  represented by such
Class A-8 Certificate.

         Initial Monthly Payment Fund:  As defined in Section
2.01(g).

         Insurance  Proceeds:  Proceeds  paid in respect of the  Mortgage  Loans
pursuant to any Primary  Insurance Policy or any other related  insurance policy
covering a  Mortgage  Loan,  to the  extent  such  proceeds  are  payable to the
mortgagee  under the  Mortgage,  any  Subservicer,  the Master  Servicer  or the
Trustee and are not applied to the restoration of the related Mortgaged Property
(or, with respect to a Cooperative Loan, the related  Cooperative  Apartment) or
released to the  Mortgagor in  accordance  with the  procedures  that the Master
Servicer would follow in servicing mortgage loans held for its own account.

         Insurer:  Any named insurer under any Primary Insurance
Policy or any successor thereto or the named insurer in any
replacement policy.

         Interest Accrual Period:  With respect to any Certificate,
and any Distribution Date, the calendar month preceding the month
in which such Distribution Date occurs.

         International  Borrower:  In  connection  with  any  Mortgage  Loan,  a
borrower who is (a) a United States citizen employed in a foreign country, (b) a
non-permanent resident alien employed in the United States or (c) a citizen of a
country  other than the United States with income  derived from sources  outside
the United States.

         Late  Collections:  With  respect to any  Mortgage  Loan,  all  amounts
received during any Due Period,  whether as late payments of Monthly Payments or
as Insurance Proceeds,  Liquidation Proceeds or otherwise,  which represent late
payments or collections of Monthly Payments due but delinquent for a previous
Due Period and not previously recovered.

         Liquidation Proceeds:  Amounts (other than Insurance
Proceeds) received by the Master Servicer in connection with the
taking of an entire Mortgaged Property by exercise of the power


NY1-242818.4
                                                        20

<PAGE>



of eminent domain or  condemnation  or in connection  with the  liquidation of a
defaulted  Mortgage Loan through trustee's sale,  foreclosure sale or otherwise,
other than REO Proceeds.

         Loan-to-Value  Ratio:  As of any date,  the  fraction,  expressed  as a
percentage,  the  numerator  of which is the  current  principal  balance of the
related Mortgage Loan at the date of determination  and the denominator of which
is the Appraised Value of the related Mortgaged Property.

         Maturity Date: The latest possible  maturity date,  solely for purposes
of  Section  1.860G-1(a)(4)(iii)  of the  Treasury  regulations,  by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Class A-8 Certificates which have no Certificate Principal Balance) representing
a regular  interest in the REMIC would be reduced to zero, which is November 25,
2027, the Distribution Date immediately  following the latest scheduled maturity
date  of  any  Mortgage  Loan.  The  latest  possible  Maturity  Date  for  each
Uncertificated  REMIC  Regular  Interest  is  November  25,  2027,  which is the
Distribution  Date immediately  following the latest scheduled  maturity date of
any Mortgage Loan.

         MLCC:  Merrill Lynch Credit Corporation, or its successor in
interest.

         Modified Mortgage Loan:  Any Mortgage Loan that has been the
subject of a Servicing Modification.

         Modified Net Mortgage Rate: As to any Mortgage Loan that is the subject
of a Servicing  Modification,  the Net Mortgage Rate minus the rate per annum by
which the Mortgage Rate on such Mortgage Loan was reduced.

         Monthly  Payment:  With respect to any Mortgage Loan (including any REO
Property) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization  schedule at the time applicable thereto (after
adjustment,  if any, for  Curtailments  and for Deficient  Valuations  occurring
prior to such Due Date but before any adjustment to such  amortization  schedule
by reason of any  bankruptcy,  other  than a  Deficient  Valuation,  or  similar
proceeding or any  moratorium  or similar  waiver or grace period and before any
Servicing Modification that constitutes a reduction of the interest rate on such
Mortgage Loan).

         Moody's:  Moody's Investors Service, Inc., or its successor
in interest.

         Mortgage:  With respect to each Mortgage Note related to a
Mortgage Loan which is not a Cooperative Loan, the mortgage, deed
of trust or other comparable instrument creating a first lien on


NY1-242818.4
                                                        21

<PAGE>



an estate in fee simple or leasehold interest in real property
securing a Mortgage Note.

         Mortgage 100SM Loan: A Mortgage Loan that has a Loan-to-Value  Ratio at
origination in excess of 80.00% and that is secured by Additional Collateral and
does not have a Primary Mortgage Insurance Policy.

         Mortgage File: The mortgage documents listed in Section 2.01 pertaining
to a particular Mortgage Loan and any additional  documents required to be added
to the Mortgage File pursuant to this Agreement.

         Mortgage Loan Schedule:  The list of the Mortgage Loans attached hereto
as Exhibit F (as amended  from time to time to reflect the addition of Qualified
Substitute  Mortgage  Loans),  which  list  shall  set  forth at a  minimum  the
following information as to each Mortgage Loan:

         (i)                the Mortgage Loan identifying number ("RFC LOAN
                            #");

         (ii)               the street  address of the  Mortgaged  Property (or,
                            with  respect to a  Cooperative  Loan,  the  related
                            Cooperative  Apartment) including state and zip code
                            ("ADDRESS");

         (iii)              the maturity of the Mortgage Note ("MATURITY
                            DATE");

         (iv)               the Mortgage Rate ("ORIG RATE");

         (v)                the Subservicer pass-through rate ("CURR NET");

         (vi)               the Net Mortgage Rate ("NET MTG RT");

         (vii)              the Pool Strip Rate ("STRIP");

         (viii)     the initial scheduled monthly payment of
                    principal, if any, and interest ("ORIGINAL P &
                    I");

         (ix)               the Cut-off Date Principal Balance ("PRINCIPAL
                            BAL");

         (x)                the Loan-to-Value Ratio at origination ("LTV");

         (xi)               the  rate at  which  the  Subservicing  Fee  accrues
                            ("SUBSERV  FEE")  and at  which  the  Servicing  Fee
                            accrues ("MSTR SERV FEE");



NY1-242818.4
                                                        22

<PAGE>



         (xii)              a code  "T,"  "BT"  or "CT"  under  the  column  "LN
                            FEATURE,"  indicating  that  the  Mortgage  Loan  is
                            secured by a second or vacation residence; and

         (xiii)     a code "N" under the column "OCCP CODE," indicating that the
                    Mortgage Loan is secured by a non-owner occupied residence.

Such schedule may consist of multiple reports that collectively set forth all of
the information required.

         Mortgage Loans:  Such of the mortgage loans transferred and assigned to
the Trustee  pursuant to Section 2.01 as from time to time are held or deemed to
be held as a part of the Trust Fund, the Mortgage Loans originally so held being
identified in the initial  Mortgage  Loan  Schedule,  and  Qualified  Substitute
Mortgage Loans held or deemed held as part of the Trust Fund including,  without
limitation,  (i) with respect to each  Cooperative  Loan,  the related  Mortgage
Note,  Security  Agreement,  Assignment of Proprietary Lease,  Cooperative Stock
Certificate,  Cooperative  Lease and Mortgage  File and all rights  appertaining
thereto,  and (ii) with respect to each  Mortgage  Loan other than a Cooperative
Loan,  each related  Mortgage  Note,  Mortgage and Mortgage  File and all rights
appertaining thereto.

         Mortgage  Note:  The  originally  executed  note or other  evidence  of
indebtedness  evidencing the  indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.

         Mortgage Rate:  As to any Mortgage Loan, the interest rate
borne by the related Mortgage Note, or any modification thereto
other than a Servicing Modification.

         Mortgaged Property:  The underlying real property securing a
Mortgage Loan or, with respect to a Cooperative Loan, the related
Cooperative Lease and Cooperative Stock.

         Mortgagor:  The obligor on a Mortgage Note.

         Net  Mortgage  Rate:  As to each  Mortgage  Loan,  a per annum  rate of
interest  equal to the Adjusted  Mortgage  Rate less the per annum rate at which
the Servicing Fee is calculated.

         Non-Primary Residence Loans:  The Mortgage Loans designated
as secured by second or vacation residences, or by non-owner
occupied residences, on the Mortgage Loan Schedule.

         Non-United States Person:  Any Person other than a United
States Person.

         Nonrecoverable Advance:  Any Advance previously made or
proposed to be made by the Master Servicer in respect of a


NY1-242818.4
                                                        23

<PAGE>



Mortgage  Loan (other than a Deleted  Mortgage  Loan)  which,  in the good faith
judgment  of the  Master  Servicer,  will  not,  or,  in the case of a  proposed
Advance,  would not,  be  ultimately  recoverable  by the Master  Servicer  from
related Late Collections, Insurance Proceeds, Liquidation Proceeds, REO Proceeds
or amounts  reimbursable  to the Master  Servicer  pursuant  to Section  4.02(a)
hereof.   The   determination  by  the  Master  Servicer  that  it  has  made  a
Nonrecoverable   Advance  or  that  any  proposed  Advance  would  constitute  a
Nonrecoverable Advance, shall be evidenced by an Officers' Certificate delivered
to the Company and the Trustee.

         Nonsubserviced Mortgage Loan:  Any Mortgage Loan that, at
the time of reference thereto, is not subject to a Subservicing
Agreement.

         Officers'  Certificate:  A  certificate  signed by the  Chairman of the
Board,  the  President or a Vice  President or Assistant  Vice  President,  or a
Director or Managing Director,  and by the Treasurer,  the Secretary,  or one of
the Assistant  Treasurers or Assistant  Secretaries of the Company or the Master
Servicer,  as the case may be, and delivered to the Trustee, as required by this
Agreement.

         Opinion of  Counsel:  A written  opinion of counsel  acceptable  to the
Trustee  and the  Master  Servicer,  who may be counsel  for the  Company or the
Master  Servicer,  provided  that any opinion of counsel (i)  referred to in the
definition of "Disqualified  Organization" or (ii) relating to the qualification
of the  Trust  Fund as a REMIC or  compliance  with the REMIC  Provisions  must,
unless otherwise specified, be an opinion of Independent counsel.

         Outstanding  Mortgage  Loan:  As to  any  Due  Date,  a  Mortgage  Loan
(including an REO Property) which was not the subject of a Principal  Prepayment
in Full,  Cash  Liquidation  or REO  Disposition  and which  was not  purchased,
deleted or  substituted  for prior to such Due Date  pursuant  to Section  2.02,
2.03, 2.04 or 4.07.

         Ownership  Interest:  As to any Certificate,  any ownership or security
interest in such Certificate,  including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.

         Parent PowerSM Loan: A Mortgage Loan that has a Loan-to-Value  Ratio at
origination in excess of 80.00%, that is supported by Additional  Collateral and
does not have a Primary Mortgage Insurance Policy.

         Pass-Through Rate: With respect to the Class A Certificates (other than
the Class A-8  Certificates),  Class M  Certificates,  Class B Certificates  and
Class R Certificates and any Distribution Date, the per annum rates set forth in
the Preliminary Statement hereto. With respect to the Class A-8


NY1-242818.4
                                                        24

<PAGE>



Certificates (other than any Subclass thereof) and any Distribution Date, a rate
equal to the  weighted  average,  expressed as a  percentage,  of the Pool Strip
Rates of all Mortgage  Loans as of the Due Date in the month next  preceding the
month in which  such  Distribution  Date  occurs,  weighted  on the basis of the
respective  Stated  Principal  Balances of such  Mortgage  Loans,  which  Stated
Principal Balances shall be the Stated Principal Balances of such Mortgage Loans
at the close of business on the immediately  preceding  Distribution  Date after
giving effect to distributions  thereon allocable to principal to the Holders of
the  Certificates  (or,  with respect to the initial  Distribution  Date, at the
close  of  business  on  the  Cut-off  Date).  With  respect  to the  Class  A-8
Certificates and the initial  Distribution  Date, the Pass-Through Rate is equal
to 0.9053% per annum. With respect to any Subclass of Class A-8 Certificates and
any  Distribution  Date,  a rate equal to the weighted  average,  expressed as a
percentage,  of the Pool Strip Rates of all Mortgage Loans  corresponding to the
Uncertificated  REMIC Regular  Interests  represented by such Subclass as of the
Due Date in the month next preceding the month in which such  Distribution  Date
occurs,  weighted on the basis of the respective  Stated  Principal  Balances of
such  Mortgage  Loans,  which  Stated  Principal  Balances  shall be the  Stated
Principal  Balances  of such  Mortgage  Loans at the  close of  business  on the
immediately  preceding  Distribution  Date after giving effect to  distributions
thereon  allocable  to  principal  to the Holders of the  Certificates  (or with
respect  to the  initial  Distribution  Date,  at the close of  business  on the
Cut-off Date).

         Paying Agent:  Bankers Trust Company or any successor Paying
Agent appointed by the Trustee.

         Percentage  Interest:  With  respect to any  Certificate  (other than a
Class R Certificate), the undivided percentage ownership interest in the related
Class evidenced by such Certificate,  which percentage  ownership interest shall
be equal to the Initial  Certificate  Principal Balance thereof or Initial Class
A-8 Notional Amount thereof (in the case of any Class A-8  Certificate)  divided
by the aggregate Initial  Certificate  Principal Balance or the aggregate of the
Initial Class A-8 Notional  Amounts,  as applicable,  of all the Certificates of
the  same  Class.  With  respect  to a  Class R  Certificate,  the  interest  in
distributions to be made with respect to such Class evidenced thereby, expressed
as a percentage, as stated on the face of each such Certificate.

         Permitted Investments:  One or more of the following:

                    (i)  obligations  of  or  guaranteed  as  to  principal  and
         interest by the United States or any agency or instrumentality  thereof
         when such  obligations  are  backed by the full faith and credit of the
         United States;



NY1-242818.4
                                                        25

<PAGE>



                    (ii)  repurchase  agreements  on  obligations  specified  in
         clause  (i)  maturing  not  more  than  one  month  from  the  date  of
         acquisition  thereof,  provided that the unsecured  obligations  of the
         party agreeing to repurchase such  obligations are at the time rated by
         each Rating Agency in its highest short-term rating available;

                    (iii)  federal  funds,   certificates  of  deposit,   demand
         deposits, time deposits and bankers' acceptances (which shall each have
         an  original  maturity  of not more  than 90 days  and,  in the case of
         bankers'  acceptances,  shall in no event have an original  maturity of
         more  than  365  days or a  remaining  maturity  of more  than 30 days)
         denominated in United States dollars of any U.S. depository institution
         or trust  company  incorporated  under the laws of the United States or
         any state  thereof or of any  domestic  branch of a foreign  depository
         institution  or trust  company;  provided that the debt  obligations of
         such  depository  institution  or trust company (or, if the only Rating
         Agency is Standard & Poor's,  in the case of the  principal  depository
         institution  in  a  depository   institution   holding  company,   debt
         obligations of the depository  institution holding company) at the date
         of  acquisition  thereof  have been rated by each Rating  Agency in its
         highest short-term rating available;  and provided further that, if the
         only Rating Agency is Standard & Poor's and if the  depository or trust
         company is a principal  subsidiary  of a bank  holding  company and the
         debt  obligations  of such  subsidiary are not  separately  rated,  the
         applicable  rating  shall be that of the  bank  holding  company;  and,
         provided  further  that,  if the original  maturity of such  short-term
         obligations of a domestic branch of a foreign depository institution or
         trust  company  shall  exceed 30 days,  the  short-term  rating of such
         institution  shall be A-1+ in the case of Standard & Poor's if Standard
         & Poor's is the Rating Agency;

                    (iv)  commercial  paper (having  original  maturities of not
         more than 365 days) of any corporation  incorporated  under the laws of
         the United States or any state thereof which on the date of acquisition
         has been rated by each Rating Agency in its highest  short-term  rating
         available;  provided that such commercial  paper shall have a remaining
         maturity of not more than 30 days;

                    (v) a money market fund or a qualified investment fund rated
         by each Rating Agency in its highest long-term rating available; and

                    (vi) other  obligations or securities that are acceptable to
         each Rating  Agency as a Permitted  Investment  hereunder  and will not
         reduce the rating  assigned to any Class of Certificates by such Rating
         Agency  below  the  lower  of the  then-current  rating  or the  rating
         assigned to such


NY1-242818.4
                                                        26

<PAGE>



         Certificates as of the Closing Date by such Rating Agency,
         as evidenced in writing;

provided,  however,  no  instrument  shall  be  a  Permitted  Investment  if  it
represents,  either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest  payments derived from  obligations  underlying such instrument and the
principal and interest payments with respect to such instrument  provide a yield
to maturity greater than 120% of the yield to maturity at par of such underlying
obligations.  References  herein to the highest  rating  available  on unsecured
long-term debt shall mean AAA in the case of Standard & Poor's and Fitch and Aaa
in the case of Moody's, and references herein to the highest rating available on
unsecured commercial paper and short-term debt obligations shall mean A-1 in the
case of Standard & Poor's, P-1 in the case of Moody's and either A-1 by Standard
& Poor's, P-1 by Moody's or F- 1 by Fitch in the case of Fitch.

         Permitted Transferee:  Any Transferee of a Class R
Certificate, other than a Disqualified Organization or Non-United
States Person.

         Person:  Any  individual,   corporation,   limited  liability  company,
partnership,   joint   venture,   association,   joint-stock   company,   trust,
unincorporated organization or government or any agency or political subdivision
thereof.

         Pledged Asset Mortgage Servicing Agreement: The Pledged
Asset Mortgage Servicing Agreement, dated as of February 28, 1996
between MLCC and the Master Servicer.

         Pool Stated Principal  Balance:  As to any date of  determination,  the
aggregate of the Stated  Principal  Balances of each  Mortgage  Loan that was an
Outstanding  Mortgage  Loan on the Due Date in the month  preceding the month of
such date of determination.

         Pool Strip Rate:  With respect to each Mortgage  Loan, a per annum rate
equal to the excess of (a) the Net Mortgage  Rate of such Mortgage Loan over (b)
7.25% per annum (but not less than 0.00%).

         Prepayment  Assumption:  The  prepayment  assumption  to  be  used  for
determining  the  accrual of  original  issue  discount  and  premium and market
discount on such  Certificates for federal income tax purposes,  which assumes a
constant  prepayment  rate of 4.0% per annum of the then  outstanding  principal
balance of the  Mortgage  Loans in the first month of the life of such  Mortgage
Loans and an additional  1.090909% per annum in each month  thereafter until the
twelfth month,  and beginning in the twelfth month and in each month  thereafter
during the life of the Mortgage  Loans, a constant  prepayment rate of 16.0% per
annum.


NY1-242818.4
                                                        27

<PAGE>




         Prepayment  Distribution  Percentage:  With respect to any Distribution
Date and each Class of Class M Certificates and Class B Certificates,  under the
applicable  circumstances set forth below, the respective  percentages set forth
below:

         (i)        For any Distribution  Date prior to the Distribution Date in
                    December 2002 (unless the Certificate  Principal Balances of
                    the Class A Certificates and Class R Certificates, have been
                    reduced to zero), 0%.

         (ii)       For any  Distribution  Date on which any Class of Class M or
                    Class B Certificates are outstanding not discussed in clause
                    (i) above:

                            (a) in the case of the Class of Class M Certificates
                    then outstanding with the lowest numerical  designation,  or
                    in  the  event  the  Class  M  Certificates  are  no  longer
                    outstanding,   the  Class  of  Class  B  Certificates   then
                    outstanding with the lowest  numerical  designation and each
                    other Class of Class M Certificates and Class B Certificates
                    for which the related  Prepayment  Distribution  Trigger has
                    been satisfied, a fraction,  expressed as a percentage,  the
                    numerator of which is the Certificate  Principal  Balance of
                    such   Class   immediately   prior  to  such  date  and  the
                    denominator of which is the sum of the Certificate Principal
                    Balances  immediately prior to such date of (1) the Class of
                    Class  M  Certificates  then  outstanding  with  the  lowest
                    numerical   designation,   or  in  the  event  the  Class  M
                    Certificates are no longer outstanding, the Class of Class B
                    Certificates  then  outstanding  with the  lowest  numerical
                    designation   and  (2)  all   other   Classes   of  Class  M
                    Certificates   and  Class  B  Certificates   for  which  the
                    respective   Prepayment   Distribution  Triggers  have  been
                    satisfied; and

                            (b) in the  case  of each  other  Class  of  Class M
                    Certificates   and  Class  B  Certificates   for  which  the
                    Prepayment  Distribution  Triggers have not been  satisfied,
                    0%; and

         (iii)      Notwithstanding the foregoing, if the application of
                    the foregoing percentages on any Distribution Date as
                    provided in Section 4.02 (determined without regard
                    to the proviso to the definition of "Subordinate
                    Principal Distribution Amount") would result in a
                    distribution in respect of principal of any Class or
                    Classes of Class M Certificates and Class B
                    Certificates in an amount greater than the remaining
                    Certificate Principal Balance thereof (any such
                    class, a "Maturing Class"), then: (a) the Prepayment
                    Distribution Percentage of each Maturing Class shall


NY1-242818.4
                                                        28

<PAGE>



                    be reduced to a level that, when applied as described above,
                    would exactly reduce the  Certificate  Principal  Balance of
                    such  Class  to  zero;  (b)  the   Prepayment   Distribution
                    Percentage of each other Class of Class M  Certificates  and
                    Class  B  Certificates  (any  such  Class,  a  "Non-Maturing
                    Class")  shall  be   recalculated  in  accordance  with  the
                    provisions in paragraph  (ii) above,  as if the  Certificate
                    Principal Balance of each Maturing Class had been reduced to
                    zero (such  percentage as  recalculated,  the  "Recalculated
                    Percentage");  (c) the total amount of the reductions in the
                    Prepayment Distribution Percentages of the Maturing Class or
                    Classes  pursuant to clause (a) of this sentence,  expressed
                    as an aggregate  percentage,  shall be  allocated  among the
                    Non-Maturing  Classes  in  proportion  to  their  respective
                    Recalculated  Percentages  (the  portion  of such  aggregate
                    reduction  so  allocated  to  any  Non-Maturing  Class,  the
                    "Adjustment  Percentage");  and  (d)  for  purposes  of such
                    Distribution Date, the Prepayment Distribution Percentage of
                    each Non-Maturing Class shall be equal to the sum of (1) the
                    Prepayment  Distribution  Percentage thereof,  calculated in
                    accordance with the provisions in paragraph (ii) above as if
                    the Certificate Principal Balance of each Maturing Class had
                    not been  reduced to zero,  plus (2) the related  Adjustment
                    Percentage.

         Prepayment Distribution Trigger:  The Class M-2 Prepayment
Distribution Trigger, Class M-3 Prepayment Distribution Trigger,
Class B-1 Prepayment Distribution Trigger, Class B-2 Prepayment
Distribution Trigger or Class B-3 Prepayment Distribution
Trigger.

         Prepayment  Interest  Shortfall:  As to any  Distribution  Date and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property)  that was
the subject of (a) a Principal  Prepayment in Full during the related Prepayment
Period,  an  amount  equal to the  excess  of one  month's  interest  at the Net
Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified  Mortgage
Loan) on the Stated  Principal  Balance of such Mortgage Loan over the amount of
interest  (adjusted to the Net Mortgage  Rate (or Modified Net Mortgage  Rate in
the case of a Modified Mortgage Loan)) paid by the Mortgagor for such Prepayment
Period to the date of such  Principal  Prepayment  in Full or (b) a  Curtailment
during the prior calendar month, an amount equal to one month's  interest at the
Net  Mortgage  Rate (or  Modified  Net  Mortgage  Rate in the case of a Modified
Mortgage Loan) on the amount of such Curtailment.

         Prepayment Lockout Distribution Percentage:  For any
Distribution Date occurring prior to the Distribution Date in
December 2002, 0%; for any Distribution Date occurring after


NY1-242818.4
                                                        29

<PAGE>



November  2002 but  prior to  December  2003,  30%;  for any  Distribution  Date
occurring  after  November  2003  but  prior  to  December  2004,  40%;  for any
Distribution Date occurring after November 2004 but prior to December 2005, 60%;
for any  Distribution  Date occurring  after November 2005 but prior to December
2006, 80%; for any Distribution Date after November 2006, 100%.

         Prepayment Period:  As to any Distribution Date, the
calendar month preceding the month of distribution.

         Primary Insurance Policy:  Each primary policy of mortgage
guaranty insurance or any replacement policy therefor referred to
in Section 2.03(b)(iv) and (v).

         Principal  Prepayment:  Any payment of principal or other recovery on a
Mortgage Loan,  including a recovery that takes the form of Liquidation Proceeds
or Insurance  Proceeds,  which is received in advance of its  scheduled Due Date
and is not  accompanied  by an  amount  as to  interest  representing  scheduled
interest  on such  payment  due on any  date or dates  in any  month  or  months
subsequent to the month of prepayment.

         Principal Prepayment in Full:  Any Principal Prepayment made
by a Mortgagor of the entire principal balance of a Mortgage
Loan.

         Program Guide:  Collectively, the Seller Guide and the
Servicer Guide for Residential Funding's Expanded Criteria
Mortgage Program.

         Purchase  Price:  With respect to any Mortgage  Loan (or REO  Property)
required to be or  otherwise  purchased  on any date  pursuant to Section  2.02,
2.03,  2.04 or  4.07,  an  amount  equal  to the sum of (i)  100% of the  Stated
Principal Balance thereof plus the principal portion of any related unreimbursed
Advances  and (ii) unpaid  accrued  interest at the Adjusted  Mortgage  Rate (or
Modified Net Mortgage Rate plus the rate per annum at which the Servicing Fee is
calculated in the case of a Modified Mortgage Loan) (or at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of a Modified  Mortgage  Loan) in the
case of a purchase made by the Master Servicer) on the Stated Principal  Balance
thereof to the first day of the month  following  the month of purchase from the
Due Date to which interest was last paid by the Mortgagor.

         Qualified  Substitute  Mortgage  Loan: A Mortgage Loan  substituted  by
Residential  Funding or the Company for a Deleted  Mortgage  Loan which must, on
the  date  of  such  substitution,  as  confirmed  in an  Officers'  Certificate
delivered to the  Trustee,  (i) have an  outstanding  principal  balance,  after
deduction of the  principal  portion of the monthly  payment due in the month of
substitution (or in the case of a substitution of more than one


NY1-242818.4
                                                        30

<PAGE>



Mortgage Loan for a Deleted  Mortgage Loan, an aggregate  outstanding  principal
balance, after such deduction), not in excess of the Stated Principal Balance of
the  Deleted  Mortgage  Loan (the amount of any  shortfall  to be  deposited  by
Residential Funding in the Custodial Account in the month of substitution); (ii)
have a Mortgage  Rate and a Net Mortgage Rate no lower than and not more than 1%
per annum higher than the Mortgage Rate and Net Mortgage Rate, respectively,  of
the  Deleted  Mortgage  Loan  as of  the  date  of  substitution;  (iii)  have a
Loan-to-Value  Ratio at the time of  substitution  no  higher  than  that of the
Deleted Mortgage Loan at the time of substitution; (iv) have a remaining term to
stated  maturity not greater than (and not more than one year less than) that of
the Deleted Mortgage Loan; (v) comply with each  representation and warranty set
forth  in  Sections  2.03  and  2.04  hereof  and  Section  4 of the  Assignment
Agreement;  and (vi) have a Pool Strip Rate equal to or greater than that of the
Deleted Mortgage Loan. Notwithstanding any other provisions herein, in the event
that  the  "Pool  Strip  Rate"  of any  Qualified  Substitute  Mortgage  Loan as
calculated  pursuant to the  definition of "Pool Strip Rate" is greater than the
Pool Strip Rate of the related Deleted  Mortgage Loan (i) the Pool Strip Rate of
such Qualified Substitute Mortgage Loan shall be equal to the Pool Strip Rate of
the related Deleted  Mortgage Loan for purposes of calculating the  Pass-Through
Rate on the Class A-8 Certificates and (ii) the excess of the Pool Strip Rate on
such Qualified Substitute Mortgage Loan as calculated pursuant to the definition
of "Pool Strip Rate" over the Pool Strip Rate on the  related  Deleted  Mortgage
Loan shall be  payable  to the Class R  Certificates  pursuant  to Section  4.02
hereof.

         Rating Agency:  Fitch and Standard & Poor's with respect to the Class A
Certificates  and Class R Certificates  and Fitch with respect to the Class M-1,
Class M-2, Class M-3, Class B-1 and Class B-2 Certificates.  If either agency or
a successor is no longer in existence, "Rating Agency" shall be such statistical
credit rating agency,  or other  comparable  Person,  designated by the Company,
notice  of  which  designation  shall be given  to the  Trustee  and the  Master
Servicer.

         Realized Loss:  With respect to each Mortgage Loan (or REO Property) as
to which a Cash Liquidation or REO Disposition has occurred, an amount (not less
than zero) equal to (i) the Stated  Principal  Balance of the Mortgage  Loan (or
REO Property) as of the date of Cash Liquidation or REO  Disposition,  plus (ii)
interest  (and REO Imputed  Interest,  if any) at the Net Mortgage Rate from the
Due Date as to which interest was last paid or advanced to Certificateholders up
to the last day of the month in which the Cash  Liquidation (or REO Disposition)
occurred on the Stated Principal Balance of such Mortgage Loan (or REO Property)
outstanding  during each Due Period that such interest was not paid or advanced,
minus (iii) the proceeds,  if any,  received during the month in which such Cash
Liquidation (or REO Disposition)  occurred,  to the extent applied as recoveries
of


NY1-242818.4
                                                        31

<PAGE>



interest at the Net Mortgage Rate and to principal of the Mortgage  Loan, net of
the portion thereof  reimbursable to the Master Servicer or any Subservicer with
respect to related  Advances  or  expenses  as to which the Master  Servicer  or
Subservicer  is entitled  to  reimbursement  thereunder  but which have not been
previously  reimbursed.  With respect to each Mortgage Loan which is the subject
of a Servicing  Modification,  (a) the amount by which the interest portion of a
Monthly Payment or the principal balance of such Mortgage Loan was reduced,  and
(b) any such amount  with  respect to a Monthly  Payment  that was or would have
been due in the  month  immediately  following  the  month in which a  Principal
Prepayment or the Purchase  Price of such Mortgage Loan is received or is deemed
to have been  received.  With respect to each Mortgage Loan which has become the
subject of a Deficient  Valuation,  the difference between the principal balance
of the Mortgage Loan outstanding  immediately prior to such Deficient  Valuation
and the  principal  balance of the  Mortgage  Loan as  reduced by the  Deficient
Valuation.  With respect to each  Mortgage Loan which has become the object of a
Debt   Service   Reduction,   the  amount  of  such  Debt   Service   Reduction.
Notwithstanding  the above,  neither a Deficient  Valuation  nor a Debt  Service
Reduction  shall be  deemed a  Realized  Loss  hereunder  so long as the  Master
Servicer  has  notified  the  Trustee in writing  that the  Master  Servicer  is
diligently  pursuing  any  remedies  that  may  exist  in  connection  with  the
representations  and  warranties  made  regarding the related  Mortgage Loan and
either (A) the related  Mortgage  Loan is not in default with regard to payments
due  thereunder or (B)  delinquent  payments of principal and interest under the
related  Mortgage  Loan  and  any  premiums  on any  applicable  primary  hazard
insurance  policy and any related  escrow  payments in respect of such  Mortgage
Loan  are  being  advanced  on a  current  basis  by the  Master  Servicer  or a
Subservicer, in either case without giving effect to any Debt Service Reduction.

         Record  Date:  With  respect to each  Distribution  Date,  the close of
business on the last Business Day of the month next preceding the month in which
the related Distribution Date occurs.

         Regular Certificate:  Any of the Certificates other than a
Class R Certificate.

         REMIC:  A "real estate mortgage investment conduit" within
the meaning of Section 860D of the Code.

         REMIC Administrator:  Residential Funding  Corporation.  If Residential
Funding  Corporation is found by a court of competent  jurisdiction to no longer
be able to fulfill its obligations as REMIC  Administrator  under this Agreement
the  Master  Servicer  or  Trustee  acting as Master  Servicer  shall  appoint a
successor REMIC Administrator,  subject to assumption of the REMIC Administrator
obligations under this Agreement.


NY1-242818.4
                                                        32

<PAGE>




         REMIC Provisions:  Provisions of the federal income tax law relating to
real estate mortgage investment conduits,  which appear at Sections 860A through
860G of  Subchapter  M of Chapter 1 of the Code,  and  related  provisions,  and
temporary and final  regulations (or, to the extent not  inconsistent  with such
temporary or final  regulations,  proposed  regulations) and published  rulings,
notices and  announcements  promulgated  thereunder,  as the foregoing may be in
effect from time to time.

         REO  Acquisition:  The  acquisition by the Master Servicer on behalf of
the  Trustee  for the  benefit  of the  Certificateholders  of any REO  Property
pursuant to Section 3.14.

         REO Disposition:  As to any REO Property, a determination by the Master
Servicer that it has received all Insurance Proceeds,  Liquidation Proceeds, REO
Proceeds and other payments and recoveries  (including proceeds of a final sale)
which the Master  Servicer  expects to be finally  recoverable  from the sale or
other disposition of the REO Property.

         REO Imputed Interest: As to any REO Property, for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related  Mortgage Loan had it been  outstanding) on the unpaid  principal
balance of the  Mortgage  Loan as of the date of  acquisition  thereof  for such
period.

         REO Proceeds: Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged  Property  or,  with  respect  to  a  Cooperative  Loan,  the  related
Cooperative  Apartment)  which  proceeds are  required to be deposited  into the
Custodial Account only upon the related REO Disposition.

         REO  Property:  A Mortgaged  Property  acquired by the Master  Servicer
through  foreclosure  or  deed  in  lieu of  foreclosure  in  connection  with a
defaulted Mortgage Loan.

         Request for Release:  A request for release, the forms of
which are attached as Exhibit H hereto.

         Required  Insurance  Policy:  With  respect to any Mortgage  Loan,  any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.

         Required  Surety  Payment:  With respect to any  Additional  Collateral
Mortgage  Loan that  becomes  a  Liquidated  Mortgage  Loan,  the  lesser of (i)
principal  portion of the Realized  Loss with respect to such  Mortgage Loan and
(ii) the excess, if any, of (a) the amount of Additional  Collateral required at
origination  with  respect  to such  Mortgage  Loan  over  (b) the net  proceeds
realized by MLCC from the related Additional Collateral.


NY1-242818.4
                                                        33

<PAGE>




         Residential Funding:  Residential Funding Corporation, a
Delaware corporation, in its capacity as seller of the Mortgage
Loans to the Company and any successor thereto.

         Responsible Officer: When used with respect to the Trustee, any officer
of the  Corporate  Trust  Department  of the Trustee,  including any Senior Vice
President,  any Vice  President,  any Assistant  Vice  President,  any Assistant
Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of
the Trustee customarily  performing  functions similar to those performed by any
of the above designated  officers to whom, with respect to a particular  matter,
such matter is referred.

         Security Agreement:  With respect to a Cooperative Loan, the
agreement creating a security interest in favor of the originator
in the related Cooperative Stock.

         Seller:  As to any Mortgage Loan, a Person, including any
Subservicer, that executed a Seller's Agreement applicable to
such Mortgage Loan.

         Senior Accelerated Distribution Percentage:  With respect to
any Distribution Date, the percentage indicated below:

                                     Senior Accelerated
Distribution Date                    Distribution Percentage

December 1997 through
November 2002....................   100%

December 2002 through
November 2003....................   Senior Percentage, plus 70% of
                                    the Subordinate Percentage

December 2003 through
November 2004....................   Senior Percentage, plus 60% of
                                    the Subordinate Percentage
December 2004 through
November 2005....................   Senior Percentage, plus 40% of
                                    the Subordinate Percentage
December 2005 through
November 2006....................   Senior Percentage, plus 20% of
                                    the Subordinate Percentage

December 2006 and
thereafter.......................   Senior Percentage


provided,  however,  (i) that any scheduled  reduction to the Senior Accelerated
Distribution  Percentages described above shall not occur as of any Distribution
Date unless either (a)(1)(X) the outstanding  principal  balance of the Mortgage
Loans  delinquent  60 days or more  averaged  over  the last  six  months,  as a
percentage of the aggregate outstanding Certificate Principal Balance of the


NY1-242818.4
                                                        34

<PAGE>



Class  M and  Class B  Certificates,  is less  than  50% or (Y) the  outstanding
principal balance of Mortgage Loans delinquent 60 days or more averaged over the
last six months, as a percentage of the aggregate  outstanding principal balance
of all Mortgage Loans averaged over the last six months,  does not exceed 2% and
(2) Realized Losses on the Mortgage Loans to date for such  Distribution Date if
occurring during the sixth,  seventh,  eighth,  ninth or tenth year (or any year
thereafter)  after the Closing  Date are less than 30%,  35%,  40%,  45% or 50%,
respectively,  of the sum of the Initial  Certificate  Principal Balances of the
Class M  Certificates  and  Class  B  Certificates  or  (b)(1)  the  outstanding
principal balance of Mortgage Loans delinquent 60 days or more averaged over the
last six months, as a percentage of the aggregate  outstanding principal balance
of all Mortgage Loans averaged over the last six months,  does not exceed 4% and
(2) Realized Losses on the Mortgage Loans to date for such Distribution Date are
less than 10% of the sum of the Initial  Certificate  Principal  Balances of the
Class M Certificates and Class B Certificates and (ii) that for any Distribution
Date on which the Senior  Percentage is greater than the Senior Percentage as of
the  Closing  Date,  the Senior  Accelerated  Distribution  Percentage  for such
Distribution  Date  shall  be  100%.  Notwithstanding  the  foregoing,  upon the
reduction of the Certificate Principal Balances of the Class A Certificates) and
Class R Certificates,  to zero, the Senior Accelerated  Distribution  Percentage
shall thereafter be 0%.

         Seller's  Agreement:  An  agreement  for the  origination  and  sale of
Mortgage  Loans  generally  in the form of the Seller  Contract  referred  to or
contained in the Program  Guide,  or in such other form as has been  approved by
the  Master  Servicer  and the  Company,  each  containing  representations  and
warranties in respect of one or more Mortgage Loans.

         Senior Percentage:  As of any Distribution Date, the lesser of 100% and
a fraction,  expressed as a percentage,  the numerator of which is the aggregate
Certificate   Principal  Balance  of  the  Class  A  Certificates  and  Class  R
Certificates  immediately prior to such Distribution Date and the denominator of
which is the aggregate Stated Principal Balance of all of the Mortgage Loans (or
related REO Properties) immediately prior to such Distribution Date.

         Senior Principal  Distribution Amount: As to any Distribution Date, the
lesser of (a) the balance of the Available  Distribution  Amount remaining after
the distribution of all amounts  required to be distributed  pursuant to Section
4.02(a)(i)  and (b) the sum of the  amounts  required to be  distributed  to the
Class A Certificateholders  and Class R Certificateholders  on such Distribution
Date pursuant to Section 4.02(a)(ii), (xvi) and (xvii).



NY1-242818.4
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<PAGE>



         Servicing Accounts:  The account or accounts created and
maintained pursuant to Section 3.08.

         Servicing  Advances:  All  customary,  reasonable and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other  unanticipated  event by the Master  Servicer  in the  performance  of its
servicing  obligations,  including,  but not  limited  to,  the  cost of (i) the
preservation,  restoration  and  protection  of a  Mortgaged  Property  or, with
respect to a  Cooperative  Loan,  the related  Cooperative  Apartment,  (ii) any
enforcement  or  judicial  proceedings,   including   foreclosures,   (iii)  the
management  and  liquidation  of any REO Property and (iv)  compliance  with the
obligations  under  Sections 3.01,  3.08,  3.12(a) and 3.14,  including,  if the
Master Servicer or any Affiliate of the Master Servicer  provides  services such
as appraisals and brokerage  services that are  customarily  provided by Persons
other  than  servicers  of  mortgage  loans,  reasonable  compensation  for such
services.

         Servicing Fee: With respect to any Mortgage Loan and Distribution Date,
the fee payable  monthly to the Master  Servicer in respect of master  servicing
compensation  that accrues at an annual rate  designated  on the  Mortgage  Loan
Schedule as the "MSTR SERV FEE" for such Mortgage  Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.

         Servicing  Modification:  Any  reduction of the interest rate on or the
outstanding  principal  balance of a Mortgage  Loan that is in  default,  or for
which,  in  the  judgment  of  the  Master   Servicer,   default  is  reasonably
foreseeable, pursuant to a modification of such Mortgage Loan in accordance with
Section 3.07(a).

         Servicing  Officer:  Any officer of the Master Servicer involved in, or
responsible  for, the  administration  and servicing of the Mortgage Loans whose
name and specimen  signature appear on a list of servicing officers furnished to
the  Trustee  by the  Master  Servicer,  as such  list may from  time to time be
amended.

         Special Hazard Amount: As of any Distribution  Date, an amount equal to
2,981,040  minus the sum of (i) the  aggregate  amount of Special  Hazard Losses
allocated  solely to one or more specific  Classes of Certificates in accordance
with  Section  4.05 and (ii) the  Adjustment  Amount (as defined  below) as most
recently  calculated.  For each  anniversary of the Cut-off Date, the Adjustment
Amount shall be equal to the amount,  if any, by which the amount  calculated in
accordance with the preceding  sentence  (without giving effect to the deduction
of the Adjustment  Amount for such  anniversary)  exceeds the greater of (A) the
greatest of (i) twice the outstanding  principal balance of the Mortgage Loan in
the Trust  Fund  which has the  largest  outstanding  principal  balance  on the
Distribution Date immediately  preceding such  anniversary,  (ii) the product of
1.00%


NY1-242818.4
                                                        36

<PAGE>



multiplied by the  outstanding  principal  balance of all Mortgage  Loans on the
Distribution Date immediately preceding such anniversary and (iii) the aggregate
outstanding  principal  balance (as of the  immediately  preceding  Distribution
Date) of the Mortgage  Loans in any single  five-digit  California zip code area
with the largest amount of Mortgage Loans by aggregate  principal  balance as of
such  anniversary and (B) the greater of (i) the product of 0.50%  multiplied by
the outstanding principal balance of all Mortgage Loans on the Distribution Date
immediately preceding such anniversary  multiplied by a fraction,  the numerator
of which is equal to the  aggregate  outstanding  principal  balance  (as of the
immediately preceding Distribution Date) of all of the Mortgage Loans secured by
Mortgaged Properties located in the State of California divided by the aggregate
outstanding  principal  balance (as of the  immediately  preceding  Distribution
Date)  of all  of  the  Mortgage  Loans,  expressed  as a  percentage,  and  the
denominator  of  which  is equal  to  20.5%  (which  percentage  is equal to the
percentage of Mortgage Loans initially secured by Mortgaged  Properties  located
in the State of California) and (ii) the aggregate outstanding principal balance
(as of the immediately preceding Distribution Date) of the largest Mortgage Loan
secured by a Mortgaged  Property (or, with respect to a  Cooperative  Loan,  the
related Cooperative Apartment) located in the State of California.

         The Special Hazard Amount may be further reduced by the Master Servicer
(including  accelerating the manner in which coverage is reduced)  provided that
prior to any such  reduction,  the  Master  Servicer  shall (i)  obtain  written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency below the
lower of the then-current  rating or the rating assigned to such Certificates as
of the  Closing  Date by such  Rating  Agency  and (ii)  provide  a copy of such
written confirmation to the Trustee.

         Special Hazard Loss: Any Realized Loss not in excess of the cost of the
lesser of repair or replacement  of a Mortgaged  Property (or, with respect to a
Cooperative Loan, the related Cooperative  Apartment) suffered by such Mortgaged
Property  (or  Cooperative  Apartment)  on  account  of  direct  physical  loss,
exclusive  of (i) any  loss of a type  covered  by a  hazard  policy  or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant  to Section  3.12(a),  except to the extent of the portion of such loss
not covered as a result of any coinsurance  provision and (ii) any Extraordinary
Loss.

         Standard & Poor's:  Standard & Poor's Ratings Services, a
division of the McGraw-Hill Companies, or its successor in
interest.

         Stated Principal Balance:  With respect to any Mortgage Loan
or related REO Property, at any given time, (i) the Cut-off Date


NY1-242818.4
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<PAGE>



Principal  Balance of the Mortgage Loan, minus (ii) the sum of (a) the principal
portion of the Monthly  Payments due with respect to such  Mortgage  Loan or REO
Property  during each Due Period  ending  prior to the most recent  Distribution
Date which were  received or with respect to which an Advance was made,  and (b)
all  Principal  Prepayments  with respect to such Mortgage Loan or REO Property,
and all Insurance Proceeds, Liquidation Proceeds and REO Proceeds, to the extent
applied by the Master  Servicer as recoveries  of principal in  accordance  with
Section 3.14 with respect to such Mortgage  Loan or REO  Property,  in each case
which were  distributed  pursuant to Section 4.02 on any  previous  Distribution
Date,  and (c) any Realized Loss  allocated to  Certificateholders  with respect
thereto for any previous Distribution Date.

         Subclass:  With  respect to the Class A-8  Certificates,  any  Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated  REMIC  Regular  Interest or  Interests  specified by the initial
Holder of the Class A-8 Certificates pursuant to Section 5.01(c).

         Subclass Notional Amount: As of any Distribution  Date, with respect to
any Subclass of Class A-8 Certificates  issued pursuant to Section 5.01(c),  the
aggregate  Stated Principal  Balance of the Mortgage Loans  corresponding to the
Uncertificated REMIC Regular Interests  represented by such Subclass immediately
prior to such date.

         Subordinate Percentage: As of any Distribution Date, 100%
minus the Senior Percentage as of such Distribution Date.

         Subordinate   Principal   Distribution  Amount:  With  respect  to  any
Distribution   Date  and  each  Class  of  Class  M  Certificates  and  Class  B
Certificates,  (a)  the  sum of (i)  the  product  of (x)  the  related  Class M
Percentage  or Class B  Percentage  for such Class and (y) the  aggregate of the
amounts  calculated for such Distribution Date under clauses (1), (2) and (3) of
Section  4.02(a)(ii)(A);  (ii)  such  Class's  pro  rata  share,  based  on  the
Certificate  Principal Balance of each Class of Class M Certificates and Class B
Certificates then outstanding, of the principal collections described in Section
4.02(a)(ii)(B)(b)  to the extent such collections are not otherwise  distributed
to the Class A Certificates  and Class R Certificates;  (iii) the product of (x)
the related  Prepayment  Distribution  Percentage  and (y) the  aggregate of all
Principal   Prepayments  in  Full  and  Curtailments  received  in  the  related
Prepayment  Period to the extent not  payable  to the Class A  Certificates  and
Class  R  Certificates;  (iv)  if  such  Class  is  the  most  senior  Class  of
Certificates  then  outstanding  (as  established  in Section 4.05 hereof),  any
Excess  Subordinate  Principal  Amount for such  Distribution  Date; and (v) any
amounts  described in clauses (i), (ii) and (iii) as determined for any previous
Distribution Date, that remain undistributed to the extent that such amounts are
not


NY1-242818.4
                                                        38

<PAGE>



attributable to Realized Losses which have been allocated to a subordinate Class
of Class M or Class B Certificates  minus (b) any Excess  Subordinate  Principal
Amount not  payable  to such Class on such  Distribution  Date  pursuant  to the
definition thereof; provided, however, that such amount shall in no event exceed
the  outstanding  Certificate  Principal  Balance of such Class of  Certificates
immediately prior to such date.

         Subserviced Mortgage Loan:  Any Mortgage Loan that, at the
time of reference thereto, is subject to a Subservicing
Agreement.

         Subservicer:  Any Person with whom the Master Servicer has entered into
a Subservicing  Agreement and who generally satisfied the requirements set forth
in the Program Guide in respect of the  qualification of a Subservicer as of the
date of its approval as a Subservicer by the Master Servicer.

         Subservicer  Advance:  Any  delinquent  installment  of  principal  and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.

         Subservicing Account:  An account established by a
Subservicer in accordance with Section 3.08.

         Subservicing  Agreement:   The  written  contract  between  the  Master
Servicer and any Subservicer relating to servicing and administration of certain
Mortgage  Loans  as  provided  in  Section  3.02,  generally  in the form of the
servicer contract referred to or contained in the Program Guide or in such other
form as has been approved by the Master  Servicer and the Company.  With respect
to Mortgage Loans  subserviced by MLCC, the  Subservicing  Agreement  shall also
include the Addendum and  Assignment  Agreement and the Pledged  Asset  Mortgage
Servicing Agreement.

         Subservicing  Fee: As to any Mortgage Loan, the fee payable  monthly to
the related  Subservicer (or, in the case of a Nonsubserviced  Mortgage Loan, to
the Master  Servicer) in respect of  subservicing  and other  compensation  that
accrues at an annual rate equal to the excess of the Mortgage  Rate borne by the
related  Mortgage  Note over the rate per annum  designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.

         Surety:  Ambac Assurance Corporation, or its successors in
interest.

         Surety Bond:  The Limited Purpose Surety Bond (Policy No.
AB0039BE), dated February 28, 1996, issued by Ambac Assurance
Corporation (formerly known as AMBAC Indemnity Corporation) for
the benefit of certain beneficiaries, including the Trustee for
the benefit of the Holders of the Certificates, but only to the


NY1-242818.4
                                                        39

<PAGE>



extent that such Limited Purpose Surety Bond covers any
Additional Collateral Mortgage Loans.

         Tax Returns:  The federal income tax return on Internal Revenue Service
Form 1066,  U.S.  Real Estate  Mortgage  Investment  Conduit  Income Tax Return,
including  Schedule Q thereto,  Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of the Trust Fund due to its classification as a REMIC under the REMIC
Provisions, together with any and all other information, reports or returns that
may be  required to be  furnished  to the  Certificateholders  or filed with the
Internal  Revenue Service or any other  governmental  taxing authority under any
applicable provisions of federal, state or local tax laws.

         Transfer:  Any direct or indirect transfer, sale, pledge,
hypothecation or other form of assignment of any Ownership
Interest in a Certificate.

         Transferee:  Any Person who is acquiring by Transfer any
Ownership Interest in a Certificate.

         Transferor:  Any Person who is disposing by Transfer of any
Ownership Interest in a Certificate.

         Trust Fund:  The segregated pool of assets, with respect to
which a REMIC election is to be made, consisting of:

         (i)        the Mortgage Loans and the related Mortgage Files,

         (ii)       all payments on and collections in respect of the
                    Mortgage Loans due after the Cut-off Date as shall be
                    on deposit in the Custodial Account or in the
                    Certificate Account and identified as belonging to the
                    Trust Fund, including the proceeds from the
                    liquidation of Additional Collateral for any
                    Additional Collateral Loan, but not including amounts
                    on deposit in the Initial Monthly Payment Fund;

         (iii)      property  which  secured a Mortgage  Loan and which has been
                    acquired  for  the  benefit  of  the  Certificateholders  by
                    foreclosure or deed in lieu of foreclosure,

         (iv)       the  hazard   insurance   policies  and  Primary   Insurance
                    Policies,  if  any,  and the  interest  in the  Surety  Bond
                    transferred to the Trustee pursuant to Section 2.01, and

         (v) all proceeds of clauses (i) through (iv) above.

         Uncertificated REMIC Regular Interests:  The uncertificated
partial undivided beneficial ownership interests in the Trust


NY1-242818.4
                                                        40

<PAGE>



Fund,  numbered  sequentially  from 1 to 2,634,  each relating to the particular
Mortgage  Loan  identified  by  such  sequential  number  on the  Mortgage  Loan
Schedule,  each having no principal  balance,  and each bearing  interest at the
respective  Pool  Strip  Rate on the Stated  Principal  Balance  of the  related
Mortgage Loan.

         Uniform Single  Attestation  Program for Mortgage Bankers:  The Uniform
Single  Attestation  Program for Mortgage Bankers,  as published by the Mortgage
Bankers  Association  of America and  effective  with respect to fiscal  periods
ending on or after
December 15, 1995.

         Uninsured  Cause: Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.

         United States  Person:  A citizen or resident of the United  States,  a
corporation,   partnership  or  other  entity   (treated  as  a  corporation  or
partnership  for United States Income tax purposes)  created or organized in, or
under the laws of, the United  States,  any state  thereof,  or the  District of
Columbia  (except  in the  case of a  partnership,  to the  extent  provided  in
Treasury  regulations) or an estate that is described in Section  7701(a)(30)(D)
of the Code, or a trust that is described in Section 7701(a)(30)(E) of the Code.

         Voting  Rights:  The  portion  of  the  voting  rights  of  all  of the
Certificates  which is allocated to any Certificate.  98.0% of all of the Voting
Rights shall be allocated  among Holders of  Certificates,  other than the Class
A-8  Certificates  and Class R  Certificates,  in proportion to the  outstanding
Certificate  Principal  Balances  of their  respective  Certificates;  1% of all
Voting Rights shall be allocated among the Holders of the Class A-8 Certificates
and the  Holders of the Class R  Certificates  shall be entitled to 1% of all of
the  Voting  Rights,  allocated  among the  Certificates  of each such  Class in
accordance with their respective Percentage Interests.





NY1-242818.4
                                                        41

<PAGE>



                                                    ARTICLE II

                                           CONVEYANCE OF MORTGAGE LOANS;
                                         ORIGINAL ISSUANCE OF CERTIFICATES

         Section 2.01.              Conveyance of Mortgage Loans.

         (a) The Company,  concurrently  with the execution and delivery hereof,
does hereby  assign to the Trustee  without  recourse  all the right,  title and
interest of the Company in and to the Mortgage Loans, including all interest and
principal  received on or with  respect to the  Mortgage  Loans after the Cutoff
Date (other than payments of principal and interest due on the Mortgage Loans on
or before the Cut-off Date).

         (b) In connection with such assignment,  except as set forth in Section
2.01(c)  below,  the Company  does hereby  deliver  to, and  deposit  with,  the
Trustee,  or to and with one or more Custodians,  as the duly appointed agent or
agents of the Trustee for such purpose,  the following  documents or instruments
(or copies  thereof  as  permitted  by this  Section)  (I) with  respect to each
Mortgage Loan so assigned (other than a Cooperative Loan):

                    (i) The  original  Note,  endorsed  without  recourse to the
         order of the Trustee and showing an unbroken chain of endorsements from
         the originator  thereof to the Person  endorsing it to the Trustee,  or
         with respect to any Destroyed  Note,  an original  lost note  affidavit
         from  the  related  Seller  or  Residential  Funding  stating  that the
         original Note was lost, misplaced or destroyed, together with a copy of
         the related Mortgage Note;

                    (ii)  The  original  Mortgage  with  evidence  of  recording
         indicated  thereon or a copy of the  Mortgage  certified  by the public
         recording office in which such Mortgage has been recorded;

                    (iii) An original  Assignment of the Mortgage to the Trustee
         with  evidence  of  recording  indicated  thereon  or a  copy  of  such
         assignment  certified  by the  public  recording  office in which  such
         assignment has been recorded;

                    (iv) The original recorded  assignment or assignments of the
         Mortgage showing an unbroken chain of title from the originator thereof
         to the Person  assigning it to the Trustee or a copy of such assignment
         or assignments of the Mortgage certified by the public recording office
         in which such assignment or assignments have been recorded; and

                    (v) The original of each modification,  assumption agreement
         or preferred loan agreement,  if any, relating to such Mortgage Loan or
         a copy of each  modification,  assumption  agreement or preferred  loan
         agreement certified


NY1-242818.4
                                                        42

<PAGE>



         by the public recording office in which such document has
         been recorded.

         and (II) with respect to each Cooperative Loan so assigned:

                    (i) The original Mortgage Note, endorsed without recourse to
         the order of the Trustee and showing an unbroken chain of  endorsements
         from the originator  thereof to the Person endorsing it to the Trustee,
         or with respect to any Destroyed  Mortgage  Note, an original lost note
         affidavit from the related Seller or Residential  Funding  stating that
         the original Mortgage Note was lost,  misplaced or destroyed,  together
         with a copy of the related Mortgage Note;

                  (ii) A counterpart of the Cooperative Lease and the Assignment
         of  Proprietary  Lease to the originator of the  Cooperative  Loan with
         intervening  assignments  showing an unbroken  chain of title from such
         originator to the Trustee;

                  (iii) The related Cooperative Stock Certificate,  representing
         the related  Cooperative Stock pledged with respect to such Cooperative
         Loan,   together   with  an  undated  stock  power  (or  other  similar
         instrument) executed in blank;

                  (iv) The original recognition  agreement by the Cooperative of
         the interests of the mortgagee with respect to the related  Cooperative
         Loan;

                  (v)    The Security Agreement;

                  (vi) Copies of the original UCC-1 financing statement, and any
         continuation  statements,  filed by the originator of such  Cooperative
         Loan as  secured  party,  each  with  evidence  of  recording  thereof,
         evidencing the interest of the originator under the Security  Agreement
         and the Assignment of Proprietary Lease;

                  (vii)  Copies of the filed UCC-3  assignments  of the security
         interest  referenced in clause (vi) above showing an unbroken  chain of
         title  from the  originator  to the  Trustee,  each  with  evidence  of
         recording thereof,  evidencing the interest of the originator under the
         Security Agreement and the Assignment of Proprietary Lease;

                  (viii)  An  executed   assignment   of  the  interest  of  the
         originator in the Security  Agreement,  Assignment of Proprietary Lease
         and the recognition  agreement referenced in clause (iv) above, showing
         an unbroken chain of title from the originator to the Trustee;

                  (ix) The original of each modification,  assumption  agreement
         or preferred loan agreement, if any, relating to such Cooperative Loan;
         and


NY1-242818.4
                                                        43

<PAGE>




                  (x) An executed UCC-1 financing  statement  showing the Master
         Servicer  as debtor,  the  Company as secured  party and the Trustee as
         assignee and an executed UCC-1 financing  statement showing the Company
         as debtor and the Trustee as secured party,  each in a form  sufficient
         for filing,  evidencing the interest of such debtors in the Cooperative
         Loans.

         (c) The Company may, in lieu of  delivering  the documents set forth in
Section  2.01(b)(I)(iv) and (v) and Section  (b)(II)(ii),  (iv), (vii), (ix) and
(x) to the Trustee or the Custodian or Custodians, deliver such documents to the
Master Servicer,  and the Master Servicer shall hold such documents in trust for
the use and benefit of all present and future Certificateholders until such time
as is set forth below. Within ten Business Days following the earlier of (i) the
receipt of the  original of each of the  documents or  instruments  set forth in
Section  2.01(b)(I)(iv) and (v) and Section  (b)(II)(ii),  (iv), (vii), (ix) and
(x) (or copies  thereof as permitted by such  Section) for any Mortgage Loan and
(ii) a written request by the Trustee to deliver those documents with respect to
any or all of the  Mortgage  Loans then being held by the Master  Servicer,  the
Master Servicer shall deliver a complete set of such documents to the Trustee or
the Custodian or Custodians  that are the duly appointed  agent or agents of the
Trustee.

         On the Closing Date,  the Master  Servicer shall certify that it has in
its  possession  an  original  or copy of each of the  documents  referred to in
Section  2.01(b)(I)(iv) and (v) and Section  (b)(II)(ii),  (iv), (vii), (ix) and
(x) which has been  delivered to it by the  Company.  Every six months after the
Closing Date, for so long as the Master Servicer is holding  documents  pursuant
to this Section 2.01(c),  the Master Servicer shall deliver to (i) Moody's if it
is one of the Rating  Agencies,  (ii) the  Trustee  and (iii) each  Custodian  a
report setting forth the status of the documents which it is holding pursuant to
this Section 2.01(c).

         (d) In the event that in connection  with any Mortgage Loan the Company
cannot deliver the Mortgage, any assignment, modification,  assumption agreement
or preferred loan agreement (or copy thereof  certified by the public  recording
office) with evidence of recording  thereon  concurrently with the execution and
delivery  of this  Agreement  solely  because  of a delay  caused by the  public
recording  office  where such  Mortgage,  assignment,  modification,  assumption
agreement or preferred loan agreement as the case may be, has been delivered for
recordation,  the Company  shall deliver or cause to be delivered to the Trustee
or the  respective  Custodian a true and  correct  photocopy  of such  Mortgage,
assignment, modification, assumption agreement or preferred loan agreement.



NY1-242818.4
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<PAGE>



         The Company  shall  promptly  cause to be  recorded in the  appropriate
public office for real  property  records the  Assignment  referred to in clause
(I)(iii) of Section  2.01(b),  except in states where, in the opinion of counsel
acceptable  to the  Trustee  and the  Master  Servicer,  such  recording  is not
required to protect the  Trustee's  interests in the  Mortgage  Loan against the
claim of any  subsequent  transferee  or any  successor  to or  creditor  of the
Company or the  originator of such Mortgage Loan and shall  promptly cause to be
filed the Form UCC-3  assignment and UCC-1  financing  statement  referred to in
clause (II)(vii) and (x),  respectively,  of Section 2.01(b). If any Assignment,
Form UCC-3 or Form UCC-1, as applicable,  is lost or returned  unrecorded to the
Company  because of any defect  therein,  the Company shall prepare a substitute
Assignment, Form UCC-3 or Form UCC-1, as applicable, or cure such defect, as the
case may be, and cause such  Assignment to be recorded in  accordance  with this
paragraph.  The Company shall  promptly  deliver or cause to be delivered to the
Trustee or the respective Custodian such Mortgage or Assignment or Form UCC-3 or
Form UCC-1, as applicable,  (or copy thereof  certified by the public  recording
office) with evidence of recording  indicated  thereon upon receipt thereof from
the public recording office or from the related Subservicer.  In connection with
its  servicing  of  Cooperative  Loans,  the Master  Servicer  will use its best
efforts to file timely  continuation  statements  with regard to each  financing
statement and assignment  relating to Cooperative  Loans as to which the related
Cooperative Apartment is located outside of the State of New York.

         In the event that the Company  delivers to the Trustee or Custodian any
Mortgage Note or Assignment of Mortgage in blank,  the Company  shall,  or shall
cause the Custodian to,  complete the  endorsement  of the Mortgage Note and the
Assignment  of  Mortgage  in the name of the  Trustee  within 45 days  after the
Closing Date, as contemplated by Section 2.02.

         Any of the  items  set  forth in  Sections  2.01(b)(I)(iv)  and (v) and
(II)(vi)  and (vii) and that may be delivered as a copy rather than the original
may be delivered in microfiche form.

         (e)  Residential  Funding  hereby  assigns to the Trustee its  security
interest in and to any Additional  Collateral,  its right to receive payments in
respect of any Additional  Collateral Loans pursuant the Addendum and Assignment
Agreement and the Pledged Asset Mortgage Servicing Agreement,  and its rights as
beneficiary under the Surety Bond in respect of any Additional Collateral Loans.
With respect to any Additional  Collateral  Mortgage Loan,  Residential  Funding
shall cause to be filed in the  appropriate  recording  office a UCC-3 statement
giving notice of the  assignment of the related  security  interest to the Trust
Fund and shall thereafter cause the timely filing of all necessary  continuation
statements with regard to such financing statements.



NY1-242818.4
                                                        45

<PAGE>



         (f) It is intended that the conveyance by the Company to the Trustee of
the  Mortgage  Loans as provided for in this Section 2.01 be construed as a sale
by the  Company to the  Trustee  of the  Mortgage  Loans for the  benefit of the
Certificateholders.  Further,  it is not intended that such conveyance be deemed
to be a pledge of the  Mortgage  Loans by the Company to the Trustee to secure a
debt or other obligation of the Company. However, in the event that the Mortgage
Loans are held to be property of the Company or of  Residential  Funding,  or if
for any reason this Agreement is held or deemed to create a security interest in
the Mortgage  Loans,  then it is intended that (a) this Agreement  shall also be
deemed to be a security  agreement within the meaning of Articles 8 and 9 of the
New York Uniform  Commercial  Code and the Uniform  Commercial Code of any other
applicable  jurisdiction;  (b) the conveyance provided for in Section 2.01 shall
be deemed to be (1) a grant by the Company to the Trustee of a security interest
in all of the Company's  right  (including  the power to convey title  thereto),
title and interest,  whether now owned or hereafter acquired,  in and to (A) the
Mortgage Loans, including (i) with respect to each Cooperative Loan, the related
Mortgage Note, Security Agreement,  Assignment of Proprietary Lease, Cooperative
Stock  Certificate,  Cooperative  Lease,  any  insurance  policies and all other
documents in the related  Mortgage  File and (ii) with respect to each  Mortgage
Loan other than a Cooperative Loan, the related Mortgage Note, the Mortgage, any
insurance policies and all other documents in the related Mortgage File, (B) all
amounts  payable  pursuant to the Mortgage  Loans in  accordance  with the terms
thereof and (C) any and all general  intangibles  consisting of, arising from or
relating to any of the foregoing, and all proceeds of the conversion,  voluntary
or  involuntary,  of the foregoing into cash,  instruments,  securities or other
property,  including  without  limitation  all amounts from time to time held or
invested in the  Certificate  Account or the Custodial  Account,  whether in the
form of cash, instruments, securities or other property and (2) an assignment by
the  Company  to the  Trustee  of  any  security  interest  in  any  and  all of
Residential Funding's right (including the power to convey title thereto), title
and interest,  whether now owned or hereafter  acquired,  in and to the property
described in the foregoing  clauses  (1)(A),  (B) and (C) granted by Residential
Funding to the Company pursuant to the Assignment Agreement;  (c) the possession
by the  Trustee,  the  Custodian  or any other  agent of the Trustee of Mortgage
Notes  or such  other  items  of  property  as  constitute  instruments,  money,
negotiable  documents or chattel paper shall be deemed to be  "possession by the
secured  party," or  possession  by a purchaser or a person  designated  by such
secured party, for purposes of perfecting the security  interest pursuant to the
Minnesota Uniform  Commercial Code and the Uniform  Commercial Code of any other
applicable jurisdiction (including,  without limitation, Section 9-305, 8-313 or
8-321 thereof);  and (d)  notifications  to persons  holding such property,  and
acknowledgments,  receipts or confirmations  from persons holding such property,
shall be deemed notifications to, or


NY1-242818.4
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<PAGE>



acknowledgments,  receipts  or  confirmations  from,  financial  intermediaries,
bailees or agents (as  applicable)  of the Trustee for the purpose of perfecting
such security interest under applicable law.

         The Company and, at the Company's  direction,  Residential  Funding and
the Trustee  shall,  to the extent  consistent  with this  Agreement,  take such
reasonable  actions as may be necessary to ensure that, if this  Agreement  were
deemed  to  create a  security  interest  in the  Mortgage  Loans  and the other
property  described  above,  such  security  interest  would be  deemed  to be a
perfected  security  interest of first priority under applicable law and will be
maintained as such throughout the term of this Agreement.  Without  limiting the
generality  of the  foregoing,  the  Company  shall  prepare  and deliver to the
Trustee  not less than 15 days prior to any filing date and,  the Trustee  shall
forward for filing, or shall cause to be forwarded for filing, at the expense of
the Company, all filings necessary to maintain the effectiveness of any original
filings  necessary  under  the  Uniform  Commercial  Code  as in  effect  in any
jurisdiction  to  perfect  the  Trustee's  security  interest  in or lien on the
Mortgage  Loans,  as  evidenced  by an  Officer's  Certificate  of the  Company,
including  without  limitation (x) continuation  statements,  and (y) such other
statements  as may be  occasioned  by (1) any  change  of  name  of  Residential
Funding, the Company or the Trustee (such preparation and filing shall be at the
expense of the Trustee,  if occasioned by a change in the Trustee's  name),  (2)
any change of location of the place of business or the chief executive office of
Residential  Funding  or the  Company or (3) any  transfer  of any  interest  of
Residential Funding or the Company in any Mortgage Loan.

         (g) The Master Servicer hereby  acknowledges  the receipt by it of cash
in an amount equal to $9,722 (the "Initial Monthly Payment Fund"),  representing
scheduled  principal  amortization and interest at the Net Mortgage Rate for the
Due Date in December  1997,  for those Mortgage Loans for which the Trustee will
not be entitled to receive such  payment.  The Master  Servicer  shall hold such
Initial  Monthly  Payment Fund in the  Custodial  Account and shall include such
Initial  Monthly  Payment  Fund in the  Available  Distribution  Amount  for the
Distribution  Date in  December  1997.  Notwithstanding  anything  herein to the
contrary,  the Initial  Monthly Payment Fund shall not be an asset of the REMIC.
To the extent that the Initial Monthly  Payment Fund  constitutes a reserve fund
for federal income tax purposes, (1) it shall be an outside reserve fund and not
an asset of the  REMIC,  (2) it shall  be owned by the  Seller  and (3)  amounts
transferred by the REMIC to the Initial Monthly Payment Fund shall be treated as
transferred  to the Seller or any  successor,  all within the meaning of Section
1.860G-2(h) of the Treasury Regulations.



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<PAGE>



         Section 2.02.              Acceptance by Trustee.

         The Trustee  acknowledges  receipt (or, with respect to Mortgage  Loans
subject  to  a  Custodial  Agreement,   and  based  solely  upon  a  receipt  or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(b)(i) through (iii) above (except that for purposes of such acknowledgement
only, a Mortgage Note may be endorsed in blank and an Assignment of Mortgage may
be in blank) and declares  that it, or a Custodian as its agent,  holds and will
hold such documents and the other documents  constituting a part of the Mortgage
Files  delivered  to it,  or a  Custodian  as  its  agent,  and  the  rights  of
Residential  Funding with respect to any  Additional  Collateral  and the Surety
Bond assigned to the Trustee  pursuant to Section 2.01, in trust for the use and
benefit of all present and future  Certificateholders.  The Trustee or Custodian
(such Custodian being so obligated under a Custodial  Agreement) agrees, for the
benefit of  Certificateholders,  to review each  Mortgage  File  delivered to it
pursuant to Section  2.01(b)  within 45 days after the Closing Date to ascertain
that all required documents (specifically as set forth in Section 2.01(b)), have
been executed and received, and that such documents relate to the Mortgage Loans
identified  on the  Mortgage  Loan  Schedule,  as  supplemented,  that have been
conveyed to it. Upon delivery of the Mortgage Files by the Company or the Master
Servicer,  the Trustee shall  acknowledge  receipt (or, with respect to Mortgage
Loans  subject to a  Custodial  Agreement,  and based  solely  upon a receipt or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(c) above. The Trustee or Custodian (such Custodian being so obligated under
a Custodial  Agreement)  agrees to review each  Mortgage  File  delivered  to it
pursuant to Section  2.01(c)  within 45 days after receipt  thereof to ascertain
that all documents  required to be delivered  pursuant to such Section have been
received, and that such documents relate to the Mortgage Loans identified on the
Mortgage Loan Schedule, as supplemented, that have been conveyed to it.

         If the  Custodian,  as the  Trustee's  agent,  finds  any  document  or
documents  constituting  a part of a Mortgage File to be missing or defective in
any material  respect,  the Trustee shall promptly so notify the Master Servicer
and the  Company.  Pursuant  to  Section  2.3 of the  Custodial  Agreement,  the
Custodian  will notify the Master  Servicer,  the Company and the Trustee of any
such  omission or defect found by it in respect of any Mortgage File held by it.
The Master Servicer shall promptly  notify the related  Subservicer or Seller of
such omission or defect and request that such  Subservicer  or Seller correct or
cure such  omission or defect  within 60 days from the date the Master  Servicer
was notified of such omission or defect and, if such  Subservicer or Seller does
not correct or cure such omission or


NY1-242818.4
                                                        48

<PAGE>



defect  within  such  period,  that such  Subservicer  or Seller  purchase  such
Mortgage Loan from the Trust Fund at its Purchase  Price,  in either case within
90 days from the date the Master  Servicer  was  notified  of such  omission  or
defect; provided that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure or repurchase  must occur within 90 days from the date such
breach was  discovered.  The Purchase Price for any such Mortgage Loan,  whether
purchased by the Seller or the  Subservicer,  shall be deposited or caused to be
deposited  by the Master  Servicer in the  Custodial  Account  maintained  by it
pursuant  to  Section  3.07  and,   upon  receipt  by  the  Trustee  of  written
notification of such deposit signed by a Servicing  Officer,  the Trustee or any
Custodian,  as the case may be, shall release to the Master Servicer the related
Mortgage  File and the Trustee  shall  execute and deliver such  instruments  of
transfer or  assignment  prepared by the Master  Servicer,  in each case without
recourse,  as shall be  necessary  to vest in the Seller or its  designee or the
Subservicer  or its  designee,  as the case may be, any Mortgage  Loan  released
pursuant hereto and thereafter such Mortgage Loan shall not be part of the Trust
Fund.  It is  understood  and agreed  that the  obligation  of the Seller or the
Subservicer,  as the case may be, to so cure or purchase any Mortgage Loan as to
which a material  defect in or omission of a constituent  document  exists shall
constitute  the sole remedy  respecting  such defect or  omission  available  to
Certificateholders or the Trustee on behalf of the Certificateholders.

         Section 2.03.              Representations, Warranties and Covenants
                                    of the Master Servicer and the Company.

         (a) The Master Servicer  hereby  represents and warrants to the Trustee
for the benefit of the Certificateholders that:

                  (i) The  Master  Servicer  is a  corporation  duly  organized,
         validly  existing and in good  standing  under the laws  governing  its
         creation and existence and is or will be in compliance with the laws of
         each  state in which any  Mortgaged  Property  is located to the extent
         necessary  to  ensure  the  enforceability  of  each  Mortgage  Loan in
         accordance with the terms of this Agreement;

                  (ii) The  execution  and  delivery  of this  Agreement  by the
         Master  Servicer and its  performance  and compliance with the terms of
         this  Agreement will not violate the Master  Servicer's  Certificate of
         Incorporation  or Bylaws or constitute a material  default (or an event
         which,  with  notice  or lapse of time,  or both,  would  constitute  a
         material  default)  under,  or result in the  material  breach  of, any
         material  contract,  agreement or other  instrument to which the Master
         Servicer is a party or which may be applicable  to the Master  Servicer
         or any of its assets;


NY1-242818.4
                                                        49

<PAGE>




                  (iii) This Agreement,  assuming due  authorization,  execution
         and delivery by the Trustee and the Company, constitutes a valid, legal
         and binding obligation of the Master Servicer,  enforceable  against it
         in accordance  with the terms hereof subject to applicable  bankruptcy,
         insolvency,  reorganization,  moratorium  and other laws  affecting the
         enforcement of creditors' rights generally and to general principles of
         equity,  regardless  of whether such  enforcement  is  considered  in a
         proceeding in equity or at law;

                  (iv) The Master Servicer is not in default with respect to any
         order or decree of any court or any order,  regulation or demand of any
         federal,  state,  municipal or governmental agency, which default might
         have  consequences  that  would  materially  and  adversely  affect the
         condition  (financial or other) or operations of the Master Servicer or
         its  properties  or  might  have  consequences  that  would  materially
         adversely affect its performance hereunder;

                  (v) No  litigation  is  pending  or, to the best of the Master
         Servicer's  knowledge,  threatened  against the Master  Servicer  which
         would  prohibit its entering  into this  Agreement  or  performing  its
         obligations under this Agreement;

                  (vi) The Master Servicer will comply in all material  respects
         in the  performance of this  Agreement  with all  reasonable  rules and
         requirements of each insurer under each Required Insurance Policy;

                  (vii) No  information,  certificate  of an officer,  statement
         furnished in writing or report delivered to the Company,  any Affiliate
         of the  Company  or the  Trustee by the Master  Servicer  will,  to the
         knowledge  of the Master  Servicer,  contain any untrue  statement of a
         material  fact  or  omit  a  material   fact   necessary  to  make  the
         information, certificate, statement or report not misleading; and

                  (viii) The Master  Servicer has examined  each  existing,  and
         will  examine  each  new,  Subservicing  Agreement  and is or  will  be
         familiar   with  the  terms   thereof.   The  terms  of  each  existing
         Subservicing  Agreement and each designated  Subservicer are acceptable
         to the Master Servicer and any new Subservicing  Agreements will comply
         with the provisions of Section 3.02.

It is understood and agreed that the representations and warranties set forth in
this Section 2.03(a) shall survive delivery of the respective  Mortgage Files to
the Trustee or any Custodian.



NY1-242818.4
                                                        50

<PAGE>



         Upon discovery by either the Company, the Master Servicer,  the Trustee
or any Custodian of a breach of any representation or warranty set forth in this
Section  2.03(a) which  materially  and  adversely  affects the interests of the
Certificateholders in any Mortgage Loan, the party discovering such breach shall
give  prompt  written  notice  to the  other  parties  (any  Custodian  being so
obligated under a Custodial  Agreement).  Within 90 days of its discovery or its
receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all  material  respects or (ii) to the extent that such breach is with
respect to a Mortgage  Loan or a related  document,  purchase such Mortgage Loan
from the Trust Fund at the Purchase Price and in the manner set forth in Section
2.02;  provided  that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure must  occur  within 90 days from the date such  breach  was
discovered.  The obligation of the Master  Servicer to cure such breach or to so
purchase  such Mortgage  Loan shall  constitute  the sole remedy in respect of a
breach  of a  representation  and  warranty  set forth in this  Section  2.03(a)
available   to  the   Certificateholders   or  the  Trustee  on  behalf  of  the
Certificateholders.

         (b) The Company  hereby  represents and warrants to the Trustee for the
benefit of  Certificateholders  that as of the Closing  Date (or,  if  otherwise
specified below, as of the date so specified):

                  (i) No  Mortgage  Loan  is one  month  or more  delinquent  in
         payment  of  principal  and  interest  as of the  Cut-off  Date  and no
         Mortgage  Loan has been so  delinquent  more than once in the  12-month
         period prior to the Cut-off Date;

                  (ii) The  information  set  forth  in  Exhibit  F hereto  with
         respect to each  Mortgage Loan or the Mortgage  Loans,  as the case may
         be, is true and correct in all  material  respects at the date or dates
         respecting which such information is furnished;

                  (iii)  The  Mortgage  Loans are  fully-amortizing,  fixed-rate
         mortgage loans with level Monthly Payments due on the first day of each
         month and terms to maturity at origination or  modification of not more
         than 30 years;

                  (iv)  To the  best of the  Company's  knowledge,  except  with
         respect to twelve Mortgage Loans representing approximately 0.5% of the
         Mortgage Loans by aggregate  Stated  Principal  Balance,  if a Mortgage
         Loan is secured by a Mortgaged  Property with a Loan-to-Value  Ratio at
         origination  in excess of 80%,  such  Mortgage Loan is the subject of a
         Primary  Insurance  Policy that insures  that portion of the  principal
         balance thereof that exceeds the amount equal to


NY1-242818.4
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<PAGE>



         75% of the Appraised Value of the related  Mortgaged  Property.  To the
         best of the Company's knowledge,  each such Primary Insurance Policy is
         in full force and effect and the Trustee is  entitled  to the  benefits
         thereunder;

                  (v)  The  issuers  of  the  Primary  Insurance   Policies  are
         insurance  companies  whose   claims-paying   abilities  are  currently
         acceptable to each Rating Agency;

                  (vi) No more  than  0.5% of the  Mortgage  Loans by  aggregate
         Stated  Principal  Balance  as of  the  Cut-off  Date  are  secured  by
         Mortgaged Properties located in any one zip code area in California and
         no more than 0.4% of the Mortgage Loans by aggregate  Stated  Principal
         Balance as of the  Cut-off  Date are  secured by  Mortgaged  Properties
         located in any one zip code area  outside  California,  and none of the
         Mortgage Loans is a Cooperative Loan;

                  (vii) If the  improvements  securing a Mortgage  Loan are in a
         federally  designated special flood hazard area, flood insurance in the
         amount  required  under the Program Guide covers the related  Mortgaged
         Property (either by coverage under the federal flood insurance  program
         or by coverage by private insurers);

                  (viii)  Immediately  prior to the  assignment  of the Mortgage
         Loans to the  Trustee,  the Company had good title to, and was the sole
         owner  of,  each  Mortgage  Loan free and  clear of any  pledge,  lien,
         encumbrance  or security  interest  (other than rights to servicing and
         related  compensation) and such assignment validly transfers  ownership
         of the  Mortgage  Loans to the  Trustee  free and clear of any  pledge,
         lien, encumbrance or security interest;

                  (ix)  Approximately  25.51% of the Mortgage Loans by aggregate
         Stated Principal Balance as of the Cut-off Date were underwritten under
         a  reduced  loan  documentation  program,  approximately  20.61% of the
         Mortgage Loans by aggregate Stated Principal  Balance as of the Cut-off
         Date  were   underwritten   under  a  no-stated   income   program  and
         approximately 0.48% of the Mortgage Loans by aggregate Stated Principal
         Balance as of the Cut-off Date were  underwritten  under a no income/no
         asset program;

                  (x)  Approximately  31.68% of the Mortgage  Loans by aggregate
         Stated Principal Balance as of the Cut-off Date are non-owner  occupied
         properties as of the date of origination of such Mortgage Loans;

                  (xi) Three Mortgage  Loans,  representing no more than 0.2% of
         the aggregate Stated Principal  Balance as of the Cut-off Date, will be
         Buy-Down Loans;



NY1-242818.4
                                                        52

<PAGE>



                  (xii) Each  Mortgage  Loan  constitutes  a qualified  mortgage
         under  Section  860G(a)(3)(A)  of the  Code  and  Treasury  Regulations
         Section 1.860G-2(a)(1);

                  (xiii) A policy of title  insurance  was  effective  as of the
         closing of each  Mortgage  Loan and is valid and binding and remains in
         full force and effect;

                  (xiv) With  respect to a Mortgage  Loan that is a  Cooperative
         Loan,  the  Cooperative  Stock  that is  pledged  as  security  for the
         Mortgage Loan is held by a person as a  tenant-stockholder  (as defined
         in Section 216 of the Code) in a cooperative  housing  corporation  (as
         defined in Section 216 of the Code);

                  (xv) Interest on each Mortgage Loan is calculated on the basis
         of a 360-day year consisting of twelve 30-day months;

                  (xvi) Three Mortgage Loans,  representing no more than 0.2% of
         the Mortgage  Loans by  aggregate  Stated  Principal  Balance as of the
         Cut-off Date, contain in the related Mortgage File a Destroyed Mortgage
         Note;

                  (xvii) Not more than 2.0% of the  Mortgage  Loans by aggregate
         Stated Principal  Balance as of the Cut-off Date will have been made to
         International Borrowers, and no such Mortgagor is a member of a foreign
         diplomatic mission with diplomatic rank; and

                  (xviii)  No  Mortgage  Loan  provides  for  payments  that are
         subject  to  reduction  by  withholding  taxes  levied  by any  foreign
         (non-United States) sovereign government.

It is understood and agreed that the representations and warranties set forth in
this Section 2.03(b) shall survive delivery of the respective  Mortgage Files to
the Trustee or any Custodian.

         Upon discovery by any of the Company, the Master Servicer,  the Trustee
or any Custodian of a breach of any of the  representations  and  warranties set
forth in this  Section  2.03(b)  which  materially  and  adversely  affects  the
interests of the  Certificateholders in any Mortgage Loan, the party discovering
such breach shall give prompt written notice to the other parties (any Custodian
being so obligated under a Custodial Agreement);  provided, however, that in the
event of a breach  of the  representation  and  warranty  set  forth in  Section
2.03(b)(xii),  the party  discovering  such breach shall give such notice within
five days of discovery. Within 90 days of its discovery or its receipt of notice
of  breach,  the  Company  shall  either  (i) cure such  breach in all  material
respects or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase
Price and in


NY1-242818.4
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<PAGE>



the manner set forth in Section  2.02;  provided that the Company shall have the
option to  substitute  a Qualified  Substitute  Mortgage  Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date;  provided  that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure or repurchase  must occur within 90 days from the date such
breach was discovered.  Any such  substitution  shall be effected by the Company
under  the  same  terms  and   conditions   as  provided  in  Section  2.04  for
substitutions  by  Residential  Funding.  It is  understood  and agreed that the
obligation  of the Company to cure such  breach or to so purchase or  substitute
for any Mortgage  Loan as to which such a breach has occurred and is  continuing
shall  constitute  the sole  remedy  respecting  such  breach  available  to the
Certificateholders   or  the  Trustee  on  behalf  of  the   Certificateholders.
Notwithstanding  the  foregoing,  the  Company  shall  not be  required  to cure
breaches  or  purchase  or  substitute  for  Mortgage  Loans as provided in this
Section  2.03(b) if the  substance of the breach of a  representation  set forth
above also constitutes fraud in the origination of the Mortgage Loan.

         Section 2.04.              Representations and Warranties of Sellers.

         The Company,  as assignee of  Residential  Funding under the Assignment
Agreement,  hereby assigns to the Trustee for the benefit of  Certificateholders
all of its right, title and interest in respect of the Assignment  Agreement and
each Seller's Agreement applicable to a Mortgage Loan. Insofar as the Assignment
Agreement  or  such  Seller's  Agreement  relates  to  the  representations  and
warranties made by Residential  Funding or the related Seller in respect of such
Mortgage  Loan and any  remedies  provided  thereunder  for any  breach  of such
representations  and warranties,  such right, title and interest may be enforced
by the Master  Servicer on behalf of the  Trustee  and the  Certificate-holders.
Upon the  discovery  by the  Company,  the Master  Servicer,  the Trustee or any
Custodian of a breach of any of the  representations  and  warranties  made in a
Seller's Agreement or the Assignment Agreement (which, for purposes hereof, will
be deemed to include any other  cause  giving  rise to a  repurchase  obligation
under the Assignment Agreement) in respect of any Mortgage Loan which materially
and adversely affects the interests of the  Certificateholders  in such Mortgage
Loan, the party  discovering such breach shall give prompt written notice to the
other parties (any Custodian  being so obligated  under a Custodial  Agreement).
The Master  Servicer  shall  promptly  notify the related  Seller or Residential
Funding,  as the case may be, of such  breach and  request  that such  Seller or
Residential  Funding,  as the case may be,  either  (i) cure such  breach in all
material  respects within 90 days from the date the Master Servicer was notified
of such breach or (ii)  purchase  such  Mortgage Loan from the Trust Fund at the
Purchase Price and in the manner set forth in Section 2.02; provided that in the
case of a breach under the


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                                                        54

<PAGE>



Assignment  Agreement  Residential Funding shall have the option to substitute a
Qualified  Substitute  Mortgage  Loan or Loans  for such  Mortgage  Loan if such
substitution  occurs within two years following the Closing Date;  provided that
if the  breach  would  cause the  Mortgage  Loan to be other  than a  "qualified
mortgage"  as  defined  in  Section  860G(a)(3)  of the  Code,  any such cure or
substitution  must occur within 90 days from the date the breach was discovered.
In  the  event  that  Residential  Funding  elects  to  substitute  a  Qualified
Substitute  Mortgage Loan or Loans for a Deleted  Mortgage Loan pursuant to this
Section 2.04,  Residential  Funding shall deliver to the Trustee for the benefit
of the  Certificateholders  with respect to such Qualified  Substitute  Mortgage
Loan or Loans,  the original  Mortgage Note, the Mortgage,  an Assignment of the
Mortgage in recordable  form,  and such other  documents  and  agreements as are
required by Section 2.01, with the Mortgage Note endorsed as required by Section
2.01. No substitution will be made in any calendar month after the Determination
Date for such month.  Monthly Payments due with respect to Qualified  Substitute
Mortgage Loans in the month of substitution  shall not be part of the Trust Fund
and will be retained by the Master  Servicer and remitted by the Master Servicer
to Residential  Funding on the next succeeding  Distribution Date. For the month
of  substitution,  distributions  to the  Certificateholders  will  include  the
Monthly  Payment due on a Deleted  Mortgage  Loan for such month and  thereafter
Residential  Funding shall be entitled to retain all amounts received in respect
of such Deleted  Mortgage Loan.  The Master  Servicer shall amend or cause to be
amended the Mortgage Loan Schedule, for the benefit of the Certificateholders to
reflect the removal of such Deleted  Mortgage Loan and the  substitution  of the
Qualified  Substitute  Mortgage  Loan or Loans  and the  Master  Servicer  shall
deliver  the  amended  Mortgage  Loan  Schedule,   to  the  Trustee.  Upon  such
substitution,  the Qualified  Substitute Mortgage Loan or Loans shall be subject
to the terms of this  Agreement  and the related  Subservicing  Agreement in all
respects,  the related  Seller shall be deemed to have made the  representations
and warranties with respect to the Qualified  Substitute Mortgage Loan contained
in the  related  Seller's  Agreement  as of the  date of  substitution,  and the
Company and the Master Servicer shall be deemed to have made with respect to any
Qualified Substitute Mortgage Loan or Loans, as of the date of substitution, the
covenants,  representations  and  warranties  set forth in this Section 2.04, in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer  shall be obligated  to  repurchase  or  substitute  for any  Qualified
Substitute  Mortgage  Loan as to which a  Repurchase  Event (as  defined  in the
Assignment  Agreement)  has  occurred  pursuant  to Section 4 of the  Assignment
Agreement.

         In connection with the substitution of one or more Qualified Substitute
Mortgage Loans for one or more Deleted  Mortgage Loans, the Master Servicer will
determine  the amount (if any) by which the aggregate  principal  balance of all
such Qualified Substitute


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<PAGE>



Mortgage Loans as of the date of substitution is less than the aggregate  Stated
Principal  Balance  of all such  Deleted  Mortgage  Loans  (in each  case  after
application of the principal portion of the Monthly Payments due in the month of
substitution that are to be distributed to the  Certificateholders  in the month
of substitution). Residential Funding shall deposit the amount of such shortfall
into the Custodial Account on the day of substitution, without any reimbursement
therefor.  Residential  Funding  shall give  notice in writing to the Trustee of
such event, which notice shall be accompanied by an Officers'  Certificate as to
the  calculation  of such  shortfall  and  (subject to Section  10.01(f))  by an
Opinion of Counsel to the effect that such  substitution  will not cause (a) any
federal tax to be imposed on the Trust Fund,  including without limitation,  any
federal tax imposed on "prohibited transactions" under Section 860F(a)(1) of the
Code or on  "contributions  after the startup date" under Section  860G(d)(1) of
the Code or (b) any  portion  of the Trust Fund to fail to qualify as a REMIC at
any time that any Certificate is outstanding.

         It is  understood  and  agreed  that the  obligation  of the  Seller or
Residential  Funding, as the case may be, to cure such breach or purchase (or in
the case of  Residential  Funding to  substitute  for) such  Mortgage Loan as to
which such a breach has occurred and is  continuing  shall  constitute  the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on behalf of Certificateholders.  If the Master Servicer is Residential Funding,
then the Trustee shall also have the right to give the  notification and require
the purchase or substitution  provided for in the second preceding  paragraph in
the event of such a breach of a  representation  or warranty made by Residential
Funding in the  Assignment  Agreement.  In  connection  with the  purchase of or
substitution  for any such Mortgage  Loan by  Residential  Funding,  the Trustee
shall  assign to  Residential  Funding all of the right,  title and  interest in
respect of the Seller's  Agreement and the  Assignment  Agreement  applicable to
such Mortgage Loan.

         Section 2.05.      Execution and Authentication of Certificates.

         The Trustee acknowledges the assignment to it of the Mortgage Loans and
the  delivery  of the  Mortgage  Files to it, or any  Custodian  on its  behalf,
subject to any exceptions noted, together with the assignment to it of all other
assets  included  in the Trust  Fund,  receipt of which is hereby  acknowledged.
Concurrently with such delivery and in exchange therefor, the Trustee,  pursuant
to the written request of the Company  executed by an officer of the Company has
executed and caused to be  authenticated  and  delivered to or upon the order of
the  Company  the  Certificates  in  authorized   denominations  which  evidence
ownership of the entire Trust Fund.




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<PAGE>



                                                    ARTICLE III

                                           ADMINISTRATION AND SERVICING
                                                 OF MORTGAGE LOANS

         Section 3.01.              Master Servicer to Act as Servicer.

         (a) The Master Servicer shall service and administer the Mortgage Loans
in accordance with the terms of this Agreement and the respective Mortgage Loans
and shall have full power and authority, acting alone or through Subservicers as
provided in Section 3.02,  to do any and all things which it may deem  necessary
or desirable in  connection  with such  servicing  and  administration.  Without
limiting the generality of the foregoing, the Master Servicer in its own name or
in the name of a Subservicer  is hereby  authorized and empowered by the Trustee
when the Master  Servicer or the  Subservicer,  as the case may be,  believes it
appropriate  in its best  judgment,  to execute  and  deliver,  on behalf of the
Certificateholders  and the Trustee or any of them,  any and all  instruments of
satisfaction or cancellation,  or of partial or full release or discharge, or of
consent to assumption or modification in connection with a proposed  conveyance,
or of  assignment  of any  Mortgage  and Mortgage  Note in  connection  with the
repurchase  of a Mortgage  Loan and all other  comparable  instruments,  or with
respect to the  modification  or  re-recording  of a Mortgage for the purpose of
correcting the Mortgage,  the subordination of the lien of the Mortgage in favor
of a public utility company or government  agency or unit with powers of eminent
domain, the taking of a deed in lieu of foreclosure,  the completion of judicial
or  non-judicial  foreclosure,  the  conveyance  of a Mortgaged  Property to the
related Insurer, the acquisition of any property acquired by foreclosure or deed
in lieu of  foreclosure,  or the  management,  marketing  and  conveyance of any
property  acquired by foreclosure or deed in lieu of foreclosure with respect to
the Mortgage Loans and with respect to the Mortgaged Properties. Notwithstanding
the foregoing,  subject to Section 3.07(a), the Master Servicer shall not permit
any modification  with respect to any Mortgage Loan that would both constitute a
sale or exchange of such Mortgage Loan within the meaning of Section 1001 of the
Code and any proposed,  temporary or final  regulations  promulgated  thereunder
(other than in  connection  with a proposed  conveyance  or  assumption  of such
Mortgage  Loan that is treated as a  Principal  Prepayment  in Full  pursuant to
Section  3.13(d)  hereof)  and cause the Trust  Fund to fail to  qualify as such
under the Code. The Trustee shall furnish the Master Servicer with any powers of
attorney  and other  documents  necessary  or  appropriate  to enable the Master
Servicer to service and administer the Mortgage Loans.  The Trustee shall not be
liable for any action taken by the Master Servicer or any  Subservicer  pursuant
to such powers of attorney.  In servicing and administering  any  Nonsubserviced
Mortgage Loan, the Master Servicer shall,  to the extent not  inconsistent  with
this Agreement, comply with the


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<PAGE>



Program  Guide  as if it were  the  originator  of such  Mortgage  Loan  and had
retained the servicing rights and obligations in respect thereof.  In connection
with servicing and administering the Mortgage Loans, the Master Servicer and any
Affiliate of the Master Servicer (i) may perform services such as appraisals and
brokerage  services that are not  customarily  provided by servicers of mortgage
loans, and shall be entitled to reasonable  compensation  therefor in accordance
with  Section  3.10 and (ii)  may,  at its own  discretion  and on behalf of the
Trustee, obtain credit information in the form of a "credit score" from a credit
repository.

         (b) All costs  incurred by the Master  Servicer or by  Subservicers  in
effecting the timely payment of taxes and assessments on the properties  subject
to the  Mortgage  Loans  shall  not,  for the  purpose  of  calculating  monthly
distributions to the Certificateholders,  be added to the amount owing under the
related Mortgage Loans,  notwithstanding that the terms of such Mortgage Loan so
permit,  and such costs shall be recoverable to the extent  permitted by Section
3.10(a)(ii).

         (c) The  Master  Servicer  may  enter  into one or more  agreements  in
connection with the offering of pass-through  certificates  evidencing interests
in one or more of the  Certificates  providing  for the  payment  by the  Master
Servicer of amounts  received by the Master  Servicer as servicing  compensation
hereunder and required to cover certain  Prepayment  Interest  Shortfalls on the
Mortgage Loans, which payment obligation will thereafter be an obligation of the
Master Servicer hereunder.

         Section 3.02.              Subservicing Agreements Between Master
                                    Servicer and Subservicers; Enforcement of
                                    Subservicers' and Sellers' Obligations.

         (a) The Master Servicer may continue in effect Subservicing  Agreements
entered into by Residential  Funding and Subservicers prior to the execution and
delivery of this Agreement,  and may enter into new Subservicing Agreements with
Subservicers,  for  the  servicing  and  administration  of all or  some  of the
Mortgage Loans. Each Subservicer of a Mortgage Loan shall be entitled to receive
and retain,  as provided in the related  Subservicing  Agreement  and in Section
3.07, the related  Subservicing  Fee from payments of interest  received on such
Mortgage Loan after payment of all amounts required to be remitted to the Master
Servicer  in respect of such  Mortgage  Loan.  For any  Mortgage  Loan that is a
Nonsubserviced  Mortgage Loan, the Master  Servicer shall be entitled to receive
and retain an amount equal to the  Subservicing  Fee from  payments of interest.
Unless the context otherwise  requires,  references in this Agreement to actions
taken or to be taken by the Master  Servicer in  servicing  the  Mortgage  Loans
include  actions taken or to be taken by a  Subservicer  on behalf of the Master
Servicer.  Each Subservicing Agreement will be upon such terms and conditions as
are generally


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<PAGE>



required or permitted by the Program  Guide and are not  inconsistent  with this
Agreement  and as the  Master  Servicer  and  the  Subservicer  have  agreed.  A
representative  form of Subservicing  Agreement is attached to this Agreement as
Exhibit G. With the approval of the Master Servicer,  a Subservicer may delegate
its servicing  obligations to third-party  servicers,  but such Subservicer will
remain obligated under the related Subservicing  Agreement.  The Master Servicer
and a  Subservicer  may enter into  amendments  thereto or a  different  form of
Subservicing  Agreement,  and the form  referred  to or  included in the Program
Guide is merely provided for information and shall not be deemed to limit in any
respect the discretion of the Master  Servicer to modify or enter into different
Subservicing  Agreements;   provided,  however,  that  any  such  amendments  or
different  forms shall be  consistent  with and not violate  the  provisions  of
either this  Agreement or the Program  Guide in a manner which would  materially
and adversely affect the interests of the Certificateholders.

         (b) As part of its servicing activities hereunder, the Master Servicer,
for the benefit of the Trustee  and the  Certificateholders,  shall use its best
reasonable  efforts to enforce the  obligations  of each  Subservicer  under the
related  Subservicing  Agreement  and of each Seller under the related  Seller's
Agreement,  to the extent that the  non-performance of any such obligation would
have a material  and  adverse  effect on a  Mortgage  Loan,  including,  without
limitation,  the  obligation to purchase a Mortgage Loan on account of defective
documentation,  as  described  in Section  2.02,  or on account of a breach of a
representation  or warranty,  as described in Section  2.04.  Such  enforcement,
including,  without limitation,  the legal prosecution of claims, termination of
Subservicing Agreements or Seller's Agreements, as appropriate,  and the pursuit
of other appropriate remedies,  shall be in such form and carried out to such an
extent and at such time as the Master  Servicer  would  employ in its good faith
business  judgment  and  which are  normal  and  usual in its  general  mortgage
servicing  activities.   The  Master  Servicer  shall  pay  the  costs  of  such
enforcement at its own expense, and shall be reimbursed therefor only (i) from a
general  recovery  resulting from such  enforcement to the extent,  if any, that
such recovery exceeds all amounts due in respect of the related Mortgage Loan or
(ii) from a specific  recovery of costs,  expenses or attorneys fees against the
party against whom such enforcement is directed.

         Section 3.03.              Successor Subservicers.

         The Master  Servicer  shall be entitled to terminate  any  Subservicing
Agreement  that may exist in  accordance  with the terms and  conditions of such
Subservicing  Agreement and without any limitation by virtue of this  Agreement;
provided,  however,  that  in the  event  of  termination  of  any  Subservicing
Agreement by the Master Servicer or the  Subservicer,  the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into


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<PAGE>



a Subservicing Agreement with a successor Subservicer which will be bound by the
terms of the  related  Subservicing  Agreement.  If the Master  Servicer  or any
Affiliate of Residential Funding acts as servicer,  it will not assume liability
for the representations and warranties of the Subservicer which it replaces.  If
the Master  Servicer  enters  into a  Subservicing  Agreement  with a  successor
Subservicer,  the  Master  Servicer  shall use  reasonable  efforts  to have the
successor  Subservicer assume liability for the  representations  and warranties
made by the terminated Subservicer in respect of the related Mortgage Loans and,
in the event of any such  assumption  by the successor  Subservicer,  the Master
Servicer may, in the exercise of its business  judgment,  release the terminated
Subservicer from liability for such representations and warranties.

         Section 3.04.              Liability of the Master Servicer.

         Notwithstanding  any Subservicing  Agreement,  any of the provisions of
this  Agreement  relating  to  agreements  or  arrangements  between  the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise,  the Master Servicer shall remain obligated and liable to the Trustee
and the  Certificateholders  for the servicing and administering of the Mortgage
Loans in accordance  with the  provisions of Section 3.01 without  diminution of
such  obligation  or  liability  by virtue of such  Subservicing  Agreements  or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and  conditions as if the Master
Servicer alone were servicing and  administering  the Mortgage Loans. The Master
Servicer  shall be entitled to enter into any agreement  with a  Subservicer  or
Seller for  indemnification of the Master Servicer and nothing contained in this
Agreement shall be deemed to limit or modify such indemnification.

         Section 3.05.              No Contractual Relationship Between
                                    Subservicer and Trustee or
                                    Certificateholders.


         Any  Subservicing  Agreement  that may be  entered  into and any  other
transactions or services  relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an  originator  shall be deemed to be between
the  Subservicer  and  the  Master  Servicer  alone  and  the  Trustee  and  the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights,  obligations,  duties or liabilities  with respect to the Subservicer in
its  capacity  as such  except  as set  forth in  Section  3.06.  The  foregoing
provision  shall  not in any way  limit a  Subservicer's  obligation  to cure an
omission or defect or to  repurchase  a Mortgage  Loan as referred to in Section
2.02 hereof.



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<PAGE>



         Section 3.06.              Assumption or Termination of Subservicing
                                    Agreements by Trustee.

         (a) In the event the Master  Servicer shall for any reason no longer be
the master servicer  (including by reason of an Event of Default),  the Trustee,
its  designee  or its  successor  shall  thereupon  assume all of the rights and
obligations of the Master  Servicer under each  Subservicing  Agreement that may
have been entered into. The Trustee,  its designee or the successor servicer for
the  Trustee  shall be  deemed  to have  assumed  all of the  Master  Servicer's
interest  therein  and to have  replaced  the Master  Servicer as a party to the
Subservicing  Agreement to the same extent as if the Subservicing  Agreement had
been assigned to the assuming  party except that the Master  Servicer  shall not
thereby be relieved  of any  liability  or  obligations  under the  Subservicing
Agreement.

         (b) The Master Servicer  shall,  upon request of the Trustee but at the
expense of the Master Servicer,  deliver to the assuming party all documents and
records  relating to each  Subservicing  Agreement  and the Mortgage  Loans then
being  serviced  and an  accounting  of  amounts  collected  and  held by it and
otherwise use its best efforts to effect the orderly and  efficient  transfer of
each Subservicing Agreement to the assuming party.

         Section 3.07.       Collection of Certain Mortgage Loan Payments;
                                    Deposits to Custodial Account.

         (a) The Master  Servicer shall make  reasonable  efforts to collect all
payments  called for under the terms and provisions of the Mortgage  Loans,  and
shall, to the extent such procedures shall be consistent with this Agreement and
the terms and provisions of any related Primary  Insurance  Policy,  follow such
collection procedures as it would employ in its good faith business judgment and
which  are  normal  and  usual in its  general  mortgage  servicing  activities.
Consistent  with the  foregoing,  the Master  Servicer may in its discretion (i)
waive any late payment  charge or any prepayment  charge or penalty  interest in
connection  with the  prepayment of a Mortgage Loan and (ii) extend the Due Date
for  payments  due on a Mortgage  Loan in  accordance  with the  Program  Guide;
provided,  however, that the Master Servicer shall first determine that any such
waiver  or  extension  will not  impair  the  coverage  of any  related  Primary
Insurance  Policy  or  materially  adversely  affect  the  lien  of the  related
Mortgage.  In the event of any such arrangement,  the Master Servicer shall make
timely  advances on the related  Mortgage  Loan during the  scheduled  period in
accordance  with  the  amortization  schedule  of  such  Mortgage  Loan  without
modification  thereof by reason of such arrangements  unless otherwise agreed to
by the  Holders  of the  Classes of  Certificates  affected  thereby;  provided,
however,  that no  such  extension  shall  be made  if any  advance  would  be a
Nonrecoverable Advance. Consistent with the


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<PAGE>



terms of this Agreement,  the Master Servicer may also waive, modify or vary any
term of any Mortgage Loan or consent to the  postponement  of strict  compliance
with any such term or in any manner grant  indulgence to any Mortgagor if in the
Master  Servicer's  determination  such waiver,  modification,  postponement  or
indulgence is not materially adverse to the interests of the  Certificateholders
(taking into account any  estimated  Realized Loss that might result absent such
action);  provided,  however, that the Master Servicer may not modify materially
or permit  any  Subservicer  to modify  any  Mortgage  Loan,  including  without
limitation any  modification  that would change the Mortgage  Rate,  forgive the
payment of any principal or interest  (unless in connection with the liquidation
of the related  Mortgage Loan or except in connection  with  prepayments  to the
extent  that  such  reamortization  is not  inconsistent  with the  terms of the
Mortgage Loan), or extend the final maturity date of such Mortgage Loan,  unless
such  Mortgage  Loan is in default or, in the  judgment of the Master  Servicer,
such default is  reasonably  foreseeable;  and provided,  further,  that no such
modification  shall reduce the interest rate on a Mortgage Loan below the sum of
the Pool Strip Rate and the sum of the rates at which the  Servicing Fee and the
Subservicing Fee with respect to such Mortgage Loan accrues.  In connection with
any  Curtailment  of a Mortgage  Loan,  the Master  Servicer,  to the extent not
inconsistent with the terms of the Mortgage Note and local law and practice, may
permit the  Mortgage  Loan to be  reamortized  such that the Monthly  Payment is
recalculated  as an  amount  that  will  fully  amortize  the  remaining  Stated
Principal  Balance  thereof by the original  Maturity Date based on the original
Mortgage Rate; provided,  that such re-amortization shall not be permitted if it
would  constitute  a  reissuance  of the  Mortgage  Loan for federal  income tax
purposes.

         (b) The Master  Servicer  shall  establish  and  maintain  a  Custodial
Account in which the Master Servicer shall deposit or cause to be deposited on a
daily basis,  except as otherwise  specifically  provided herein,  the following
payments and  collections  remitted by Subservicers or received by it in respect
of the Mortgage  Loans  subsequent to the Cut-off Date (other than in respect of
principal and interest on the Mortgage Loans due on or before the Cut-off Date):

                    (i)  All  payments  on  account  of   principal,   including
         Principal  Prepayments made by Mortgagors on the Mortgage Loans and the
         principal  component of any Subservicer  Advance or of any REO Proceeds
         received  in  connection   with  an  REO  Property  for  which  an  REO
         Disposition has occurred;

                    (ii) All  payments on account of  interest  at the  Adjusted
         Mortgage Rate on the Mortgage Loans,  including  Buydown Funds, if any,
         and the  interest  component of any  Subservicer  Advance or of any REO
         Proceeds  received in connection  with an REO Property for which an REO
         Disposition has occurred;


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<PAGE>




                    (iii) Insurance  Proceeds and  Liquidation  Proceeds (net of
         any related expenses of the Subservicer);

                    (iv) All proceeds of any Mortgage Loans  purchased  pursuant
         to Section  2.02,  2.03,  2.04 or 4.07 and all  amounts  required to be
         deposited in connection with the substitution of a Qualified Substitute
         Mortgage Loan pursuant to Section 2.03 or 2.04;

                    (v)     Any amounts required to be deposited pursuant to
         Section 3.07(c) or 3.21;

                    (vi) All amounts transferred from the Certificate Account to
         the Custodial Account in accordance with Section 4.02(a); and

                    (vii)  Any  amounts  realized  by MLCC and  received  by the
         Master Servicer in respect of any Additional Collateral.

The  foregoing  requirements  for  deposit  in the  Custodial  Account  shall be
exclusive,  it being understood and agreed that, without limiting the generality
of the foregoing, payments on the Mortgage Loans which are not part of the Trust
Fund  (consisting  of  payments  in respect of  principal  and  interest  on the
Mortgage Loans due on or before the Cut-off Date) and payments or collections in
the nature of prepayment  charges or late payment charges or assumption fees may
but need not be deposited by the Master  Servicer in the Custodial  Account.  In
the event any amount not required to be deposited in the Custodial Account is so
deposited,  the Master  Servicer may at any time  withdraw  such amount from the
Custodial  Account,  any provision herein to the contrary  notwithstanding.  The
Custodial  Account  may  contain  funds that  belong to one or more trust  funds
created for mortgage  pass-through  certificates of other series and may contain
other  funds  respecting  payments  on mortgage  loans  belonging  to the Master
Servicer  or   serviced   or  master   serviced  by  it  on  behalf  of  others.
Notwithstanding  such  commingling  of funds,  the  Master  Servicer  shall keep
records that  accurately  reflect the funds on deposit in the Custodial  Account
that have been identified by it as being attributable to the Mortgage Loans.

         With respect to Insurance Proceeds,  Liquidation Proceeds, REO Proceeds
and the proceeds of the purchase of any Mortgage Loan pursuant to Sections 2.02,
2.03,  2.04 and 4.07  received in any calendar  month,  the Master  Servicer may
elect to treat such amounts as included in the Available Distribution Amount for
the Distribution Date in the month of receipt, but is not obligated to do so. If
the Master Servicer so elects, such amounts will be deemed to have been received
(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.



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<PAGE>



         (c) The  Master  Servicer  shall  use its best  efforts  to  cause  the
institution  maintaining  the  Custodial  Account  to  invest  the  funds in the
Custodial  Account  attributable to the Mortgage Loans in Permitted  Investments
which shall  mature not later than the  Certificate  Account  Deposit  Date next
following the date of such investment (with the exception of the Amount Held for
Future  Distribution)  and which shall not be sold or disposed of prior to their
maturities.  All income and gain realized from any such investment  shall be for
the benefit of the Master  Servicer as  additional  servicing  compensation  and
shall be subject to its withdrawal or order from time to time. The amount of any
losses  incurred  in  respect  of  any  such  investments  attributable  to  the
investment of amounts in respect of the Mortgage Loans shall be deposited in the
Custodial  Account by the Master  Servicer out of its own funds  immediately  as
realized without any right of reimbursement.

         (d) The  Master  Servicer  shall  give  notice to the  Trustee  and the
Company of any change in the location of the Custodial  Account and the location
of the Certificate Account prior to the use thereof.

         Section 3.08.              Subservicing Accounts; Servicing Accounts.

         (a) In those cases where a  Subservicer  is  servicing a Mortgage  Loan
pursuant  to a  Subservicing  Agreement,  the Master  Servicer  shall  cause the
Subservicer,  pursuant to the Subservicing  Agreement, to establish and maintain
one or more Subservicing Accounts which shall be an Eligible Account or, if such
account is not an Eligible Account,  shall generally satisfy the requirements of
the Program Guide and be otherwise  acceptable  to the Master  Servicer and each
Rating  Agency.  The  Subservicer  will be required  thereby to deposit into the
Subservicing Account on a daily basis all proceeds of Mortgage Loans received by
the  Subservicer,  less its  Subservicing  Fees and  unreimbursed  advances  and
expenses,  to  the  extent  permitted  by  the  Subservicing  Agreement.  If the
Subservicing  Account is not an Eligible  Account,  the Master Servicer shall be
deemed to have received such monies upon receipt thereof by the Subservicer. The
Subservicer  shall  not be  required  to  deposit  in the  Subservicing  Account
payments or collections  in the nature of prepayment  charges or late charges or
assumption fees. On or before the date specified in the Program Guide, but in no
event later than the  Determination  Date,  the Master  Servicer shall cause the
Subservicer,  pursuant  to the  Subservicing  Agreement,  to remit to the Master
Servicer for deposit in the Custodial Account all funds held in the Subservicing
Account with respect to each Mortgage Loan serviced by such Subservicer that are
required to be remitted to the Master  Servicer.  The  Subservicer  will also be
required,  pursuant to the Subservicing  Agreement, to advance on such scheduled
date of  remittance  amounts  equal to any  scheduled  monthly  installments  of
principal  and interest  less its  Subservicing  Fees on any Mortgage  Loans for
which payment was not


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<PAGE>



received by the  Subservicer.  This  obligation  to advance with respect to each
Mortgage Loan will continue up to and including the first of the month following
the date on which the related  Mortgaged  Property is sold at a foreclosure sale
or is acquired by the Trust Fund by deed in lieu of  foreclosure  or  otherwise.
All such advances received by the Master Servicer shall be deposited promptly by
it in the Custodial Account.

         (b) The Subservicer may also be required,  pursuant to the Subservicing
Agreement,  to remit to the Master Servicer for deposit in the Custodial Account
interest at the Adjusted  Mortgage  Rate (or Modified Net Mortgage Rate plus the
rate per annum at which the  Servicing  Fee  accrues  in the case of a  Modified
Mortgage Loan) on any Curtailment  received by such  Subservicer in respect of a
Mortgage Loan from the related  Mortgagor during any month that is to be applied
by the  Subservicer  to reduce  the  unpaid  principal  balance  of the  related
Mortgage Loan as of the first day of such month, from the date of application of
such  Curtailment to the first day of the following month. Any amounts paid by a
Subservicer  pursuant to the preceding  sentence shall be for the benefit of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal or order from time to time pursuant to Sections 3.10(a)(iv) and (v).

         (c) In addition to the Custodial  Account and the Certificate  Account,
the Master Servicer shall for any Nonsubserviced  Mortgage Loan, and shall cause
the Subservicers  for Subserviced  Mortgage Loans to, establish and maintain one
or more Servicing  Accounts and deposit and retain therein all collections  from
the  Mortgagors  (or  advances  from  Subservicers)  for the  payment  of taxes,
assessments,  hazard insurance premiums,  Primary Insurance Policy premiums,  if
applicable,  or  comparable  items  for  the  account  of the  Mortgagors.  Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent  permitted by the Program  Guide or as is otherwise  acceptable to
the Master Servicer, may also function as a Subservicing Account. Withdrawals of
amounts  related to the Mortgage  Loans from the Servicing  Accounts may be made
only to effect timely payment of taxes, assessments,  hazard insurance premiums,
Primary  Insurance  Policy  premiums,  if applicable,  or comparable  items,  to
reimburse the Master Servicer or Subservicer out of related  collections for any
payments made  pursuant to Sections 3.11 (with respect to the Primary  Insurance
Policy)  and  3.12(a)  (with  respect  to  hazard  insurance),  to refund to any
Mortgagors  any sums as may be  determined to be overages,  to pay interest,  if
required,  to Mortgagors  on balances in the  Servicing  Account or to clear and
terminate  the  Servicing  Account  at the  termination  of  this  Agreement  in
accordance with Section 9.01 or in accordance with the Program Guide. As part of
its servicing  duties,  the Master Servicer shall,  and the  Subservicers  will,
pursuant to the Subservicing Agreements, be required to pay to


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the Mortgagors interest on funds in this account to the extent
required by law.

         (d) The Master  Servicer shall advance the payments  referred to in the
preceding  subsection  that are not timely paid by the Mortgagors or advanced by
the  Subservicers on the date when the tax, premium or other cost for which such
payment is  intended  is due,  but the Master  Servicer  shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master  Servicer,  will be recoverable  by the Master  Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.

         Section 3.09.              Access to Certain Documentation and
                                    Information Regarding the Mortgage Loans.

         In the event  that  compliance  with this  Section  3.09 shall make any
Class of Certificates legal for investment by federally insured savings and loan
associations,  the Master Servicer shall provide,  or cause the  Subservicers to
provide,  to the Trustee,  the Office of Thrift  Supervision or the FDIC and the
supervisory  agents and examiners thereof access to the documentation  regarding
the Mortgage  Loans  required by applicable  regulations of the Office of Thrift
Supervision,  such access being afforded without charge but only upon reasonable
request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such  documentation  and shall  provide  equipment  for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.

         Section 3.10.              Permitted Withdrawals from the
                                    Custodial Account.

         (a) The Master Servicer may, from time to time as provided herein, make
withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section  3.07 that are  attributable  to the  Mortgage  Loans for the  following
purposes:

                    (i)      to make deposits into the Certificate Account
         in the amounts and in the manner provided for in Section
         4.01;

                    (ii) to  reimburse  itself or the  related  Subservicer  for
         previously  unreimbursed advances or expenses made pursuant to Sections
         3.01,  3.07(a),  3.08,  3.11,  3.12(a),  3.14  and  4.04  or  otherwise
         reimbursable  pursuant to the terms of this Agreement,  such withdrawal
         right being limited to amounts  received on particular  Mortgage  Loans
         (including,  for  this  purpose,  REO  Proceeds,   Insurance  Proceeds,
         Liquidation  Proceeds and proceeds from the purchase of a Mortgage Loan
         pursuant to Section 2.02,  2.03, 2.04 or 4.07) which represent (A) Late
         Collections of


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         Monthly  Payments  for which any such  advance  was made in the case of
         Subservicer  Advances  or  Advances  pursuant  to Section  4.04 and (B)
         recoveries  of amounts in respect of which such  advances  were made in
         the case of Servicing Advances;

                    (iii) to pay to itself or the  related  Subservicer  (if not
         previously  retained by such  Subservicer) out of each payment received
         by the Master  Servicer on account of  interest  on a Mortgage  Loan as
         contemplated  by  Sections  3.14  and  3.16,  an  amount  equal to that
         remaining portion of any such payment as to interest (but not in excess
         of the  Servicing  Fee  and the  Subservicing  Fee,  if not  previously
         retained) which, when deducted,  will result in the remaining amount of
         such interest  being interest at the Net Mortgage Rate (or Modified Net
         Mortgage  Rate in the case of a Modified  Mortgage  Loan) on the amount
         specified in the amortization  schedule of the related Mortgage Loan as
         the principal balance thereof at the beginning of the period respecting
         which  such  interest  was paid  after  giving  effect to any  previous
         Curtailments;

                    (iv) to pay to itself as additional  servicing  compensation
         any  interest or  investment  income  earned on funds  deposited in the
         Custodial  Account that it is entitled to withdraw  pursuant to Section
         3.07(c);

                    (v) to pay to itself as  additional  servicing  compensation
         any Foreclosure  Profits,  and any amounts  remitted by Subservicers as
         interest in respect of Curtailments pursuant to Section 3.08(b);

                    (vi) to pay to itself, a Subservicer,  a Seller, Residential
         Funding,  the Company or any other appropriate  Person, as the case may
         be, with respect to each Mortgage Loan or property  acquired in respect
         thereof that has been  purchased or otherwise  transferred  pursuant to
         Section 2.02,  2.03,  2.04, 4.07 or 9.01, all amounts  received thereon
         and not required to be distributed to the  Certificateholders as of the
         date on which the related Stated Principal Balance or Purchase Price is
         determined;

                    (vii) to reimburse itself or the related Subservicer for any
         Nonrecoverable  Advance  or  Advances  in the  manner and to the extent
         provided in subsection (c) below, any Advance made in connection with a
         modification  of a Mortgage Loan that is in default or, in the judgment
         of the Master Servicer,  default is reasonably  foreseeable pursuant to
         Section 3.07(a), to the extent the amount of the Advance has been added
         to the  outstanding  principal  balance of the  Mortgage  Loan,  or any
         Advance  reimbursable  to  the  Master  Servicer  pursuant  to  Section
         4.02(a)(iii);



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                    (viii) to  reimburse  itself  or the  Company  for  expenses
         incurred by and  reimbursable to it or the Company pursuant to Sections
         3.13,  3.14(c),  6.03,  10.01  or  otherwise,  or  in  connection  with
         enforcing any repurchase, substitution or indemnification obligation of
         any Seller  (other than an Affiliate  of the  Company)  pursuant to the
         related Seller's Agreement;

                    (ix) to  reimburse  itself for  amounts  expended  by it (a)
         pursuant  to  Section  3.14  in  good  faith  in  connection  with  the
         restoration  of  property  damaged by an  Uninsured  Cause,  and (b) in
         connection with the liquidation of a Mortgage Loan or disposition of an
         REO Property to the extent not otherwise  reimbursed pursuant to clause
         (ii) or (viii) above; and

                    (x) to  withdraw  any  amount  deposited  in  the  Custodial
         Account  that was not  required  to be  deposited  therein  pursuant to
         Section 3.07.

         (b) Since,  in connection  with  withdrawals  pursuant to clauses (ii),
(iii),  (v) and (vi), the Master  Servicer's  entitlement  thereto is limited to
collections  or other  recoveries  on the  related  Mortgage  Loan,  the  Master
Servicer  shall keep and maintain  separate  accounting,  on a Mortgage  Loan by
Mortgage  Loan basis,  for the purpose of  justifying  any  withdrawal  from the
Custodial Account pursuant to such clauses.

         (c) The Master  Servicer  shall be entitled to reimburse  itself or the
related  Subservicer for any advance made in respect of a Mortgage Loan that the
Master Servicer determines to be a Nonrecoverable Advance by withdrawal from the
Custodial  Account of amounts on deposit  therein  attributable  to the Mortgage
Loans  on any  Certificate  Account  Deposit  Date  succeeding  the date of such
determination.  Such  right of  reimbursement  in  respect  of a  Nonrecoverable
Advance  on any such  Certificate  Account  Deposit  Date shall be limited to an
amount  not   exceeding  the  portion  of  such  advance   previously   paid  to
Certificateholders (and not theretofore reimbursed to the Master Servicer or the
related Subservicer).

         Section 3.11.              Maintenance of the Primary Insurance
                                    Policies; Collections Thereunder.

         (a) The Master  Servicer  shall not take, or permit any  Subservicer to
take, any action which would result in non-coverage under any applicable Primary
Insurance  Policy of any loss which,  but for the actions of the Master Servicer
or Subservicer,  would have been covered  thereunder.  To the extent coverage is
available,  the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary  Insurance  Policy until the  principal  balance of the
related Mortgage Loan secured by a Mortgaged  Property is reduced to 80% or less
of the


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Appraised Value in the case of such a Mortgage Loan having a Loan-to-Value Ratio
at origination in excess of 80%, provided that such Primary Insurance Policy was
in place as of the Cut-off  Date and the Company had  knowledge  of such Primary
Insurance Policy.  The Master Servicer shall be entitled to cancel or permit the
discontinuation  of any Primary Insurance Policy as to any Mortgage Loan, if the
Stated  Principal  Balance of the Mortgage Loan is reduced below an amount equal
to 80% of the appraised value of the related Mortgaged Property as determined in
any appraisal thereof after the Closing Date, or if the  Loan-to-Value  Ratio is
reduced  below 80% as a result of principal  payments on the Mortgage Loan after
the Closing Date. In the event that the Company gains  knowledge  that as of the
Closing Date, a Mortgage Loan had a Loan-to-Value Ratio at origination in excess
of 80% and is not  the  subject  of a  Primary  Insurance  Policy  (and  was not
included in any exception to the representation in Section 2.03(b)(iv)) and that
such Mortgage Loan has a current  Loan-to-Value  Ratio in excess of 80% then the
Master  Servicer  shall use its  reasonable  efforts  to obtain  and  maintain a
Primary  Insurance  Policy to the extent that such a policy is  obtainable  at a
reasonable  price.  The Master  Servicer shall not cancel or refuse to renew any
such Primary Insurance Policy  applicable to a Nonsubserviced  Mortgage Loan, or
consent to any  Subservicer  canceling  or  refusing  to renew any such  Primary
Insurance  Policy  applicable to a Mortgage Loan  subserviced  by it, that is in
effect at the date of the initial  issuance of the  Certificates and is required
to be kept in force hereunder  unless the replacement  Primary  Insurance Policy
for such  canceled or  non-renewed  policy is  maintained  with an insurer whose
claims-paying   ability  is  acceptable  to  each  Rating  Agency  for  mortgage
pass-through  certificates  having a rating equal to or better than the lower of
the  then-current  rating or the rating  assigned to the  Certificates as of the
Closing Date by such Rating Agency.

         (b) In connection with its activities as administrator  and servicer of
the  Mortgage  Loans,  the  Master  Servicer  agrees to  present or to cause the
related  Subservicer  to  present,  on  behalf  of  the  Master  Servicer,   the
Subservicer,  if any, the Trustee and Certificateholders,  claims to the related
Insurer under any Primary Insurance  Policies,  in a timely manner in accordance
with such  policies,  and,  in this  regard,  to take or cause to be taken  such
reasonable  action as shall be  necessary to permit  recovery  under any Primary
Insurance  Policies  respecting  defaulted  Mortgage Loans.  Pursuant to Section
3.07,  any Insurance  Proceeds  collected by or remitted to the Master  Servicer
under  any  Primary  Insurance  Policies  shall be  deposited  in the  Custodial
Account, subject to withdrawal pursuant to Section 3.10.



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<PAGE>



         Section 3.12.              Maintenance of Fire Insurance and
                                    Omissions and Fidelity Coverage.

         (a) The Master  Servicer shall cause to be maintained for each Mortgage
Loan (other than a Cooperative Loan) fire insurance with extended coverage in an
amount  which is equal to the  lesser  of the  principal  balance  owing on such
Mortgage  Loan  or 100  percent  of the  insurable  value  of the  improvements;
provided,  however,  that such coverage may not be less than the minimum  amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master  Servicer  shall  replace  any  Subservicer  that does not cause such
insurance, to the extent it is available, to be maintained.  The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed
in lieu of  foreclosure,  of any Mortgage Loan (other than a Cooperative  Loan),
fire  insurance  with extended  coverage in an amount which is at least equal to
the  amount  necessary  to avoid  the  application  of any  co-insurance  clause
contained in the related hazard insurance policy.  Pursuant to Section 3.07, any
amounts  collected by the Master  Servicer  under any such policies  (other than
amounts to be  applied to the  restoration  or repair of the  related  Mortgaged
Property  or property  thus  acquired or amounts  released to the  Mortgagor  in
accordance with the Master  Servicer's  normal  servicing  procedures)  shall be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10. Any cost incurred by the Master Servicer in maintaining any such insurance
shall  not,  for  the  purpose  of  calculating  monthly  distributions  to  the
Certificateholders,  be added to the  amount  owing  under  the  Mortgage  Loan,
notwithstanding  that the terms of the Mortgage Loan so permit. Such costs shall
be  recoverable  by the Master  Servicer  out of related  late  payments  by the
Mortgagor or out of Insurance  Proceeds and  Liquidation  Proceeds to the extent
permitted by Section  3.10.  It is  understood  and agreed that no earthquake or
other  additional  insurance is to be required of any Mortgagor or maintained on
property  acquired  in respect of a Mortgage  Loan other than  pursuant  to such
applicable  laws and  regulations  as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative  Loan) are located at the time of  origination of
such Mortgage  Loan in a federally  designated  special  flood hazard area,  the
Master  Servicer  shall cause flood  insurance  (to the extent  available) to be
maintained in respect thereof.  Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged  Property on a replacement  cost basis and (ii) the maximum amount
of such  insurance  available  for the  related  Mortgaged  Property  under  the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).



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         In the event  that the Master  Servicer  shall  obtain  and  maintain a
blanket fire insurance  policy with extended  coverage  insuring  against hazard
losses on all of the Mortgage  Loans,  it shall  conclusively  be deemed to have
satisfied  its  obligations  as set forth in the first  sentence of this Section
3.12(a),  it being  understood  and  agreed  that  such  policy  may  contain  a
deductible  clause,  in which case the Master  Servicer shall, in the event that
there shall not have been maintained on the related Mortgaged  Property a policy
complying with the first  sentence of this Section  3.12(a) and there shall have
been a loss  which  would  have been  covered  by such  policy,  deposit  in the
Certificate  Account the amount not otherwise  payable under the blanket  policy
because of such deductible clause. Any such deposit by the Master Servicer shall
be made on the Certificate  Account Deposit Date next preceding the Distribution
Date which occurs in the month  following the month in which  payments under any
such policy would have been  deposited in the Custodial  Account.  In connection
with its activities as  administrator  and servicer of the Mortgage  Loans,  the
Master  Servicer  agrees to  present,  on behalf of itself,  the Trustee and the
Certificateholders, claims under any such blanket policy.

         (b) The Master  Servicer  shall  obtain and maintain at its own expense
and keep in full  force  and  effect  throughout  the term of this  Agreement  a
blanket fidelity bond and an errors and omissions  insurance policy covering the
Master  Servicer's  officers and employees and other persons acting on behalf of
the Master Servicer in connection with its activities under this Agreement.  The
amount  of  coverage  shall be at  least  equal to the  coverage  that  would be
required  by FNMA or FHLMC,  whichever  is greater,  with  respect to the Master
Servicer if the Master  Servicer were servicing and  administering  the Mortgage
Loans for FNMA or FHLMC.  In the event that any such bond or policy ceases to be
in effect,  the Master  Servicer shall obtain a comparable  replacement  bond or
policy from an issuer or insurer,  as the case may be, meeting the requirements,
if any, of the Program  Guide and  acceptable  to the  Company.  Coverage of the
Master  Servicer  under a policy or bond  obtained by an Affiliate of the Master
Servicer and  providing  the coverage  required by this  Section  3.12(b)  shall
satisfy the requirements of this Section 3.12(b).

         Section 3.13.              Enforcement of Due-on-Sale Clauses;
                                    Assumption and Modification Agreements;
                                    Certain Assignments.

         (a) When any  Mortgaged  Property  is conveyed  by the  Mortgagor,  the
Master  Servicer  or  Subservicer,  to the  extent  it  has  knowledge  of  such
conveyance,  shall enforce any due-on-sale clause contained in any Mortgage Note
or Mortgage,  to the extent  permitted  under  applicable  law and  governmental
regulations,  but only to the extent that such  enforcement  will not  adversely
affect  or   jeopardize   coverage   under  any   Required   Insurance   Policy.
Notwithstanding the foregoing:


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<PAGE>




                    (i) the Master Servicer shall not be deemed to be in default
         under this  Section  3.13(a) by reason of any  transfer  or  assumption
         which the Master Servicer is restricted by law from preventing; and

                    (ii) if the Master Servicer determines that it is reasonably
         likely that any Mortgagor  will bring,  or if any Mortgagor does bring,
         legal action to declare  invalid or otherwise  avoid  enforcement  of a
         due-on-sale  clause  contained  in any Mortgage  Note or Mortgage,  the
         Master Servicer shall not be required to enforce the due-on-sale clause
         or to contest such action.

         (b) Subject to the Master  Servicer's  duty to enforce any  due-on-sale
clause  to the  extent  set  forth in  Section  3.13(a),  in any case in which a
Mortgaged Property is to be conveyed to a Person by a Mortgagor, and such Person
is to enter into an  assumption or  modification  agreement or supplement to the
Mortgage Note or Mortgage which requires the signature of the Trustee,  or if an
instrument of release signed by the Trustee is required  releasing the Mortgagor
from liability on the Mortgage Loan, the Master Servicer is authorized,  subject
to the requirements of the sentence next following,  to execute and deliver,  on
behalf of the  Trustee,  the  assumption  agreement  with the Person to whom the
Mortgaged  Property  is  to be  conveyed  and  such  modification  agreement  or
supplement  to the  Mortgage  Note  or  Mortgage  or  other  instruments  as are
reasonable  or necessary to carry out the terms of the Mortgage Note or Mortgage
or otherwise to comply with any  applicable  laws  regarding  assumptions or the
transfer of the Mortgaged Property to such Person;  provided,  however,  none of
such  terms  and   requirements   shall  both  (i)   constitute  a  "significant
modification"  effecting an exchange or  reissuance  of such Mortgage Loan under
the Code (or final,  temporary  or  proposed  Treasury  Regulations  promulgated
thereunder)  and (ii) cause the Trust  Fund to fail to qualify as a REMIC  under
the Code or (subject to Section  10.01(f)),  result in the imposition of any tax
on "prohibited  transactions" or constitute  "contributions"  after the start-up
date under the REMIC  Provisions.  The Master Servicer shall execute and deliver
such  documents  only if it  reasonably  determines  that (i) its  execution and
delivery  thereof will not conflict with or violate any terms of this  Agreement
or  cause  the  unpaid   balance  and  interest  on  the  Mortgage  Loan  to  be
uncollectible in whole or in part, (ii) any required  consents of insurers under
any Required  Insurance  Policies have been obtained and (iii) subsequent to the
closing of the transaction involving the assumption or transfer (A) the Mortgage
Loan will continue to be secured by a first  mortgage lien pursuant to the terms
of the Mortgage,  (B) such  transaction  will not adversely  affect the coverage
under any Required Insurance Policies, (C) the Mortgage Loan will fully amortize
over the  remaining  term  thereof,  (D) no material  term of the Mortgage  Loan
(including  the interest rate on the Mortgage Loan) will be altered nor will the
term of the Mortgage Loan be


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<PAGE>



changed  and (E) if the  seller/transferor  of the  Mortgaged  Property is to be
released from  liability on the Mortgage  Loan,  such release will not (based on
the Master  Servicer's  or  Subservicer's  good faith  determination)  adversely
affect the  collectability  of the Mortgage  Loan.  Upon receipt of  appropriate
instructions  from the Master  Servicer in accordance  with the  foregoing,  the
Trustee  shall  execute  any  necessary   instruments  for  such  assumption  or
substitution  of liability as directed in writing by the Master  Servicer.  Upon
the  closing of the  transactions  contemplated  by such  documents,  the Master
Servicer  shall cause the originals or true and correct copies of the assumption
agreement,  the release  (if any),  or the  modification  or  supplement  to the
Mortgage  Note or Mortgage to be delivered to the Trustee or the  Custodian  and
deposited  with the Mortgage File for such Mortgage  Loan.  Any fee collected by
the Master Servicer or such related  Subservicer for entering into an assumption
or substitution  of liability  agreement will be retained by the Master Servicer
or such Subservicer as additional servicing compensation.

         (c) The Master Servicer or the related Subservicer, as the case may be,
shall be entitled to approve a request from a Mortgagor for a partial release of
the related Mortgaged Property,  the granting of an easement thereon in favor of
another Person,  any alteration or demolition of the related Mortgaged  Property
(or, with respect to a Cooperative Loan, the related  Cooperative  Apartment) or
other similar matters if it has  determined,  exercising its good faith business
judgment  in the same  manner  as it would if it were the  owner of the  related
Mortgage Loan, that the security for, and the timely and full collectability of,
such  Mortgage Loan would not be adversely  affected  thereby and that the Trust
Fund would not fail to continue to qualify as a REMIC under the Code as a result
thereof  and  (subject  to  Section   10.01(f))   that  no  tax  on  "prohibited
transactions" or  "contributions"  after the startup day would be imposed on the
REMIC as a result  thereof.  Any fee  collected  by the Master  Servicer  or the
related Subservicer for processing such a request will be retained by the Master
Servicer or such Subservicer as additional servicing compensation.

         (d)  Subject  to any  other  applicable  terms and  conditions  of this
Agreement,  the  Trustee  and Master  Servicer  shall be  entitled to approve an
assignment in lieu of satisfaction  with respect to any Mortgage Loan,  provided
the  obligee  with  respect  to  such  Mortgage  Loan  following  such  proposed
assignment provides the Trustee and Master Servicer with a "Lender Certification
for  Assignment of Mortgage  Loan" in the form attached  hereto as Exhibit O, in
form and substance  satisfactory to the Trustee and Master  Servicer,  providing
the  following:  (i) that the  Mortgage  Loan is secured by  Mortgaged  Property
located in a  jurisdiction  in which an  assignment in lieu of  satisfaction  is
required to preserve lien priority,  minimize or avoid mortgage  recording taxes
or otherwise comply with, or facilitate a refinancing


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<PAGE>



under, the laws of such jurisdiction;  (ii) that the substance of the assignment
is, and is intended to be, a refinancing of such Mortgage Loan and that the form
of the  transaction  is solely to comply with,  or  facilitate  the  transaction
under,  such local laws;  (iii) that the Mortgage  Loan  following  the proposed
assignment will have a rate of interest at least 0.25 percent below or above the
rate of interest on such Mortgage Loan prior to such  proposed  assignment;  and
(iv) that such  assignment  is at the request of the borrower  under the related
Mortgage  Loan.  Upon  approval of an assignment  in lieu of  satisfaction  with
respect to any  Mortgage  Loan,  the Master  Servicer  shall  receive cash in an
amount  equal to the unpaid  principal  balance of and accrued  interest on such
Mortgage  Loan and the Master  Servicer  shall  treat such amount as a Principal
Prepayment in Full with respect to such Mortgage Loan for all purposes hereof.

         Section 3.14.              Realization Upon Defaulted Mortgage Loans.

         (a) The Master  Servicer shall  foreclose upon or otherwise  comparably
convert  (which may include an REO  Acquisition)  the  ownership  of  properties
securing such of the Mortgage  Loans as come into and continue in default and as
to which no satisfactory  arrangements  can be made for collection of delinquent
payments  pursuant to Section 3.07. In connection with such foreclosure or other
conversion, the Master Servicer shall, consistent with Section 3.11, follow such
practices and  procedures as it shall deem  necessary or advisable,  as shall be
normal and usual in its general  mortgage  servicing  activities and as shall be
required or permitted by the Program  Guide;  provided that the Master  Servicer
shall not be liable in any respect hereunder if the Master Servicer is acting in
connection  with any such  foreclosure  or other  conversion in a manner that is
consistent with the provisions of this Agreement. The Master Servicer,  however,
shall not be  required  to  expend  its own  funds or incur  other  reimbursable
charges in connection with any foreclosure,  or attempted  foreclosure  which is
not  completed,  or towards  the  restoration  of any  property  unless it shall
determine  (i) that  such  restoration  and/or  foreclosure  will  increase  the
proceeds of liquidation of the Mortgage Loan to Holders of  Certificates  of one
or more Classes after  reimbursement  to itself for such expenses or charges and
(ii) that such expenses or charges will be recoverable to it through Liquidation
Proceeds,  Insurance Proceeds,  or REO Proceeds  (respecting which it shall have
priority for purposes of  withdrawals  from the  Custodial  Account  pursuant to
Section 3.10, whether or not such expenses and charges are actually  recoverable
from related Liquidation Proceeds,  Insurance Proceeds or REO Proceeds).  In the
event of such a determination  by the Master  Servicer  pursuant to this Section
3.14(a),  the Master Servicer shall be entitled to reimbursement of such amounts
pursuant to Section  3.10.  In addition to the  foregoing,  the Master  Servicer
shall use its best reasonable efforts to realize upon any Additional  Collateral
for such of the Additional Collateral Loans as come into and continue


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in  default  and as to  which  no  satisfactory  arrangements  can be  made  for
collection of delinquent  payments  pursuant to Section 3.07;  provided that the
Master  Servicer  shall not, on behalf of the Trustee,  obtain title to any such
Additional  Collateral as a result of or in lieu of the  disposition  thereof or
otherwise;  and provided  further that (i) the Master Servicer shall not proceed
with respect to such  Additional  Collateral in any manner that would impair the
ability to recover against the related Mortgaged  Property,  and (ii) the Master
Servicer  shall proceed with any REO  Acquisition in a manner that preserves the
ability to apply the proceeds of such Additional Collateral against amounts owed
under the defaulted  Mortgage Loan. Any proceeds  realized from such  Additional
Collateral  (other than  amounts to be released to the  Mortgagor or the related
guarantor in accordance with procedures that the Master Servicer would follow in
servicing loans held for its own account, subject to the terms and conditions of
the related  Mortgage and Mortgage  Note and to the terms and  conditions of any
security agreement,  guarantee agreement,  mortgage or other agreement governing
the  disposition  of the  proceeds  of  such  Additional  Collateral)  shall  be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10.  Any other  payment  received  by the Master  Servicer  in respect of such
Additional  Collateral  shall be deposited in the Custodial  Account  subject to
withdrawal pursuant to Section 3.10. Concurrently with the foregoing, the Master
Servicer may pursue any remedies  that may be  available  in  connection  with a
breach of a  representation  and warranty with respect to any such Mortgage Loan
in accordance with Sections 2.03 and 2.04.  However,  the Master Servicer is not
required  to  continue to pursue both  foreclosure  (or similar  remedies)  with
respect to the  Mortgage  Loans and  remedies in  connection  with a breach of a
representation and warranty if the Master Servicer  determines in its reasonable
discretion  that one such remedy is more likely to result in a greater  recovery
as to the  Mortgage  Loan.  Upon the  occurrence  of a Cash  Liquidation  or REO
Disposition,  following  the deposit in the  Custodial  Account of all Insurance
Proceeds,  Liquidation Proceeds and other payments and recoveries referred to in
the definition of "Cash Liquidation" or "REO  Disposition," as applicable,  upon
receipt by the  Trustee  of written  notification  of such  deposit  signed by a
Servicing  Officer,  the  Trustee or any  Custodian,  as the case may be,  shall
release to the Master  Servicer the related  Mortgage File and the Trustee shall
execute and deliver such  instruments of transfer or assignment  prepared by the
Master Servicer, in each case without recourse, as shall be necessary to vest in
the Master  Servicer or its designee,  as the case may be, the related  Mortgage
Loan,  and  thereafter  such  Mortgage Loan shall not be part of the Trust Fund.
Notwithstanding  the foregoing or any other provision of this Agreement,  in the
Master Servicer's sole discretion with respect to any defaulted Mortgage Loan or
REO Property as to either of the following provisions, (i) a Cash Liquidation or
REO  Disposition  may be deemed to have  occurred if  substantially  all amounts
expected by the Master Servicer to be received in


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connection  with the related  defaulted  Mortgage Loan or REO Property have been
received,  and (ii) for purposes of  determining  the amount of any  Liquidation
Proceeds,  Insurance Proceeds, REO Proceeds or any other unscheduled collections
or the amount of any Realized  Loss,  the Master  Servicer may take into account
minimal amounts of additional  receipts expected to be received or any estimated
additional  liquidation  expenses expected to be incurred in connection with the
related defaulted Mortgage Loan or REO Property.

         (b) In the event that title to any  Mortgaged  Property  is acquired by
the  Trust  Fund  as an REO  Property  by  foreclosure  or by  deed  in  lieu of
foreclosure,  the deed or  certificate of sale shall be issued to the Trustee or
to its  nominee  on  behalf  of  Certificateholders.  Notwithstanding  any  such
acquisition of title and  cancellation  of the related  Mortgage Loan,  such REO
Property shall (except as otherwise  expressly provided herein) be considered to
be an  Outstanding  Mortgage  Loan held in the Trust Fund until such time as the
REO Property  shall be sold.  Consistent  with the foregoing for purposes of all
calculations hereunder so long as such REO Property shall be considered to be an
Outstanding  Mortgage  Loan it shall be assumed that,  notwithstanding  that the
indebtedness  evidenced by the related Mortgage Note shall have been discharged,
such Mortgage Note and the related  amortization  schedule in effect at the time
of  any  such  acquisition  of  title  (after  giving  effect  to  any  previous
Curtailments  and before any  adjustment  thereto by reason of any bankruptcy or
similar  proceeding or any  moratorium or similar waiver or grace period) remain
in effect.

         (c) In the event  that the Trust  Fund  acquires  any REO  Property  as
aforesaid  or otherwise in  connection  with a default or imminent  default on a
Mortgage Loan, the Master  Servicer on behalf of the Trust Fund shall dispose of
such REO  Property  within  three  full  years  after  the  taxable  year of its
acquisition by the Trust Fund for purposes of Section 860G(a)(8) of the Code or,
at the expense of the Trust Fund,  request,  more than 60 days before the day on
which such grace period would otherwise  expire, an extension of the such period
unless the Master Servicer (subject to Section 10.01(f)) obtains for the Trustee
an Opinion of Counsel,  addressed to the Trustee and the Master Servicer, to the
effect that the  holding by the Trust Fund of such REO  Property  subsequent  to
such  period  will  not  result  in  the  imposition  of  taxes  on  "prohibited
transactions"  as defined in Section 860F of the Code or cause the Trust Fund to
fail to qualify as a REMIC at any time that any Certificates are outstanding, in
which case the Trust Fund may continue to hold such REO Property (subject to any
conditions  contained in such Opinion of Counsel).  The Master Servicer shall be
entitled to be reimbursed  from the Custodial  Account for any costs incurred in
obtaining such Opinion of Counsel, as provided in Section 3.10.  Notwithstanding
any other  provision of this  Agreement,  no REO Property  acquired by the Trust
Fund shall be rented (or allowed


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to continue to be rented) or otherwise used by or on behalf of the Trust Fund in
such a manner or pursuant to any terms that would (i) cause such REO Property to
fail to  qualify  as  "foreclosure  property"  within  the  meaning  of  Section
860G(a)(8)  of the Code or (ii) subject the Trust Fund to the  imposition of any
federal income taxes on the income earned from such REO Property,  including any
taxes  imposed  by reason of  Section  860G(c)  of the Code,  unless  the Master
Servicer has agreed to indemnify  and hold  harmless the Trust Fund with respect
to the imposition of any such taxes.

         (d) The proceeds of any Cash  Liquidation,  REO Disposition or purchase
or repurchase of any Mortgage Loan pursuant to the terms of this  Agreement,  as
well as any  recovery  resulting  from a  collection  of  Liquidation  Proceeds,
Insurance  Proceeds or REO Proceeds,  will be applied in the following  order of
priority:  first, to reimburse the Master Servicer or the related Subservicer in
accordance with Section 3.10(a)(ii);  second, to the  Certificateholders  to the
extent of accrued and unpaid  interest on the Mortgage Loan, and any related REO
Imputed Interest, at the Net Mortgage Rate (or the Modified Net Mortgage Rate in
the case of a Modified  Mortgage Loan) to the Due Date prior to the Distribution
Date  on  which   such   amounts   are  to  be   distributed;   third,   to  the
Certificateholders  as a recovery  of  principal  on the  Mortgage  Loan (or REO
Property)(provided that if any such Class of Certificates to which such Realized
Loss was allocated is no longer  outstanding,  such subsequent recovery shall be
distributed  to the persons  who were the Holders of such Class of  Certificates
when it was  retired);  fourth,  to all  Servicing  Fees and  Subservicing  Fees
payable  therefrom (and the Master  Servicer and the  Subservicer  shall have no
claims for any  deficiencies  with  respect to such fees which  result  from the
foregoing allocation); and fifth, to Foreclosure Profits.

         (e) In the event of a default on a  Mortgage  Loan one or more of whose
obligors is not a United States Person,  in connection  with any  foreclosure or
acquisition  of a deed in  lieu  of  foreclosure  (together,  "foreclosure")  in
respect of such Mortgage Loan, the Master  Servicer will cause  compliance  with
the provisions of Treasury  Regulation Section  1.1445-2(d)(3) (or any successor
thereto)  necessary to assure that no  withholding  tax  obligation  arises with
respect to the proceeds of such foreclosure  except to the extent,  if any, that
proceeds of such foreclosure are required to be remitted to the obligors on such
Mortgage Loan.

         Section 3.15.              Trustee to Cooperate;
                                    Release of Mortgage Files.

         (a) Upon becoming aware of the payment in full of any Mortgage Loan, or
upon the receipt by the Master  Servicer of a notification  that payment in full
will be escrowed in a manner  customary for such purposes,  the Master  Servicer
will immediately


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<PAGE>



notify the Trustee (if it holds the related Mortgage File) or the Custodian by a
certification  of a  Servicing  Officer  (which  certification  shall  include a
statement  to  the  effect  that  all  amounts  received  or to be  received  in
connection with such payment which are required to be deposited in the Custodial
Account   pursuant  to  Section  3.07  have  been  or  will  be  so  deposited),
substantially  in one of the  forms  attached  hereto as  Exhibit  H  requesting
delivery to it of the  Mortgage  File.  Upon receipt of such  certification  and
request,  the Trustee shall promptly release, or cause the Custodian to release,
the  related  Mortgage  File to the  Master  Servicer.  The Master  Servicer  is
authorized to execute and deliver to the Mortgagor the request for reconveyance,
deed of  reconveyance  or release or satisfaction of mortgage or such instrument
releasing  the lien of the  Mortgage,  together  with the Mortgage Note with, as
appropriate,  written evidence of cancellation  thereon. No expenses incurred in
connection with any instrument of satisfaction or deed of reconveyance  shall be
chargeable to the Custodial Account or the Certificate Account.

         (b)  From  time  to  time  as  is  appropriate  for  the  servicing  or
foreclosure  of any Mortgage  Loan,  the Master  Servicer  shall  deliver to the
Custodian,  with a copy to the Trustee,  a  certificate  of a Servicing  Officer
substantially in one of the forms attached as Exhibit H hereto,  requesting that
possession  of all, or any document  constituting  part of, the Mortgage File be
released to the Master Servicer and certifying as to the reason for such release
and that such release will not  invalidate  any insurance  coverage  provided in
respect of the Mortgage Loan under any Required  Insurance Policy.  Upon receipt
of the foregoing,  the Trustee shall deliver, or cause the Custodian to deliver,
the Mortgage  File or any document  therein to the Master  Servicer.  The Master
Servicer  shall cause each Mortgage File or any document  therein so released to
be returned to the Trustee,  or the  Custodian as agent for the Trustee when the
need therefor by the Master  Servicer no longer exists,  unless (i) the Mortgage
Loan has been liquidated and the Liquidation  Proceeds  relating to the Mortgage
Loan have been  deposited in the Custodial  Account or (ii) the Mortgage File or
such  document  has been  delivered  directly  or  through a  Subservicer  to an
attorney,  or to a public  trustee or other public  official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the
foreclosure of the Mortgaged Property either judicially or  non-judicially,  and
the Master  Servicer  has  delivered  directly or through a  Subservicer  to the
Trustee a  certificate  of a  Servicing  Officer  certifying  as to the name and
address of the Person to which such Mortgage File or such document was delivered
and the purpose or purposes of such delivery. In the event of the liquidation of
a Mortgage  Loan, the Trustee shall deliver the Request for Release with respect
thereto to the Master Servicer upon deposit of the related Liquidation  Proceeds
in the Custodial Account.



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         (c) The Trustee or the Master  Servicer on the  Trustee's  behalf shall
execute and deliver to the Master Servicer,  if necessary,  any court pleadings,
requests for trustee's sale or other  documents  necessary to the foreclosure or
trustee's sale in respect of a Mortgaged Property or to any legal action brought
to obtain judgment  against any Mortgagor on the Mortgage Note or Mortgage or to
obtain a  deficiency  judgment,  or to  enforce  any  other  remedies  or rights
provided by the Mortgage  Note or Mortgage or  otherwise  available at law or in
equity.  Together  with such  documents or pleadings (if signed by the Trustee),
the Master  Servicer  shall deliver to the Trustee a certificate  of a Servicing
Officer  requesting  that such pleadings or documents be executed by the Trustee
and  certifying  as to the reason such  documents or pleadings  are required and
that the execution and delivery  thereof by the Trustee will not  invalidate any
insurance  coverage  under  any  Required  Insurance  Policy  or  invalidate  or
otherwise affect the lien of the Mortgage,  except for the termination of such a
lien upon completion of the foreclosure or trustee's sale.

         Section 3.16.              Servicing and Other Compensation;
                                    Compensating Interest.

         (a) The Master Servicer,  as compensation for its activities hereunder,
shall be entitled to receive on each  Distribution Date the amounts provided for
by clauses (iii),  (iv), (v) and (vi) of Section 3.10(a),  subject to clause (e)
below. The amount of servicing  compensation  provided for in such clauses shall
be accounted for on a Mortgage  Loan-by-Mortgage  Loan basis.  In the event that
Liquidation  Proceeds,  Insurance  Proceeds  and REO  Proceeds  (net of  amounts
reimbursable  therefrom  pursuant to Section  3.10(a)(ii))  in respect of a Cash
Liquidation  or REO  Disposition  exceed  the unpaid  principal  balance of such
Mortgage  Loan plus  unpaid  interest  accrued  thereon  (including  REO Imputed
Interest)  at a per annum rate equal to the  related Net  Mortgage  Rate (or the
Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan), the Master
Servicer  shall be entitled to retain  therefrom and to pay to itself and/or the
related   Subservicer,   any  Foreclosure  Profits  and  any  Servicing  Fee  or
Subservicing Fee considered to be accrued but unpaid.

         (b)  Additional  servicing  compensation  in  the  form  of  prepayment
charges,  assumption fees, late payment charges, investment income on amounts in
the Custodial Account or the Certificate  Account or otherwise shall be retained
by the Master Servicer or the Subservicer to the extent provided herein, subject
to clause (e) below.

         (c) The Master  Servicer shall be required to pay, or cause to be paid,
all  expenses  incurred  by it  in  connection  with  its  servicing  activities
hereunder (including payment of premiums for the Primary Insurance Policies,  if
any,  to the extent  such  premiums  are not  required to be paid by the related
Mortgagors,


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and the fees and  expenses of the Trustee  and any  Custodian)  and shall not be
entitled to reimbursement  therefor except as specifically  provided in Sections
3.10 and 3.14.

         (d) The Master Servicer's right to receive  servicing  compensation may
not be transferred in whole or in part except in connection with the transfer of
all of its  responsibilities  and  obligations of the Master Servicer under this
Agreement.

         (e) Notwithstanding any other provision herein, the amount of servicing
compensation  that the Master  Servicer  shall be  entitled  to receive  for its
activities  hereunder for the period ending on each  Distribution  Date shall be
reduced  (but not below zero) by an amount  equal to  Compensating  Interest (if
any) for such  Distribution  Date.  Such reduction  shall be applied during such
period as follows:  first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled  pursuant to Section  3.10(a)(iii);  second,  to any
income or gain  realized  from any  investment  of funds  held in the  Custodial
Account or the  Certificate  Account to which the Master  Servicer  is  entitled
pursuant to Sections 3.07(c) or 4.01(b), respectively; and third, to any amounts
of servicing  compensation to which the Master Servicer is entitled  pursuant to
Section  3.10(a)(v) or (vi). In making such  reduction,  the Master Servicer (i)
will not withdraw from the Custodial Account any such amount representing all or
a portion  of the  Servicing  Fee to which it is  entitled  pursuant  to Section
3.10(a)(iii);  (ii) will not withdraw from the Custodial  Account or Certificate
Account any such amount to which it is entitled  pursuant to Section  3.07(c) or
4.01(b) and (iii) will not withdraw from the  Custodial  Account any such amount
of servicing compensation to which it is entitled pursuant to Section 3.10(a)(v)
or (vi).

         Section 3.17.              Reports to the Trustee and the Company.

         Not later than fifteen days after each  Distribution  Date,  the Master
Servicer shall forward to the Trustee and the Company a statement,  certified by
a Servicing Officer, setting forth the status of the Custodial Account as of the
close of business on such  Distribution Date as it relates to the Mortgage Loans
and showing, for the period covered by such statement, the aggregate of deposits
in or  withdrawals  from the Custodial  Account in respect of the Mortgage Loans
for each  category of deposit  specified  in Section  3.07 and each  category of
withdrawal specified in Section 3.10.

         Section 3.18.              Annual Statement as to Compliance.

         The Master  Servicer  will deliver to the Company and the Trustee on or
before March 31 of each year,  beginning  with the first March 31 that occurs at
least six months after the Cut-off Date, an Officers' Certificate stating, as to
each signer thereof, that (i) a review of the activities of the Master


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Servicer during the preceding calendar year related to its servicing of mortgage
loans and its performance under pooling and servicing agreements, including this
Agreement,  has been made under such officers' supervision,  (ii) to the best of
such officers' knowledge, based on such review, the Master Servicer has complied
in all material respects with the minimum  servicing  standards set forth in the
Uniform Single Attestation Program for Mortgage Bankers and has fulfilled all of
its material  obligations  relating to this  Agreement in all material  respects
throughout  such year,  or, if there has been material  noncompliance  with such
servicing  standards or a default in the fulfillment in all material respects of
any such obligation  relating to this Agreement,  such statement shall include a
description of such noncompliance or specify each such default,  as the case may
be,  known to such  officer  and the nature and status  thereof and (iii) to the
best of such officers' knowledge,  each Subservicer has complied in all material
respects with the minimum  servicing  standards set forth in the Uniform  Single
Attestation  Program for Mortgage  Bankers and has fulfilled all of its material
obligations under its Subservicing Agreement in all material respects throughout
such year,  or, if there has been  material  noncompliance  with such  servicing
standards or a material default in the fulfillment of such obligations  relating
to  this  Agreement,   such  statement  shall  include  a  description  of  such
noncompliance  or specify each such  default,  as the case may be, known to such
officer and the nature and status thereof.

         Section 3.19.              Annual Independent Public Accountants'
                                    Servicing Report.

         On or before March 31 of each year,  beginning  with the first March 31
that occurs at least six months after the Cut-off Date,  the Master  Servicer at
its expense shall cause a firm of independent public accountants, which shall be
members of the American Institute of Certified Public Accountants,  to furnish a
report to the Company and the Trustee  stating its opinion that, on the basis of
an examination conducted by such firm substantially in accordance with standards
established  by the  American  Institute of Certified  Public  Accountants,  the
assertions  made pursuant to Section 3.18 regarding  compliance with the minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers  during the  preceding  calendar year are fairly stated in all
material respects,  subject to such exceptions and other qualifications that, in
the opinion of such firm, such  accounting  standards  require it to report.  In
rendering  such  statement,  such firm may rely,  as to matters  relating to the
direct servicing of mortgage loans by Subservicers,  upon comparable  statements
for examinations  conducted by independent public  accountants  substantially in
accordance  with standards  established  by the American  Institute of Certified
Public Accountants  (rendered within one year of such statement) with respect to
such Subservicers.


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         Section 3.20.              Rights of the Company in Respect
                                    of the Master Servicer.

         The Master Servicer shall afford the Company,  upon reasonable  notice,
during  normal  business  hours access to all records  maintained  by the Master
Servicer  in  respect  of its rights  and  obligations  hereunder  and access to
officers of the Master Servicer responsible for such obligations.  Upon request,
the Master  Servicer  shall  furnish the Company with its most recent  financial
statements and such other information as the Master Servicer possesses regarding
its business,  affairs,  property and  condition,  financial or  otherwise.  The
Master   Servicer  shall  also  cooperate  with  all  reasonable   requests  for
information  including,  but not limited to, notices, tapes and copies of files,
regarding  itself,  the Mortgage  Loans or the  Certificates  from any Person or
Persons identified by the Company or Residential  Funding.  The Company may, but
is not obligated to, enforce the  obligations of the Master  Servicer  hereunder
and may, but is not obligated to, perform,  or cause a designee to perform,  any
defaulted  obligation of the Master Servicer hereunder or exercise the rights of
the Master  Servicer  hereunder;  provided that the Master Servicer shall not be
relieved of any of its  obligations  hereunder by virtue of such  performance by
the Company or its designee.  The Company shall not have any  responsibility  or
liability  for any action or failure  to act by the Master  Servicer  and is not
obligated  to  supervise  the  performance  of the  Master  Servicer  under this
Agreement or otherwise.

         Section 3.21.              Administration of Buydown Funds.

         (a) With respect to any Buydown  Mortgage  Loan,  the  Subservicer  has
deposited  Buydown  Funds in an account that  satisfies the  requirements  for a
Subservicing  Account (the "Buydown  Account").  The Master Servicer shall cause
the  Subservicing  Agreement to require that upon receipt from the  Mortgagor of
the amount due on a Due Date for each Buydown  Mortgage  Loan,  the  Subservicer
will withdraw from the Buydown Account the predetermined amount that, when added
to the  amount  due on such date from the  Mortgagor,  equals  the full  Monthly
Payment  and  transmit  that  amount  in  accordance   with  the  terms  of  the
Subservicing  Agreement to the Master Servicer together with the related payment
made by the Mortgagor or advanced by the Subservicer.

         (b) If the  Mortgagor on a Buydown  Mortgage  Loan prepays such loan in
its entirety  during the period (the  "Buydown  Period")  when Buydown Funds are
required to be applied to such Buydown  Mortgage Loan, the Subservicer  shall be
required to  withdraw  from the  Buydown  Account  and remit any  Buydown  Funds
remaining  in the  Buydown  Account  in  accordance  with  the  related  buydown
agreement.  The amount of Buydown Funds which may be remitted in accordance with
the related buydown agreement may


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<PAGE>



reduce the  amount  required  to be paid by the  Mortgagor  to fully  prepay the
related  Mortgage Loan. If the Mortgagor on a Buydown  Mortgage Loan defaults on
such  Mortgage  Loan during the Buydown  Period and the property  securing  such
Buydown  Mortgage Loan is sold in the liquidation  thereof (either by the Master
Servicer  or the  insurer  under any  related  Primary  Insurance  Policy),  the
Subservicer  shall be required to withdraw from the Buydown  Account the Buydown
Funds for such Buydown Mortgage Loan still held in the Buydown Account and remit
the same to the Master Servicer in accordance with the terms of the Subservicing
Agreement for deposit in the  Custodial  Account or, if instructed by the Master
Servicer,  pay to the insurer under any related Primary  Insurance Policy if the
Mortgaged  Property is  transferred to such insurer and such insurer pays all of
the loss incurred in respect of such default. Any amount so remitted pursuant to
the preceding  sentence will be deemed to reduce the amount owed on the Mortgage
Loan.


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<PAGE>



                                                    ARTICLE IV

                                          PAYMENTS TO CERTIFICATEHOLDERS

         Section 4.01.              Certificate Account.

         (a) The Master  Servicer on behalf of the Trustee  shall  establish and
maintain a Certificate  Account in which the Master  Servicer  shall cause to be
deposited  on behalf of the Trustee on or before 2:00 P.M. New York time on each
Certificate Account Deposit Date by wire transfer of immediately available funds
an amount  equal to the sum of (i) any  Advance for the  immediately  succeeding
Distribution  Date,  (ii) any amount required to be deposited in the Certificate
Account pursuant to Section  3.12(a),  (iii) any amount required to be deposited
in the Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any
amount  required to be paid  pursuant to Section 9.01 and (v) all other  amounts
constituting the Available  Distribution  Amount for the immediately  succeeding
Distribution Date.

         (b) The Trustee shall,  upon written request from the Master  Servicer,
invest or cause the institution  maintaining  the Certificate  Account to invest
the funds in the Certificate Account in Permitted Investments  designated in the
name of the  Trustee  for the  benefit of the  Certificateholders,  which  shall
mature not later than the Business Day next preceding the Distribution Date next
following  the date of such  investment  (except that (i) any  investment in the
institution with which the Certificate  Account is maintained may mature on such
Distribution  Date and (ii) any other investment may mature on such Distribution
Date  if the  Trustee  shall  advance  funds  on such  Distribution  Date to the
Certificate   Account  in  the  amount  payable  on  such   investment  on  such
Distribution  Date,  pending  receipt  thereof to the extent  necessary  to make
distributions on the Certificates) and shall not be sold or disposed of prior to
maturity. Subject to Section 3.16(e), all income and gain realized from any such
investment  shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time. The amount of any losses  incurred
in respect of any such investments shall be deposited in the Certificate Account
by the Master Servicer out of its own funds  immediately as realized without any
right of reimbursement.

         Section 4.02.              Distributions.

         (a) On each  Distribution Date (x) the Master Servicer on behalf of the
Trustee or (y) the Paying Agent  appointed by the Trustee,  shall  distribute to
the  Master  Servicer,  in  the  case  of a  distribution  pursuant  to  Section
4.02(a)(iii),  the amount required to be distributed to the Master Servicer or a
Subservicer pursuant to Section 4.02(a)(iii),  and to each  Certificateholder of
record on the next preceding Record Date (other than as provided in Section 9.01
respecting the final


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distribution)  either  in  immediately  available  funds  (by wire  transfer  or
otherwise)  to the account of such  Certificateholder  at a bank or other entity
having  appropriate  facilities  therefor,  if  such  Certificateholder  has  so
notified  the Master  Servicer or the Paying  Agent,  as the case may be, or, if
such  Certificateholder  has not so notified  the Master  Servicer or the Paying
Agent by the  Record  Date,  by check  mailed to such  Certificateholder  at the
address  of  such   Holder   appearing   in  the   Certificate   Register   such
Certificateholder's  share  (which  share  (A)  with  respect  to each  Class of
Certificates  (other than any Subclass of the Class A-8 Certificates),  shall be
based on the aggregate of the Percentage  Interests  represented by Certificates
of the applicable  Class held by such Holder or (B) with respect to any Subclass
of the Class A-8 Certificates, shall be equal to the amount (if any) distributed
pursuant to Section  4.02(a)(i)  below to each Holder of a Subclass  thereof) of
the  following  amounts,  in the  following  order of  priority  (subject to the
provisions  of Section  4.02(b)),  in each case to the  extent of the  Available
Distribution Amount:

                    (i)  to  the   Class  A   Certificateholders   and  Class  R
         Certificateholders,  on a pro rata basis  based on Accrued  Certificate
         Interest payable on such Certificates with respect to such Distribution
         Date, Accrued Certificate  Interest on such Classes of Certificates (or
         Subclass,  if any, with respect to the Class A-8 Certificates) for such
         Distribution  Date,  plus  any  Accrued  Certificate  Interest  thereon
         remaining unpaid from any previous Distribution Date except as provided
         in the last paragraph of this Section 4.02(a); and

                    (ii)  to  the  Class  A   Certificateholders   and  Class  R
         Certificateholders,  in the priorities and amounts set forth in Section
         4.02(b)(ii)  and (iii) and Section  4.02(c),  the sum of the  following
         (applied to reduce the Certificate  Principal  Balances of such Class A
         Certificates or Class R Certificates, as applicable):

                            (A) the Senior Percentage for such Distribution Date
                    times the sum of the following:

                                    (1) the  principal  portion of each  Monthly
                            Payment  due during the  related  Due Period on each
                            Outstanding  Mortgage Loan,  whether or not received
                            on or prior to the related Determination Date, minus
                            the principal  portion of any Debt Service Reduction
                            which together with other Bankruptcy  Losses exceeds
                            the Bankruptcy Amount;

                                    (2)  the  Stated  Principal  Balance  of any
                            Mortgage   Loan   repurchased   during  the  related
                            Prepayment   Period  (or  deemed  to  have  been  so
                            repurchased in accordance with Section 3.07(b))


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<PAGE>



                            pursuant to Section 2.02, 2.03, 2.04 or 4.07 and the
                            amount of any  shortfall  deposited in the Custodial
                            Account in  connection  with the  substitution  of a
                            Deleted  Mortgage  Loan  pursuant to Section 2.03 or
                            2.04 during the related Prepayment Period; and

                                    (3)  the  principal  portion  of  all  other
                            unscheduled   collections   (other  than   Principal
                            Prepayments  in Full and  Curtailments  and  amounts
                            received in connection  with a Cash  Liquidation  or
                            REO  Disposition  of a Mortgage  Loan  described  in
                            Section 4.02(a)(ii)(B), including without limitation
                            Insurance  Proceeds,  Liquidation  Proceeds  and REO
                            Proceeds)  received  during the  related  Prepayment
                            Period  (or  deemed  to  have  been so  received  in
                            accordance  with  Section  3.07(b))  to  the  extent
                            applied  by the Master  Servicer  as  recoveries  of
                            principal of the related  Mortgage  Loan pursuant to
                            Section 3.14;

                            (B) with respect to each  Mortgage  Loan for which a
                    Cash  Liquidation or a REO  Disposition  occurred during the
                    related  Prepayment  Period (or was deemed to have  occurred
                    during such period in accordance  with Section  3.07(b)) and
                    did not result in any Excess Special  Hazard Losses,  Excess
                    Fraud  Losses,  Excess  Bankruptcy  Losses or  Extraordinary
                    Losses,  an amount  equal to the  lesser  of (a) the  Senior
                    Percentage  for such  Distribution  Date  times  the  Stated
                    Principal  Balance of such  Mortgage Loan and (b) the Senior
                    Accelerated  Distribution  Percentage for such  Distribution
                    Date times the related  unscheduled  collections  (including
                    without limitation Insurance Proceeds,  Liquidation Proceeds
                    and  REO  Proceeds)  to the  extent  applied  by the  Master
                    Servicer as recoveries of principal of the related  Mortgage
                    Loan pursuant to Section 3.14;

                            (C) the Senior Accelerated  Distribution  Percentage
                    for  such  Distribution  Date  times  the  aggregate  of all
                    Principal  Prepayments in Full and Curtailments  received in
                    the related Prepayment Period;

                            (D)     any Excess Subordinate Principal Amount for
                    such Distribution Date; and

                            (E)  any  amounts   described  in  subsection  (ii),
                    clauses  (A),  (B)  and  (C) of  this  Section  4.02(a),  as
                    determined for any previous  Distribution Date, which remain
                    unpaid after application of amounts  previously  distributed
                    pursuant to this clause (E) to the extent


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<PAGE>



                    that such amounts are not  attributable  to Realized  Losses
                    which have been  allocated  to the Class M  Certificates  or
                    Class B Certificates;

                    (iii) if the Certificate  Principal  Balances of the Class M
         Certificates and Class B Certificates have not been reduced to zero, to
         the Master  Servicer or a Subservicer,  by remitting for deposit to the
         Custodial  Account,  to the  extent  of and in  reimbursement  for  any
         Advances or Subservicer  Advances  previously  made with respect to any
         Mortgage Loan or REO Property which remain  unreimbursed in whole or in
         part following the Cash Liquidation or REO Disposition of such Mortgage
         Loan or REO  Property,  minus  any such  Advances  that  were made with
         respect to  delinquencies  that ultimately  constituted  Excess Special
         Hazard  Losses,  Excess  Fraud  Losses,  Excess  Bankruptcy  Losses  or
         Extraordinary Losses;

                    (iv) to the  Holders  of the  Class  M-1  Certificates,  the
         Accrued  Certificate  Interest thereon for such Distribution Date, plus
         any Accrued  Certificate  Interest  thereon  remaining  unpaid from any
         previous Distribution Date, except as provided below;

                    (v) to the Holders of the Class M-1 Certificates,  an amount
         equal to the Subordinate  Principal  Distribution Amount for such Class
         of Certificates for such Distribution Date, applied in reduction of the
         Certificate Principal Balance of the Class M-1 Certificates;

                    (vi) to the  Holders  of the  Class  M-2  Certificates,  the
         Accrued  Certificate  Interest thereon for such Distribution Date, plus
         any Accrued  Certificate  Interest  thereon  remaining  unpaid from any
         previous Distribution Date, except as provided below;

                    (vii) to the  Holders  of the  Class  M-2  Certificates,  an
         amount equal to the Subordinate Principal  Distribution Amount for such
         Class of Certificates for such Distribution  Date, applied in reduction
         of the Certificate Principal Balance of the Class M-2 Certificates;

                    (viii) to the  Holders  of the Class M-3  Certificates,  the
         Accrued  Certificate  Interest thereon for such Distribution Date, plus
         any Accrued  Certificate  Interest  thereon  remaining  unpaid from any
         previous Distribution Date, except as provided below;

                    (ix) to the Holders of the Class M-3 Certificates, an amount
         equal to the Subordinate  Principal  Distribution Amount for such Class
         of Certificates for such Distribution Date, applied in reduction of the
         Certificate Principal Balance of the Class M-3 Certificates;


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<PAGE>




                    (x) to  the  Holders  of the  Class  B-1  Certificates,  the
         Accrued  Certificate  Interest thereon for such Distribution Date, plus
         any Accrued  Certificate  Interest  thereon  remaining  unpaid from any
         previous Distribution Date, except as provided below;

                    (xi) to the Holders of the Class B-1 Certificates, an amount
         equal to the Subordinate  Principal  Distribution Amount for such Class
         of Certificates for such  Distribution Date applied in reduction of the
         Certificate Principal Balance of the Class B-1 Certificates;

                    (xii) to the  Holders  of the  Class B-2  Certificates,  the
         Accrued  Certificate  Interest thereon for such Distribution Date, plus
         any Accrued  Certificate  Interest  thereon  remaining  unpaid from any
         previous Distribution Date, except as provided below;

                    (xiii) to the  Holders  of the Class  B-2  Certificates,  an
         amount equal to the Subordinate Principal  Distribution Amount for such
         Class of Certificates for such  Distribution  Date applied in reduction
         of the Certificate Principal Balance of the Class B-2 Certificates;

                    (xiv) to the  Holders  of the  Class  B-3  Certificates,  an
         amount  equal to the  Accrued  Certificate  Interest  thereon  for such
         Distribution  Date,  plus  any  Accrued  Certificate  Interest  thereon
         remaining  unpaid  from  any  previous  Distribution  Date,  except  as
         provided below;

                    (xv) to the Holders of the Class B-3 Certificates, an amount
         equal to the Subordinate  Principal  Distribution Amount for such Class
         of Certificates for such  Distribution Date applied in reduction of the
         Certificate Principal Balance of the Class B-3 Certificates;

                    (xvi)  to  the  Class  A  Certificateholders   and  Class  R
         Certificateholders,  in the priority set forth in Section 4.02(b),  the
         portion,  if any, of the Available  Distribution Amount remaining after
         the  foregoing   distributions,   applied  to  reduce  the  Certificate
         Principal   Balances  of  such  Class  A   Certificates   and  Class  R
         Certificates,   but  in  no  event  more  than  the  aggregate  of  the
         outstanding  Certificate Principal Balances of each such Class of Class
         A Certificates and Class R Certificates,  and thereafter, to each Class
         of Class M Certificates then outstanding beginning with such Class with
         the  lowest  numerical  designation,   any  portion  of  the  Available
         Distribution  Amount remaining after the Class A Certificates and Class
         R  Certificates  have been retired,  applied to reduce the  Certificate
         Principal Balance of each such Class of Class M Certificates, but in no
         event more than the outstanding  Certificate  Principal Balance of each
         such Class of Class M Certificates; and thereafter to each


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<PAGE>



         such Class of Class B Certificates then outstanding beginning with such
         Class  with  the  lowest  numerical  designation,  any  portion  of the
         Available  Distribution Amount remaining after the Class M Certificates
         have been retired,  applied to reduce the Certificate Principal Balance
         of each such Class of Class B  Certificates,  but in no event more than
         the  outstanding  Certificate  Principal  Balance of each such Class of
         Class B Certificates; and

                    (xvii) to the Class R  Certificateholders,  the balance,  if
         any, of the Available Distribution Amount.

         Notwithstanding  the foregoing,  on any Distribution Date, with respect
to the Class of Class B Certificates  outstanding on such Distribution Date with
the highest numerical designation,  or in the event the Class B Certificates are
no longer  outstanding,  the Class of Class M Certificates then outstanding with
the highest numerical designation,  or in the event the Class B Certificates and
Class  M  Certificates  are no  longer  outstanding,  the  Class  A and  Class R
Certificates,  Accrued  Certificate  Interest thereon  remaining unpaid from any
previous  Distribution  Date will be distributable  only to the extent that such
unpaid Accrued  Certificate  Interest was  attributable  to interest  shortfalls
relating to  Nonrecoverable  Advances as determined by the Master  Servicer with
respect to the related  Mortgage  Loan where such Mortgage Loan has not yet been
the subject of a Cash Liquidation or REO Disposition.

         (b)  Distributions of principal on the Class A Certificates and Class R
Certificates on each  Distribution Date occurring prior to the occurrence of the
Credit Support Depletion Date will be made as follows:

                    (i)  the  Senior  Principal  Distribution  Amount  shall  be
         distributed  to  the  Class  A-7  Certificates,  in  reduction  of  the
         Certificate Principal Balance thereof, in an amount equal to the sum of
         the following:

                            (A)     the Class A-7  Certificates'  pro rata share
                                    (based on the Certificate  Principal Balance
                                    thereof    relative    to   the    aggregate
                                    Certificate Principal Balance of the Class A
                                    Certificates  and Class R  Certificates)  of
                                    the aggregate of the  collections  described
                                    in Sections 4.02(a)(ii)(A), (B) and (E); and

                            (B)     the    Prepayment    Lockout    Distribution
                                    Percentage  of the Class  A-7  Certificates'
                                    pro rata  share  (based  on the  Certificate
                                    Principal  Balance  thereof  relative to the
                                    aggregate  Certificate  Principal Balance of
                                    the  Class  A   Certificates   and  Class  R
                                    Certificates) of the aggregate of the


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<PAGE>



                                    collections described in Section
                                    4.02(a)(ii)(C);

         provided  that,  if the  aggregate  of the amounts set forth in Section
         4.02(a)(ii)(A)  through (E) is more than the  balance of the  Available
         Distribution  Amount  remaining after the amounts set forth in Sections
         4.02(a)(i)  have been  distributed,  the  amount  paid to the Class A-7
         Certificates  pursuant to this clause (i) shall be reduced by an amount
         equal to the  Class  A-7  Certificates'  pro rata  share  (based on the
         Certificate   Principal  Balance  thereof  relative  to  the  aggregate
         Certificate  Principal  Balance of the Class A Certificates and Class R
         Certificates) of such difference; and

                    (ii) the balance of the Senior Principal Distribution Amount
         remaining  after the  distributions,  if any,  described  in clause (i)
         above shall be distributed as follows:

                            (A) first,  to the Class R  Certificates,  until the
                    Certificate  Principal  Balance  thereof has been reduced to
                    zero;

                            (B) second,  87.5% and 12.5% of such amount shall be
                    distributed  concurrently to the Class A-1  Certificates and
                    Class A-2 Certificates,  respectively, until the Certificate
                    Principal  Balance  of the Class A-1  Certificates  has been
                    reduced to zero;

                            (C) third,  87.5% and 12.5% of such amount  shall be
                    distributed  concurrently to the Class A-3  Certificates and
                    Class A-2 Certificates,  respectively, until the Certificate
                    Principal  Balance  of the Class A-3  Certificates  has been
                    reduced to zero;

                            (D) fourth,  82.3529423728%  and  17.6470576272%  of
                    such amount shall be distributed  concurrently  to the Class
                    A-4 Certificates and Class A-2  Certificates,  respectively,
                    until the  Certificate  Principal  Balances of the Class A-4
                    Certificates and Class A-2 Certificates have been reduced to
                    zero;

                            (E) fifth, to the Class A-5 Certificates,  until the
                    Certificate  Principal  Balance  thereof has been reduced to
                    zero;

                            (F) sixth, to the Class A-6 Certificates,  until the
                    Certificate  Principal  Balance  thereof has been reduced to
                    zero; and



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<PAGE>



                            (G) seventh, to the Class A-7 Certificates until the
                    Certificate  Principal  Balance  thereof has been reduced to
                    zero.

         (c) On or after the  occurrence of the Credit Support  Depletion  Date,
all priorities  relating to  distributions as described in Section 4.02(b) above
in respect of principal  among the various  classes of Class A Certificates  and
Class R Certificates  will be disregarded and the Senior Principal  Distribution
Amount will be distributed among all classes of Class A Certificates pro rata in
accordance with their respective outstanding  Certificate Principal Balances and
the amount  set forth in Section  4.02(a)(i)  will be  distributed  as set forth
therein.

         (d) After reduction of the Certificate  Principal Balances of the Class
A Certificates  and Class R Certificates  to zero but prior to the occurrence of
the  Credit  Support  Depletion  Date,  the  Class A  Certificates  and  Class R
Certificates  will be entitled to no further  distributions of principal thereon
and the Available  Distribution Amount will be paid solely to the holders of the
Class A-8, Class M and Class B Certificates, in each case as described herein.

         (e) In addition to the  foregoing  distributions,  with  respect to any
Mortgage Loan that was  previously  the subject of a Cash  Liquidation or an REO
Disposition that resulted in a Realized Loss, in the event that within two years
of the date on which such  Realized  Loss was  determined  to have  occurred the
Master Servicer receives amounts,  which the Master Servicer reasonably believes
to represent subsequent recoveries (net of any related liquidation expenses), or
determines that it holds surplus amounts previously  reserved to cover estimated
expenses, specifically related to such Mortgage Loan (including, but not limited
to,  recoveries in respect of the  representations  and  warranties  made by the
related  Seller  pursuant  to the  applicable  Seller's  Agreement),  the Master
Servicer shall distribute such amounts to the applicable  Certificateholders  of
the Class or Classes to which such Realized Loss was allocated (with the amounts
to be distributed  allocated among such Classes in the same  proportions as such
Realized   Loss  was   allocated),   and   within   each   such   Class  to  the
Certificateholders  of record as of the Record Date  immediately  preceding  the
date of such  distribution  (or if  such  Class  of  Certificates  is no  longer
outstanding,  to the Certificateholders of record at the time that such Realized
Loss  was  allocated);  provided  that  no such  distribution  to any  Class  of
Certificates of subsequent  recoveries  related to a Mortgage Loan shall exceed,
either individually or in the aggregate and together with any other amounts paid
in  reimbursement  therefor,  the amount of the related  Realized  Loss that was
allocated to such Class of Certificates.  Notwithstanding the foregoing, no such
distribution  shall be made with respect to the Certificates of any Class to the
extent that


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<PAGE>



either (i) such Class was protected  against the related  Realized Loss pursuant
to any instrument or fund established  under Section 11.01(e) or (ii) such Class
of  Certificates  has  been  deposited  into a  separate  trust  fund  or  other
structuring vehicle and separate certificates or other instruments  representing
interests  therein  have  been  issued in one or more  classes,  and any of such
separate  certificates or other  instruments  was protected  against the related
Realized Loss pursuant to any limited guaranty, payment obligation,  irrevocable
letter of credit,  surety  bond,  insurance  policy or similar  instrument  or a
reserve fund, or a combination  thereof.  Any amount to be so  distributed  with
respect to the  Certificates  of any Class  shall be  distributed  by the Master
Servicer to the  Certificateholders  of record as of the Record Date immediately
preceding the date of such  distribution (i) with respect to the Certificates of
any Class (other than the Class A-8 Certificates),  on a pro rata basis based on
the Percentage Interest represented by each Certificate of such Class as of such
Record Date and (ii) with  respect to the Class A-8  Certificates,  to the Class
A-8  Certificates or any Subclass  thereof in the same proportion as the related
Realized  Loss was  allocated.  Any  amounts to be so  distributed  shall not be
remitted to or distributed from the Trust Fund, and shall constitute  subsequent
recoveries with respect to Mortgage Loans that are no longer assets of the Trust
Fund.

         (f) Each distribution with respect to a Book-Entry Certificate shall be
paid  to the  Depository,  as  Holder  thereof,  and  the  Depository  shall  be
responsible for crediting the amount of such distribution to the accounts of its
Depository   Participants  in  accordance  with  its  normal  procedures.   Each
Depository  Participant shall be responsible for disbursing such distribution to
the  Certificate  Owners that it represents  and to each indirect  participating
brokerage firm (a "brokerage firm" or "indirect  participating  firm") for which
it acts as agent.  Each brokerage firm shall be responsible for disbursing funds
to  the  Certificate  Owners  that  it  represents.  None  of the  Trustee,  the
Certificate  Registrar,  the  Company  or the  Master  Servicer  shall  have any
responsibility  therefor  except as  otherwise  provided  by this  Agreement  or
applicable law.

         (g)  Except as  otherwise  provided  in  Section  9.01,  if the  Master
Servicer  anticipates  that a final  distribution  with  respect to any Class of
Certificates  will be made on the next  Distribution  Date, the Master  Servicer
shall,  no  later  than  the  Determination  Date in the  month  of  such  final
distribution,  notify the Trustee and the Trustee  shall,  no later than two (2)
Business Days after such Determination Date, mail on such date to each Holder of
such  Class of  Certificates  a  notice  to the  effect  that:  (i) the  Trustee
anticipates  that  the  final   distribution  with  respect  to  such  Class  of
Certificates  will be made on such  Distribution Date but only upon presentation
and surrender of such  Certificates at the office of the Trustee or as otherwise
specified therein, and (ii) no interest shall accrue on


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<PAGE>



such  Certificates  from and after the end of the prior calendar  month.  In the
event that Certificateholders  required to surrender their Certificates pursuant
to Section 9.01(c) do not surrender their  Certificates for final  cancellation,
the Trustee shall cause funds distributable with respect to such Certificates to
be withdrawn  from the  Certificate  Account and  credited to a separate  escrow
account  for the  benefit  of such  Certificateholders  as  provided  in Section
9.01(d).

         Section 4.03.              Statements to Certificateholders.

         (a)  Concurrently  with each  distribution  charged to the  Certificate
Account and with respect to each  Distribution  Date the Master  Servicer  shall
forward to the Trustee and the Trustee  shall forward by mail to each Holder and
the Company a statement setting forth the following information as to each Class
of Certificates to the extent applicable:

                    (i)   (a)  the   amount   of   such   distribution   to  the
         Certificateholders  of such Class  applied  to reduce  the  Certificate
         Principal  Balance  thereof,  and (b)  the  aggregate  amount  included
         therein representing Principal Prepayments;

                    (ii) the  amount of such  distribution  to  Holders  of such
         Class of Certificates allocable to interest;

                    (iii) if the  distribution  to the  Holders of such Class of
         Certificates  is less than the full amount that would be  distributable
         to such Holders if there were sufficient funds available therefor,  the
         amount of the shortfall;

                    (iv)  the  amount  of any  Advance  by the  Master  Servicer
         pursuant to Section 4.04;

                    (v) the  number  and Pool  Stated  Principal  Balance of the
         Mortgage Loans after giving effect to the  distribution of principal on
         such Distribution Date;

                    (vi) the  aggregate  Certificate  Principal  Balance of each
         Class of  Certificates,  and each of the  Senior,  Class M and  Class B
         Percentages,  after giving  effect to the amounts  distributed  on such
         Distribution Date, separately  identifying any reduction thereof due to
         Realized  Losses  other  than  pursuant  to an actual  distribution  of
         principal;

                    (vii)           the related Subordinate Principal
         Distribution Amount and Prepayment Distribution Percentage,
         if applicable;

                    (viii) on the basis of the most recent reports  furnished to
         it by  Subservicers,  the number and  aggregate  principal  balances of
         Mortgage Loans that are delinquent (A)


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<PAGE>



         one  month,  (B) two  months  and (C) three  months  and the number and
         aggregate principal balance of Mortgage Loans that are in foreclosure;

                    (ix) the number,  aggregate principal balance and book value
         of any REO Properties;

                    (x) the aggregate  Accrued  Certificate  Interest  remaining
         unpaid, if any, for each Class of Certificates,  after giving effect to
         the distribution made on such Distribution Date;

                    (xi) the  Special  Hazard  Amount,  Fraud  Loss  Amount  and
         Bankruptcy Amount as of the close of business on such Distribution Date
         and a description of any change in the calculation of such amounts;

                    (xii)  the  weighted   average  Pool  Strip  Rate  for  such
         Distribution  Date and the Pass-Through  Rate with respect to the Class
         A-8 Certificates and each Subclass, if any, thereof;

                    (xiii)          the Class A-8 Notional Amount and each
         Subclass Notional Amount;

                    (xiv)           the occurrence of the Credit Support
         Depletion Date;

                    (xv)            the Senior Accelerated Distribution
         Percentage applicable to such distribution;

                    (xvi)           the Senior Percentage for such Distribution
         Date;

                    (xvii)          the aggregate amount of Realized Losses for
         such Distribution Date;

                    (xviii) the aggregate amount of any recoveries on previously
         foreclosed  loans from  Sellers  due to a breach of  representation  or
         warranty;

                    (xix) the weighted average remaining term to maturity of the
         Mortgage  Loans after giving effect to the amounts  distributed on such
         Distribution Date; and

                    (xx) the  weighted  average  Mortgage  Rates of the Mortgage
         Loans  after  giving  effect  to  the  amounts   distributed   on  such
         Distribution Date.

In the case of information furnished pursuant to clauses (i) and (ii) above, the
amounts  shall be expressed  as a dollar  amount per  Certificate  with a $1,000
denomination.  In addition to the statement provided to the Trustee as set forth
in this Section


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                                                        94

<PAGE>



4.03(a),  the  Master  Servicer  shall  provide  to any  manager of a trust fund
consisting of some or all of the  Certificates,  upon reasonable  request,  such
additional  information as is reasonably obtainable by the Master Servicer at no
additional expense to the Master Servicer.

         (b) Within a reasonable  period of time after the end of each  calendar
year,  the Master  Servicer shall  prepare,  or cause to be prepared,  and shall
forward,  or cause to be  forwarded,  to each  Person who at any time during the
calendar year was the Holder of a Certificate, other than a Class R Certificate,
a  statement  containing  the  information  set forth in clauses (i) and (ii) of
subsection  (a) above  aggregated  for such calendar year or applicable  portion
thereof during which such Person was a Certificateholder. Such obligation of the
Master  Servicer  shall be deemed  to have been  satisfied  to the  extent  that
substantially  comparable  information  shall be provided by the Master Servicer
pursuant to any requirements of the Code.

         (c) Within a reasonable  period of time after the end of each  calendar
year,  the Master  Servicer shall  prepare,  or cause to be prepared,  and shall
forward,  or cause to be  forwarded,  to each  Person who at any time during the
calendar year was the Holder of a Class R  Certificate,  a statement  containing
the applicable  distribution  information provided pursuant to this Section 4.03
aggregated  for such calendar year or applicable  portion  thereof  during which
such  Person was the Holder of a Class R  Certificate.  Such  obligation  of the
Master  Servicer  shall be deemed  to have been  satisfied  to the  extent  that
substantially  comparable  information  shall be provided by the Master Servicer
pursuant to any requirements of the Code.

         (d) Upon the  written  request  of any  Certificateholder,  the  Master
Servicer,  as soon as  reasonably  practicable,  shall  provide  the  requesting
Certificateholder with such information as is necessary and appropriate,  in the
Master  Servicer's  sole  discretion,  for  purposes  of  satisfying  applicable
reporting requirements under Rule 144A.

         Section 4.04.       Distribution of Reports to the Trustee and
                             the Company; Advances by the Master Servicer.

         (a) Prior to the close of business on the Business Day next  succeeding
each  Determination  Date, the Master Servicer shall furnish a written statement
to the  Trustee,  any Paying  Agent and the  Company  (the  information  in such
statement to be made available to  Certificateholders  by the Master Servicer on
request)  setting  forth (i) the  Available  Distribution  Amount;  and (ii) the
amounts  required to be withdrawn from the Custodial  Account and deposited into
the  Certificate  Account  on the  immediately  succeeding  Certificate  Account
Deposit Date pursuant to clause (iii) of Section 4.01(a).  The  determination by
the Master Servicer of such amounts shall, in the absence of obvious


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error, be presumptively  deemed to be correct for all purposes hereunder and the
Trustee  shall be protected  in relying  upon the same  without any  independent
check or verification.

         (b) On or before 2:00 P.M.  New York time on each  Certificate  Account
Deposit Date, the Master  Servicer  shall either (i) deposit in the  Certificate
Account from its own funds, or funds received therefor from the Subservicers, an
amount equal to the Advances to be made by the Master Servicer in respect of the
related  Distribution  Date,  which shall be in an aggregate amount equal to the
aggregate  amount of  Monthly  Payments  (with  each  interest  portion  thereof
adjusted to the Net  Mortgage  Rate),  less the amount of any related  Servicing
Modifications,  Debt Service  Reductions or reductions in the amount of interest
collectable  from the Mortgagor  pursuant to the  Soldiers'  and Sailors'  Civil
Relief Act of 1940, as amended,  or similar  legislation or regulations  then in
effect,  on the  Outstanding  Mortgage  Loans as of the related Due Date,  which
Monthly  Payments were  delinquent as of the close of business as of the related
Determination  Date;  provided  that no  Advance  shall be made if it would be a
Nonrecoverable  Advance,  (ii) withdraw from amounts on deposit in the Custodial
Account  and deposit in the  Certificate  Account all or a portion of the Amount
Held for Future  Distribution  in discharge of any such  Advance,  or (iii) make
advances in the form of any  combination of (i) and (ii)  aggregating the amount
of such Advance.  Any portion of the Amount Held for Future Distribution so used
shall be replaced by the Master Servicer by deposit in the  Certificate  Account
on or before 11:00 A.M. New York time on any future Certificate  Account Deposit
Date to the  extent  that  funds  attributable  to the  Mortgage  Loans that are
available in the  Custodial  Account for deposit in the  Certificate  Account on
such   Certificate   Account  Deposit  Date  shall  be  less  than  payments  to
Certificateholders  required to be made on the following  Distribution Date. The
Master  Servicer  shall be entitled to use any Advance made by a Subservicer  as
described in Section 3.07(b) that has been deposited in the Custodial Account on
or before  such  Distribution  Date as part of the  Advance  made by the  Master
Servicer pursuant to this Section 4.04. The amount of any reimbursement pursuant
to Section  4.02(a)(iii) in respect of outstanding  Advances on any Distribution
Date shall be allocated to specific  Monthly  Payments  due but  delinquent  for
previous Due Periods, which allocation shall be made, to the extent practicable,
to Monthly  Payments which have been  delinquent for the longest period of time.
Such allocations shall be conclusive for purposes of reimbursement to the Master
Servicer from recoveries on related Mortgage Loans pursuant to Section 3.10.

         The   determination   by  the  Master  Servicer  that  it  has  made  a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable  Advance,  shall be  evidenced  by a  certificate  of a Servicing
Officer delivered to the Seller and the Trustee.


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         In the event that the Master Servicer determines as of the Business Day
preceding any Certificate Account Deposit Date that it will be unable to deposit
in the  Certificate  Account an amount equal to the Advance  required to be made
for the immediately  succeeding  Distribution  Date, it shall give notice to the
Trustee of its inability to advance (such notice may be given by telecopy),  not
later than 3:00 P.M.,  New York  time,  on such  Business  Day,  specifying  the
portion of such amount  that it will be unable to  deposit.  Not later than 3:00
P.M., New York time, on the Certificate  Account Deposit Date the Trustee shall,
unless by 12:00 Noon,  New York time,  on such day the  Trustee  shall have been
notified in writing (by telecopy)  that the Master  Servicer shall have directly
or indirectly deposited in the Certificate Account such portion of the amount of
the Advance as to which the Master  Servicer shall have given notice pursuant to
the  preceding  sentence,  pursuant to Section  7.01,  (a)  terminate all of the
rights and obligations of the Master Servicer under this Agreement in accordance
with  Section  7.01 and (b)  assume the  rights  and  obligations  of the Master
Servicer  hereunder,  including  the  obligation  to deposit in the  Certificate
Account  an  amount  equal  to  the  Advance  for  the  immediately   succeeding
Distribution Date.

         The  Trustee  shall  deposit  all funds it  receives  pursuant  to this
Section 4.04 into the Certificate Account.

         Section 4.05.              Allocation of Realized Losses.

         Prior to each  Distribution  Date, the Master  Servicer shall determine
the  total  amount of  Realized  Losses,  if any,  that  resulted  from any Cash
Liquidation, Servicing Modification, Debt Service Reduction, Deficient Valuation
or REO Disposition that occurred during the related Prepayment Period or, in the
case of a Servicing  Modification  that  constitutes a reduction of the interest
rate on a Mortgage Loan, the amount of the reduction in the interest  portion of
the Monthly Payment due in the month in which such Distribution Date occurs. The
amount of each Realized Loss shall be evidenced by an Officers' Certificate. All
Realized Losses, other than Excess Special Hazard Losses,  Extraordinary Losses,
Excess Bankruptcy Losses or Excess Fraud Losses,  shall be allocated as follows:
first, to the Class B-3  Certificates  until the Certificate  Principal  Balance
thereof has been reduced to zero;  second,  to the Class B-2 Certificates  until
the Certificate  Principal  Balance thereof has been reduced to zero;  third, to
the Class B-1 Certificates  until the Certificate  Principal Balance thereof has
been  reduced  to  zero;  fourth,  to  the  Class  M-3  Certificates  until  the
Certificate  Principal  Balance thereof has been reduced to zero;  fifth, to the
Class M-2 Certificates until the Certificate  Principal Balance thereof has been
reduced to zero;  sixth,  to the Class M-1  Certificates  until the  Certificate
Principal Balance thereof has been reduced to zero; and, thereafter,  the entire
amount of such Realized  Losses among all the Class A  Certificates  and Class R
Certificates, on a


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pro rata basis, as described below. The principal  portion of any Excess Special
Hazard Losses,  Excess Bankruptcy Losses,  Excess Fraud Losses and Extraordinary
Losses on Mortgage  Loans will be allocated  among the Class A, Class M, Class B
and Class R Certificates, on a pro rata basis, as described below.

         As used herein,  an allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata  basis,  among the  various  Classes  so  specified,  to each such Class of
Certificates  on the  basis  of their  then  outstanding  Certificate  Principal
Balances prior to giving effect to distributions to be made on such Distribution
Date in the case of the  principal  portion of a  Realized  Loss or based on the
Accrued Certificate  Interest thereon payable on such Distribution Date (without
regard to any Compensating  Interest for such Distribution  Date) in the case of
an interest  portion of a Realized  Loss.  Except as  provided in the  following
sentence, any allocation of the principal portion of Realized Losses (other than
Debt Service  Reductions) to a Class of  Certificates  shall be made by reducing
the  Certificate  Principal  Balance  thereof by the amount so allocated,  which
allocation  shall be deemed to have  occurred  on such  Distribution  Date.  Any
allocation of the principal  portion of Realized Losses (other than Debt Service
Reductions)  to the Class B  Certificates  or, after the  Certificate  Principal
Balances of the Class B Certificates  have been reduced to zero, to the Class of
Class M Certificates  then  outstanding with the highest  numerical  designation
shall be made by operation of the definition of "Certificate  Principal Balance"
and by  operation  of the  provisions  of Section  4.02(a).  Allocations  of the
interest  portions of Realized  Losses shall be made in proportion to the amount
of Accrued  Certificate  Interest and by operation of the definition of "Accrued
Certificate  Interest" and by operation of the  provisions  of Section  4.02(a).
Allocations of the principal portion of Debt Service Reductions shall be made by
operation of the  provisions  of Section  4.02(a).  All Realized  Losses and all
other losses  allocated to a Class of  Certificates  hereunder will be allocated
among the  Certificates of such Class in proportion to the Percentage  Interests
evidenced thereby; provided that if any Subclasses of the Class A-8 Certificates
have been issued  pursuant to Section  5.01(c),  all  Realized  Losses and other
losses  allocated to the Class A-8  Certificates  shall be allocated  among such
Subclasses  in  proportion  to the  respective  amounts of  Accrued  Certificate
Interest payable on such  Distribution Date that would have resulted absent such
reductions.

         Section 4.06.              Reports of Foreclosures and Abandonment
                                    of Mortgaged Property.

         The Master Servicer or the Subservicers shall file information  returns
with  respect  to the  receipt  of  mortgage  interests  received  in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the


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information returns relating to cancellation of indebtedness income with respect
to  any  Mortgaged  Property  required  by  Sections  6050H,  6050J  and  6050P,
respectively,  of the Code, and deliver to the Trustee an Officers'  Certificate
on or before  March 31 of each year  stating  that such reports have been filed.
Such reports  shall be in form and  substance  sufficient  to meet the reporting
requirements imposed by Sections 6050H, 6050J and 6050P of the Code.


         Section 4.07.              Optional Purchase of Defaulted Mortgage
                                    Loans.

         As to any Mortgage  Loan which is  delinquent  in payment by 90 days or
more, the Master  Servicer may, at its option,  purchase such Mortgage Loan from
the Trustee at the Purchase Price  therefor.  If at any time the Master Servicer
makes a payment to the Certificate  Account  covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer  provides to the Trustee
a  certification  signed by a Servicing  Officer stating that the amount of such
payment has been deposited in the  Certificate  Account,  then the Trustee shall
execute  the  assignment  of such  Mortgage  Loan at the  request  of the Master
Servicer  without recourse to the Master Servicer which shall succeed to all the
Trustee's  right,  title and  interest  in and to such  Mortgage  Loan,  and all
security and documents relative thereto.  Such assignment shall be an assignment
outright and not for  security.  The Master  Servicer  will  thereupon  own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the  Certificateholders  with  respect  thereto.  Notwithstanding
anything  to the  contrary  in this  Section  4.07,  the Master  Servicer  shall
continue to service any such  Mortgage  Loan after the date of such  purchase in
accordance  with the terms of this  Agreement  and,  if any  Realized  Loss with
respect to such Mortgage  Loan occurs,  allocate such Realized Loss to the Class
or  Classes  of  Certificates  that  would  have  borne  such  Realized  Loss in
accordance  with  the  terms  hereof  as if such  Mortgage  Loan had not been so
purchased.  For purposes of this  Agreement,  a payment of the Purchase Price by
the Master Servicer  pursuant to this Section 4.07 will be viewed as an advance,
and the  amount  of any  Realized  Loss  shall be  recoverable  pursuant  to the
provisions for the recovery of  unreimbursed  Advances under Section 4.02(a) or,
to the extent not recoverable under such provisions, as a Nonrecoverable Advance
as set forth herein.

         Section 4.08.              Surety Bond.   (a)  If a Required Surety
Payment is payable pursuant to the Surety Bond with respect to
any Additional Collateral Loan, the Master Servicer shall so
notify the Trustee as soon as reasonably practicable and the
Trustee shall promptly complete the notice in the form of
Attachment 1 to the Surety Bond and shall promptly submit such
notice to the Surety as a claim for a Required Surety.  The


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<PAGE>



Master  Servicer shall upon request assist the Trustee in completing such notice
and shall  provide  any  information  requested  by the  Trustee  in  connection
therewith.

         (b) Upon receipt of a Required Surety Payment from the Surety on behalf
of the Holders of  Certificates,  the Trustee shall deposit such Required Surety
Payment in the  Certificate  Account and shall  distribute  such Required Surety
Payment,  or the proceeds thereof,  in accordance with the provisions of Section
4.02.

         (c) The Trustee shall (i) receive as attorney-in-fact of each Holder of
a Certificate  any Required Surety Payment from the Surety and (ii) disburse the
same to the Holders of such Certificates as set forth in Section 4.02.


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                                                     ARTICLE V

                                                 THE CERTIFICATES

         Section 5.01.              The Certificates.

         (a)  The  Class  A,  Class  M,  Class  B  and  Class  R   Certificates,
respectively,  shall be substantially in the forms set forth in Exhibits A, B, C
and D and shall,  on original issue, be executed and delivered by the Trustee to
the Certificate  Registrar for  authentication and delivery to or upon the order
of the  Company  upon  receipt by the Trustee or one or more  Custodians  of the
documents  specified in Section 2.01. The  Certificates,  other than the Class R
Certificates  and Class A-8  Certificates,  shall be issuable in minimum  dollar
denominations  of $25,000 (or $250,000 in the case of the Class M-2,  Class M-3,
Class B-1, Class B-2 and Class B-3  Certificates)  and integral  multiples of $1
(in the case of the Class A Certificates) and $1,000 (in the case of the Class M
and Class B Certificates) in excess thereof, except that one Certificate of each
of the Class M-1,  Class  M-2,  Class  M-3,  Class B-1,  Class B-2 and Class B-3
Certificates may be issued in a denomination equal to the denomination set forth
as  follows  for such  Class  or the sum of such  denomination  and an  integral
multiple of $1,000:

                           Class M-1             $25,600.00
                           Class M-2            $250,600.00
                           Class M-3            $250,500.00
                           Class B-1            $250,600.00
                           Class B-2            $250,200.00
                           Class B-3            $250,561.05

The Class R Certificates and Class A-8 Certificates shall be issuable in minimum
denominations  of not less than a 20% Percentage  Interest;  provided,  however,
that one Class R  Certificate  will be issuable to  Residential  Funding as "tax
matters person" pursuant to Section  10.01(c) and (e) in a minimum  denomination
representing  a  Percentage  Interest of not less than 0.01%.  Each  Subclass of
Class A-8 Certificates  shall be issuable as a single certificate as provided in
Section 5.01(c).

         The Certificates shall be executed by manual or facsimile  signature on
behalf of an authorized officer of the Trustee.  Certificates bearing the manual
or facsimile  signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee,  notwithstanding that such individuals or
any of them have ceased to hold such  offices  prior to the  authentication  and
delivery of such  Certificate  or did not hold such  offices at the date of such
Certificates.  No  Certificate  shall be  entitled  to any  benefit  under  this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of  authentication  substantially  in the form provided for herein
executed by the Certificate


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Registrar by manual  signature,  and such certificate upon any Certificate shall
be conclusive  evidence,  and the only evidence,  that such Certificate has been
duly authenticated and delivered hereunder.  All Certificates shall be dated the
date of their authentication.

         (b) The Class A  Certificates,  other than the Class A-8  Certificates,
shall initially be issued as one or more Certificates  registered in the name of
the Depository or its nominee and,  except as provided  below,  registration  of
such  Certificates  may not be  transferred  by the  Trustee  except to  another
Depository that agrees to hold such Certificates for the respective  Certificate
Owners with Ownership Interests therein.  The Class A  Certificateholders  shall
hold  their  respective  Ownership  Interests  in and to  each  of the  Class  A
Certificates,  other than the Class A-8  Certificates,  through  the  book-entry
facilities  of the  Depository  and,  except  as  provided  below,  shall not be
entitled to Definitive Certificates in respect of such Ownership Interests.  All
transfers by Certificate Owners of their respective  Ownership  Interests in the
Book-Entry  Certificates  shall  be  made  in  accordance  with  the  procedures
established by the Depository  Participant or brokerage firm  representing  such
Certificate  Owner.  Each  Depository  Participant  shall transfer the Ownership
Interests  only  in  the  Book-Entry   Certificates  of  Certificate  Owners  it
represents or of brokerage  firms for which it acts as agent in accordance  with
the Depository's normal procedures.

         The Trustee,  the Master  Servicer and the Company may for all purposes
(including  the making of payments due on the  respective  Classes of Book-Entry
Certificates)  deal with the Depository as the authorized  representative of the
Certificate  Owners  with  respect  to  the  respective  Classes  of  Book-Entry
Certificates  for the purposes of  exercising  the rights of  Certificateholders
hereunder.  The rights of  Certificate  Owners  with  respect to the  respective
Classes of Book-Entry  Certificates shall be limited to those established by law
and agreements between such Certificate  Owners and the Depository  Participants
and brokerage firms representing such Certificate Owners.  Multiple requests and
directions  from,  and  votes  of,  the  Depository  as  Holder  of any Class of
Book-Entry  Certificates  with  respect to any  particular  matter  shall not be
deemed  inconsistent  if they are made with  respect  to  different  Certificate
Owners.  The Trustee may establish a reasonable  record date in connection  with
solicitations  of consents from or voting by  Certificateholders  and shall give
notice to the Depository of such record date.

         If  (i)(A)  the  Company  advises  the  Trustee  in  writing  that  the
Depository   is  no  longer   willing  or  able  to   properly   discharge   its
responsibilities  as  Depository  and (B) the  Company  is  unable  to  locate a
qualified  successor  or (ii) the  Company at its option  advises the Trustee in
writing  that  it  elects  to  terminate  the  book-entry   system  through  the
Depository, the Trustee shall


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<PAGE>



notify all Certificate Owners, through the Depository,  of the occurrence of any
such event and of the  availability  of Definitive  Certificates  to Certificate
Owners  requesting  the same.  Upon  surrender to the Trustee of the  Book-Entry
Certificates by the Depository,  accompanied by registration  instructions  from
the  Depository  for  registration  of  transfer,  the  Trustee  shall issue the
Definitive  Certificates.  Neither  the  Company,  the Master  Servicer  nor the
Trustee shall be liable for any actions taken by the  Depository or its nominee,
including,  without  limitation,  any delay in delivery of such instructions and
may  conclusively   rely  on,  and  shall  be  protected  in  relying  on,  such
instructions. Upon the issuance of Definitive Certificates all references herein
to obligations imposed upon or to be performed by the Company in connection with
the issuance of the Definitive  Certificates pursuant to this Section 5.01 shall
be deemed to be imposed upon and  performed by the Trustee,  and the Trustee and
the Master Servicer shall  recognize the Holders of the Definitive  Certificates
as Certificateholders hereunder.

         (c) From time to time Residential Funding, as the initial Holder of the
Class A-8  Certificates,  may exchange such Holder's Class A-8  Certificates for
Subclasses  of Class A-8  Certificates  to be issued  under  this  Agreement  by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit Q executed by an authorized officer, which Subclasses, in the aggregate,
will represent the Uncertificated  REMIC Regular Interests  corresponding to the
Class A-8 Certificates so surrendered for exchange. Any Subclass so issued shall
bear  a  numerical  designation  commencing  with  Class  A-8-1  and  continuing
sequentially thereafter, and will evidence ownership of the Uncertificated REMIC
Regular Interest or Interests specified in writing by such initial Holder to the
Trustee.  The Trustee may  conclusively,  without any independent  verification,
rely  on,  and  shall  be  protected  in  relying  on,   Residential   Funding's
determinations of the  Uncertificated  REMIC Regular Interests  corresponding to
any Subclass,  the initial Subclass Notional Amount and the initial Pass-Through
Rate on a Subclass  as set forth in such  Request for  Exchange  and the Trustee
shall have no duty to determine if any  Uncertificated  REMIC  Regular  Interest
designated  on a  Request  for  Exchange  corresponds  to a  Subclass  which has
previously been issued.  Each Subclass so issued shall be  substantially  in the
form set forth in  Exhibit A and shall,  on  original  issue,  be  executed  and
delivered by the Trustee to the  Certificate  Registrar for  authentication  and
delivery in accordance  with Section  5.01(a).  Every  Certificate  presented or
surrendered  for  exchange  by the initial  Holder  shall (if so required by the
Trustee or the Certificate  Registrar) be duly endorsed by, or be accompanied by
a written  instrument  of  transfer  attached to such  Certificate  and shall be
completed to the satisfaction of the Trustee and the Certificate  Registrar duly
executed by, the initial  Holder  thereof or his  attorney  duly  authorized  in
writing. The Certificates of any Subclass of Class


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A-8  Certificates  may be transferred  in whole,  but not in part, in accordance
with the provisions of Section 5.02.

         Section 5.02.              Registration of Transfer and Exchange of
                                    Certificates.

         (a)  The  Trustee  shall  cause  to be kept  at one of the  offices  or
agencies to be appointed by the Trustee in  accordance  with the  provisions  of
Section  8.12 a  Certificate  Register  in  which,  subject  to such  reasonable
regulations as it may prescribe,  the Trustee shall provide for the registration
of  Certificates  and of  transfers  and  exchanges  of  Certificates  as herein
provided.  The Trustee is  initially  appointed  Certificate  Registrar  for the
purpose of registering  Certificates and transfers and exchanges of Certificates
as herein provided. The Certificate Registrar, or the Trustee, shall provide the
Master  Servicer with a certified list of  Certificateholders  as of each Record
Date prior to the related Determination Date.

         (b) Upon surrender for  registration  of transfer of any Certificate at
any office or agency of the  Trustee  maintained  for such  purpose  pursuant to
Section  8.12 and,  in the case of any Class M, Class B or Class R  Certificate,
upon  satisfaction of the conditions set forth below,  the Trustee shall execute
and the Certificate Registrar shall authenticate and deliver, in the name of the
designated  transferee or  transferees,  one or more new  Certificates of a like
Class (or Subclass) and aggregate Percentage Interest.

         (c)  At  the  option  of the  Certificateholders,  Certificates  may be
exchanged for other Certificates of authorized denominations of a like Class (or
Subclass) and aggregate Percentage Interest,  upon surrender of the Certificates
to be exchanged at any such office or agency.  Whenever any  Certificates are so
surrendered for exchange the Trustee shall execute and the Certificate Registrar
shall  authenticate  and  deliver  the  Certificates  of such  Class  which  the
Certificateholder  making the exchange is entitled to receive. Every Certificate
presented or  surrendered  for exchange  shall (if so required by the Trustee or
the  Certificate  Registrar) be duly endorsed by, or be accompanied by a written
instrument of transfer in form  satisfactory  to the Trustee and the Certificate
Registrar duly executed by, the Holder  thereof or his attorney duly  authorized
in writing.

         (d) No  transfer,  sale,  pledge  or  other  disposition  of a  Class B
Certificate  shall  be  made  unless  such  transfer,   sale,  pledge  or  other
disposition is exempt from the  registration  requirements of the Securities Act
of 1933, as amended,  and any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that a  transfer  of a Class B
Certificate  is to be made  either  (i)(A) the Trustee  shall  require a written
Opinion of Counsel acceptable to and in form and


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<PAGE>



substance  satisfactory to the Trustee and the Company that such transfer may be
made pursuant to an exemption, describing the applicable exemption and the basis
therefor, from said Act and laws or is being made pursuant to said Act and laws,
which Opinion of Counsel shall not be an expense of the Trustee,  the Company or
the Master  Servicer and (B) the Trustee shall require the transferee to execute
a representation  letter,  substantially in the form of Exhibit J-1 hereto,  and
the Trustee shall require the  transferor  to execute a  representation  letter,
substantially  in the form of Exhibit K hereto,  each  acceptable to and in form
and  substance  satisfactory  to the Company and the Trustee  certifying  to the
Company  and  the   Trustee  the  facts   surrounding   such   transfer,   which
representation  letters  shall not be an expense of the Trustee,  the Company or
the Master  Servicer or (ii) the  prospective  transferee  of such a Certificate
shall be required to provide the  Trustee,  the Company and the Master  Servicer
with an investment letter substantially in the form of Exhibit L attached hereto
(or such other form as the  Company in its sole  discretion  deems  acceptable),
which investment  letter shall not be an expense of the Trustee,  the Company or
the Master  Servicer,  and which  investment  letter  states  that,  among other
things,  such  transferee  (A) is a "qualified  institutional  buyer" as defined
under Rule 144A,  acting for its own account or the accounts of other "qualified
institutional  buyers"  as defined  under  Rule 144A,  and (B) is aware that the
proposed   transferor  intends  to  rely  on  the  exemption  from  registration
requirements  under the  Securities  Act of 1933,  as amended,  provided by Rule
144A. The Holder of any such  Certificate  desiring to effect any such transfer,
sale, pledge or other disposition shall, and does hereby agree to, indemnify the
Trustee, the Company, the Master Servicer and the Certificate  Registrar against
any liability that may result if the transfer, sale, pledge or other disposition
is not so exempt or is not made in accordance with such federal and state laws.

         (e) In the  case  of any  Class  M,  Class  B or  Class  R  Certificate
presented  for  registration  in the name of any Person,  either (i) the Trustee
shall  require an Opinion of  Counsel  acceptable  to and in form and  substance
satisfactory  to the Trustee,  the Company and the Master Servicer to the effect
that the purchase or holding of such Class M, Class B or Class R Certificate  is
permissible  under  applicable  law,  will  not  constitute  or  result  in  any
non-exempt  prohibited  transaction under Section 406 of the Employee Retirement
Income Security Act of 1974, as amended  ("ERISA"),  or Section 4975 of the Code
(or comparable  provisions of any subsequent  enactments),  and will not subject
the Trustee,  the Company or the Master  Servicer to any obligation or liability
(including  obligations or liabilities  under ERISA or Section 4975 of the Code)
in addition to those  undertaken  in this  Agreement,  which  Opinion of Counsel
shall not be an expense of the  Trustee,  the Company or the Master  Servicer or
(ii) the prospective  transferee  shall be required to provide the Trustee,  the
Company and the Master Servicer with a


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certification  to the effect  set forth in  paragraph  six of Exhibit  J-1 (with
respect to any Class B  Certificate),  Exhibit J-2 (with  respect to any Class M
Certificate)  or paragraph  fourteen of Exhibit I-1 (with respect to any Class R
Certificate),  which  the  Trustee  may rely upon  without  further  inquiry  or
investigation, or such other certifications as the Trustee may deem desirable or
necessary in order to establish that such transferee or the Person in whose name
such  registration  is requested  is not an employee  benefit plan or other plan
subject to the prohibited transaction provisions of ERISA or Section 4975 of the
Code, or any Person  (including an investment  manager,  a named  fiduciary or a
trustee of any such plan) who is using "plan  assets" of any such plan to effect
such acquisition.

         (f) (i) Each Person who has or who acquires any Ownership Interest in a
Class R Certificate  shall be deemed by the  acceptance or  acquisition  of such
Ownership Interest to have agreed to be bound by the following provisions and to
have  irrevocably  authorized the Trustee or its designee under clause  (iii)(A)
below to deliver  payments to a Person  other than such Person and to  negotiate
the terms of any mandatory  sale under clause  (iii)(B) below and to execute all
instruments of transfer and to do all other things  necessary in connection with
any such sale. The rights of each Person  acquiring any Ownership  Interest in a
Class R Certificate are expressly subject to the following provisions:

                  (A) Each Person holding or acquiring any Ownership Interest in
         a Class  R  Certificate  shall  be a  Permitted  Transferee  and  shall
         promptly  notify the Trustee of any change or  impending  change in its
         status as a Permitted Transferee.

                  (B) In connection with any proposed  Transfer of any Ownership
         Interest in a Class R Certificate,  the Trustee shall require  delivery
         to it, and shall not register  the Transfer of any Class R  Certificate
         until its receipt  of, (I) an  affidavit  and  agreement  (a  "Transfer
         Affidavit and  Agreement," in the form attached  hereto as Exhibit I-1)
         from the proposed Transferee, in form and substance satisfactory to the
         Master Servicer,  representing and warranting, among other things, that
         it is a Permitted  Transferee,  that it is not  acquiring its Ownership
         Interest in the Class R Certificate that is the subject of the proposed
         Transfer  as a  nominee,  trustee  or agent for any Person who is not a
         Permitted  Transferee,  that for so long as it  retains  its  Ownership
         Interest  in a Class  R  Certificate,  it will  endeavor  to  remain  a
         Permitted  Transferee,  and that it has reviewed the provisions of this
         Section 5.02(f) and agrees to be bound by them, and (II) a certificate,
         in the form attached  hereto as Exhibit I-2, from the Holder wishing to
         transfer the Class R Certificate, in form and substance satisfactory to
         the Master Servicer, representing and


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         warranting,  among  other  things,  that  no  purpose  of the  proposed
         Transfer is to impede the assessment or collection of tax.

                  (C)  Notwithstanding  the delivery of a Transfer Affidavit and
         Agreement  by a  proposed  Transferee  under  clause  (B)  above,  if a
         Responsible  Officer of the Trustee  who is assigned to this  Agreement
         has actual  knowledge  that the proposed  Transferee is not a Permitted
         Transferee,  no  Transfer  of  an  Ownership  Interest  in  a  Class  R
         Certificate to such proposed Transferee shall be effected.

                  (D) Each Person holding or acquiring any Ownership Interest in
         a Class R Certificate  shall agree (x) to require a Transfer  Affidavit
         and  Agreement  from any other  Person to whom such Person  attempts to
         transfer its Ownership Interest in a Class R Certificate and (y) not to
         transfer its Ownership Interest unless it provides a certificate to the
         Trustee in the form attached hereto as Exhibit I-2.

                  (E) Each Person holding or acquiring an Ownership  Interest in
         a Class R  Certificate,  by  purchasing  an Ownership  Interest in such
         Certificate,  agrees to give the  Trustee  written  notice that it is a
         "pass-through interest holder" within the meaning of Temporary Treasury
         Regulations Section  1.67-3T(a)(2)(i)(A)  immediately upon acquiring an
         Ownership Interest in a Class R Certificate, if it is, or is holding an
         Ownership   Interest  in  a  Class  R  Certificate   on  behalf  of,  a
         "pass-through interest holder."

         (ii) The Trustee will  register the Transfer of any Class R Certificate
only  if it  shall  have  received  the  Transfer  Affidavit  and  Agreement,  a
certificate of the Holder  requesting  such transfer in the form attached hereto
as Exhibit  I-2 and all of such other  documents  as shall have been  reasonably
required by the Trustee as a condition  to such  registration.  Transfers of the
Class R Certificates to Non-United States Persons and Disqualified Organizations
(as defined in Section 860E(e)(5) of the Code) are prohibited.

         (iii) (A) If any Disqualified  Organization  shall become a holder of a
Class R  Certificate,  then the last  preceding  Permitted  Transferee  shall be
restored,  to the extent  permitted  by law,  to all rights and  obligations  as
Holder thereof  retroactive to the date of registration of such Transfer of such
Class R  Certificate.  If a Non-United  States Person shall become a holder of a
Class R  Certificate,  then the last  preceding  United  States  Person shall be
restored,  to the extent  permitted  by law,  to all rights and  obligations  as
Holder thereof  retroactive to the date of registration of such Transfer of such
Class R  Certificate.  If a transfer  of a Class R  Certificate  is  disregarded
pursuant to the provisions of Treasury  Regulations  Section 1.860E-1 or Section
1.860G-3, then the last preceding


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Permitted  Transferee shall be restored,  to the extent permitted by law, to all
rights and obligations as Holder thereof retroactive to the date of registration
of such  Transfer of such Class R  Certificate.  The  Trustee  shall be under no
liability  to  any  Person  for  any  registration  of  Transfer  of a  Class  R
Certificate  that is in fact not permitted by this Section 5.02(f) or for making
any payments  due on such  Certificate  to the holder  thereof or for taking any
other action with respect to such holder under the provisions of this Agreement.

                  (B) If any  purported  Transferee  shall  become a Holder of a
Class R Certificate in violation of the restrictions in this Section 5.02(f) and
to the extent that the  retroactive  restoration  of the rights of the Holder of
such Class R Certificate as described in clause (iii)(A) above shall be invalid,
illegal or unenforceable, then the Master Servicer shall have the right, without
notice to the holder or any prior  holder of such Class R  Certificate,  to sell
such Class R Certificate to a purchaser  selected by the Master Servicer on such
terms as the  Master  Servicer  may  choose.  Such  purported  Transferee  shall
promptly  endorse and deliver each Class R Certificate  in  accordance  with the
instructions of the Master  Servicer.  Such purchaser may be the Master Servicer
itself or any Affiliate of the Master  Servicer.  The proceeds of such sale, net
of the commissions (which may include commissions payable to the Master Servicer
or its  Affiliates),  expenses  and taxes due,  if any,  will be remitted by the
Master  Servicer to such purported  Transferee.  The terms and conditions of any
sale under this clause  (iii)(B)  shall be determined in the sole  discretion of
the Master  Servicer,  and the Master Servicer shall not be liable to any Person
having  an  Ownership  Interest  in a Class R  Certificate  as a  result  of its
exercise of such discretion.

         (iv)  The  Master  Servicer,  on  behalf  of the  Trustee,  shall  make
available,  upon written request from the Trustee, all information  necessary to
compute any tax imposed (A) as a result of the Transfer of an Ownership Interest
in a Class R  Certificate  to any  Person  who is a  Disqualified  Organization,
including  the  information  regarding  "excess  inclusions"  of  such  Class  R
Certificates required to be provided to the Internal Revenue Service and certain
Persons  as  described  in  Treasury  Regulations  Sections  1.860D-1(b)(5)  and
1.860E-2(a)(5),  and (B) as a result of any regulated  investment company,  real
estate  investment  trust,  common  trust fund,  partnership,  trust,  estate or
organization  described  in  Section  1381 of the Code that  holds an  Ownership
Interest in a Class R Certificate having as among its record holders at any time
any Person  who is a  Disqualified  Organization.  Reasonable  compensation  for
providing  such  information  may be required by the Master  Servicer  from such
Person.

         (v) The  provisions  of this  Section  5.02(f)  set forth prior to this
clause (v) may be modified, added to or eliminated,


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provided that there shall have been delivered to the Trustee the
following:

                  (A) written notification from each Rating Agency to the effect
         that the  modification,  addition to or elimination of such  provisions
         will not  cause  such  Rating  Agency  to  downgrade  its  then-current
         ratings, if any, of any Class of the Class A, Class M, Class B or Class
         R Certificates below the lower of the then-current rating or the rating
         assigned to such  Certificates  as of the  Closing  Date by such Rating
         Agency; and

                  (B) subject to Section  10.01(f),  a certificate of the Master
         Servicer  stating  that the Master  Servicer has received an Opinion of
         Counsel, in form and substance  satisfactory to the Master Servicer, to
         the  effect  that such  modification,  addition  to or  absence of such
         provisions will not cause the Trust Fund to cease to qualify as a REMIC
         and will not cause (x) the Trust Fund to be subject to an  entity-level
         tax caused by the Transfer of any Class R Certificate  to a Person that
         is a Disqualified  Organization or (y) a  Certificateholder  or another
         Person to be subject to a REMIC-related tax caused by the Transfer of a
         Class R Certificate to a Person that is not a Permitted Transferee.

         (g) No service  charge  shall be made for any  transfer  or exchange of
Certificates  of any  Class,  but  the  Trustee  may  require  payment  of a sum
sufficient  to cover  any tax or  governmental  charge  that may be  imposed  in
connection with any transfer or exchange of Certificates.

         (h) All  Certificates  surrendered  for transfer and exchange  shall be
destroyed by the Certificate Registrar.

         Section 5.03.              Mutilated, Destroyed, Lost or Stolen
                                    Certificates.

         If (i) any mutilated  Certificate  is  surrendered  to the  Certificate
Registrar,  or the Trustee and the  Certificate  Registrar  receive  evidence to
their  satisfaction of the destruction,  loss or theft of any  Certificate,  and
(ii) there is  delivered  to the  Trustee  and the  Certificate  Registrar  such
security or indemnity as may be required by them to save each of them  harmless,
then, in the absence of notice to the Trustee or the Certificate  Registrar that
such  Certificate has been acquired by a bona fide purchaser,  the Trustee shall
execute  and the  Certificate  Registrar  shall  authenticate  and  deliver,  in
exchange  for or in lieu  of any  such  mutilated,  destroyed,  lost  or  stolen
Certificate,  a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate  under this  Section,  the  Trustee may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed


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<PAGE>



in relation  thereto and any other expenses  (including the fees and expenses of
the Trustee and the Certificate  Registrar) connected  therewith.  Any duplicate
Certificate  issued  pursuant to this  Section  shall  constitute  complete  and
indefeasible  evidence of ownership in the Trust Fund, as if originally  issued,
whether or not the lost,  stolen or destroyed  Certificate shall be found at any
time.

         Section 5.04.              Persons Deemed Owners.

         Prior  to  due  presentation  of  a  Certificate  for  registration  of
transfer,  the  Company,  the Master  Servicer,  the  Trustee,  the  Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the  Person in whose name any  Certificate  is
registered  as the  owner  of such  Certificate  for the  purpose  of  receiving
distributions  pursuant to Section 4.02 and for all other  purposes  whatsoever,
except as and to the extent  provided in the definition of  "Certificateholder,"
and neither the  Company,  the Master  Servicer,  the Trustee,  the  Certificate
Registrar nor any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  shall be  affected by notice to the  contrary  except as
provided in Section 5.02(f).

         Section 5.05.              Appointment of Paying Agent.

         The  Trustee  may  appoint  a Paying  Agent for the  purpose  of making
distributions to the  Certificateholders  pursuant to Section 4.02. In the event
of any  such  appointment,  on or  prior to each  Distribution  Date the  Master
Servicer on behalf of the Trustee  shall  deposit or cause to be deposited  with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the amounts and in the manner  provided for in Section  4.02,  such sum to be
held in trust for the benefit of the Certificateholders.

         The Trustee shall cause each Paying Agent to execute and deliver to the
Trustee an  instrument  in which such Paying  Agent shall agree with the Trustee
that such  Paying  Agent  will hold all sums held by it for the  payment  to the
Certificateholders in trust for the benefit of the  Certificateholders  entitled
thereto  until such sums shall be paid to such  Certificateholders.  Any sums so
held by such Paying Agent shall be held only in Eligible  Accounts to the extent
such sums are not distributed to the  Certificateholders  on the date of receipt
by such Paying Agent.

         Section 5.06.              Optional Purchase of Certificates.

         (a) On any Distribution Date on which the Pool Stated Principal Balance
is less than ten percent of the Cut-off Date  Principal  Balance of the Mortgage
Loans,  either the Master  Servicer or the Company shall have the right,  at its
option, to purchase the Certificates in whole, but not in part, at a price


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<PAGE>



equal to the outstanding  Certificate Principal Balance of the Certificates plus
the sum of Accrued Certificate Interest thereon for the related Interest Accrual
Period and any previously unpaid Accrued Certificate Interest.

         (b) The Master Servicer or the Company,  as applicable,  shall give the
Trustee not less than 60 days' prior  notice of the  Distribution  Date on which
the Master  Servicer or the Company,  as  applicable,  anticipates  that it will
purchase  the  Certificates  pursuant  to  Section  5.06(a).  Notice of any such
purchase,  specifying the Distribution Date upon which the Holders may surrender
their  Certificates  to the Trustee for payment in accordance  with this Section
5.06,  shall be  given  promptly  by the  Master  Servicer  or the  Company,  as
applicable,  by letter  to  Certificateholders  (with a copy to the  Certificate
Registrar and each Rating  Agency)  mailed not earlier than the 15th day and not
later  than the 25th day of the month  next  preceding  the month of such  final
distribution, specifying:

                  (i)  the   Distribution   Date  upon  which  purchase  of  the
         Certificates is anticipated to be made upon  presentation and surrender
         of such  Certificates  at the office or agency of the  Trustee  therein
         designated,

                  (ii)              the purchase price therefor, if known, and

                  (iii)  that  the  Record  Date  otherwise  applicable  to such
         Distribution  Date is not  applicable,  payments  being  made only upon
         presentation  and surrender of the Certificates at the office or agency
         of the Trustee therein specified.

If either the Master Servicer or the Company gives the notice  specified  above,
the  Master  Servicer  or the  Company,  as  applicable,  shall  deposit  in the
Certificate  Account before the Distribution Date on which the purchase pursuant
to Section  5.06(a) is to be made, in  immediately  available  funds,  an amount
equal to the purchase price for the Certificates computed as provided above.

         (c) Upon presentation and surrender of the Certificates to be purchased
pursuant to Section 5.06(a) by the Holders thereof, the Trustee shall distribute
to such Holders an amount equal to the outstanding Certificate Principal Balance
thereof  plus the sum of Accrued  Certificate  Interest  thereon for the related
Interest Accrual Period and any previously unpaid Accrued  Certificate  Interest
with respect thereto.

         (d) In the event that any  Certificateholders  do not  surrender  their
Certificates on or before the Distribution  Date on which a purchase pursuant to
this Section 5.06 is to be made,  the Trustee shall on such date cause all funds
in the  Certificate  Account  deposited  therein by the Master  Servicer  or the
Company,


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<PAGE>



as  applicable,  pursuant  to Section  5.06(b)  to be  withdrawn  therefrom  and
deposited   in  a   separate   escrow   account   for   the   benefit   of  such
Certificateholders, and the Master Servicer or the Company, as applicable, shall
give a second  written  notice to such  Certificateholders  to  surrender  their
Certificates  for payment of the purchase price  therefor.  If within six months
after the second  notice any  Certificate  shall not have been  surrendered  for
cancellation, the Trustee shall take appropriate steps as directed by the Master
Servicer  or the  Company,  as  applicable,  to  contact  the  Holders  of  such
Certificates concerning surrender of their Certificates.  The costs and expenses
of maintaining the escrow account and of contacting  Certificateholders shall be
paid out of the assets which remain in the escrow account. If within nine months
after the second notice any  Certificates  shall not have been  surrendered  for
cancellation  in accordance with this Section 5.06, the Trustee shall pay to the
Master Servicer or the Company, as applicable,  all amounts distributable to the
Holders  thereof and the Master  Servicer or the Company,  as applicable,  shall
thereafter  hold such amounts until  distributed  to such  Holders.  No interest
shall  accrue or be payable to any  Certificateholder  on any amount held in the
escrow account or by the Master  Servicer or the Company,  as  applicable,  as a
result of such  Certificateholder's  failure to surrender its Certificate(s) for
payment in  accordance  with this  Section  5.06.  Any  Certificate  that is not
surrendered  on the  Distribution  Date on  which a  purchase  pursuant  to this
Section 5.06 occurs as provided  above will be deemed to have been purchased and
the Holder as of such date will have no rights with  respect  thereto  except to
receive the purchase price therefor minus any costs and expenses associated with
such escrow account and notices allocated thereto. Any Certificates so purchased
or  deemed  to have  been  purchased  on such  Distribution  Date  shall  remain
outstanding hereunder. The Master Servicer or the Company, as applicable,  shall
be for all purposes the Holder thereof as of such date.


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<PAGE>



                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

           Section 6.01. Respective Liabilities of the Company and the
                                Master Servicer.

         The Company and the Master  Servicer shall each be liable in accordance
herewith only to the extent of the  obligations  specifically  and  respectively
imposed upon and undertaken by the Company and the Master  Servicer  herein.  By
way of  illustration  and not  limitation,  the  Company  is not  liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section 7.01 or Section 10.01 to assume any  obligations of the Master  Servicer
or to appoint a designee  to assume such  obligations,  nor is it liable for any
other  obligation  hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.

         Section                    6.02. Merger or Consolidation of the Company
                                    or the Master Servicer; Assignment of Rights
                                    and Delegation of Duties by Master Servicer.

         (a) The Company and the Master  Servicer  will each keep in full effect
its  existence,  rights and  franchises as a  corporation  under the laws of the
state of its incorporation,  and will each obtain and preserve its qualification
to do  business  as a foreign  corporation  in each  jurisdiction  in which such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

         (b) Any Person  into which the  Company or the Master  Servicer  may be
merged  or  consolidated,  or any  corporation  resulting  from  any  merger  or
consolidation  to which the Company or the Master  Servicer shall be a party, or
any Person  succeeding  to the  business of the Company or the Master  Servicer,
shall be the  successor of the Company or the Master  Servicer,  as the case may
be,  hereunder,  without the execution or filing of any paper or any further act
on the  part of any of the  parties  hereto,  anything  herein  to the  contrary
notwithstanding;  provided,  however,  that the successor or surviving Person to
the Master  Servicer  shall be qualified to service  mortgage loans on behalf of
FNMA or FHLMC; and provided further that each Rating Agency's  ratings,  if any,
of the Class A, Class M, Class B or Class R Certificates  in effect  immediately
prior  to such  merger  or  consolidation  will  not be  qualified,  reduced  or
withdrawn as a result thereof (as evidenced by a letter to such effect from each
Rating Agency).

         (c) Notwithstanding anything else in this Section 6.02 and Section 6.04
to the  contrary,  the Master  Servicer  may assign its rights and  delegate its
duties and obligations under this


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<PAGE>



Agreement;  provided  that the Person  accepting  such  assignment or delegation
shall be a Person which is qualified to service mortgage loans on behalf of FNMA
or FHLMC, is reasonably  satisfactory to the Trustee and the Company, is willing
to service the  Mortgage  Loans and executes and delivers to the Company and the
Trustee an  agreement,  in form and  substance  reasonably  satisfactory  to the
Company and the Trustee,  which contains an assumption by such Person of the due
and punctual  performance  and  observance  of each covenant and condition to be
performed  or observed by the Master  Servicer  under this  Agreement;  provided
further that each Rating  Agency's  rating of the Classes of  Certificates  that
have been rated in effect  immediately  prior to such  assignment and delegation
will not be qualified,  reduced or withdrawn as a result of such  assignment and
delegation (as evidenced by a letter to such effect from each Rating Agency). In
the case of any such  assignment and  delegation,  the Master  Servicer shall be
released  from its  obligations  under this  Agreement,  except  that the Master
Servicer shall remain liable for all liabilities and obligations  incurred by it
as Master Servicer hereunder prior to the satisfaction of the conditions to such
assignment and delegation set forth in the next preceding sentence.

         Section 6.03.              Limitation on Liability of the Company,
                                    the Master Servicer and Others.

         Neither the  Company,  the Master  Servicer  nor any of the  directors,
officers,  employees  or agents of the Company or the Master  Servicer  shall be
under any liability to the Trust Fund or the  Certificateholders  for any action
taken or for refraining  from the taking of any action in good faith pursuant to
this  Agreement,  or for  errors  in  judgment;  provided,  however,  that  this
provision shall not protect the Company,  the Master Servicer or any such Person
against any breach of warranties or representations made herein or any liability
which would otherwise be imposed by reason of willful misfeasance,  bad faith or
gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties  hereunder.  The Company,  the Master Servicer and any
director,  officer,  employee or agent of the Company or the Master Servicer may
rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising  hereunder.  The Company,
the Master Servicer and any director,  officer, employee or agent of the Company
or the Master  Servicer shall be indemnified by the Trust Fund and held harmless
against any loss,  liability or expense  incurred in  connection  with any legal
action  relating to this  Agreement  or the  Certificates,  other than any loss,
liability or expense  related to any specific  Mortgage  Loan or Mortgage  Loans
(except as any such loss,  liability or expense shall be otherwise  reimbursable
pursuant  to this  Agreement)  and any loss,  liability  or expense  incurred by
reason of willful misfeasance, bad faith or gross negligence in


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<PAGE>



the performance of duties hereunder or by reason of reckless
disregard of obligations and duties hereunder.

         Neither  the  Company  nor the  Master  Servicer  shall  be  under  any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding,  hearing or  examination  that is not  incidental to its  respective
duties  under this  Agreement  and which in its  opinion  may  involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may  in its  discretion  undertake  any  such  action,  proceeding,  hearing  or
examination that it may deem necessary or desirable in respect to this Agreement
and the  rights  and  duties of the  parties  hereto  and the  interests  of the
Certificateholders  hereunder.  In such event,  the legal  expenses and costs of
such action,  proceeding,  hearing or  examination  and any liability  resulting
therefrom  shall be expenses,  costs and  liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed  therefor out
of amounts  attributable  to the  Mortgage  Loans on  deposit  in the  Custodial
Account as provided by Section 3.10 and, on the Distribution  Date(s)  following
such reimbursement,  the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate  Interest on each Class entitled thereto
in the same  manner as if such  expenses  and  costs  constituted  a  Prepayment
Interest Shortfall.

         Section 6.04.              Company and Master Servicer Not to Resign.

         Subject to the provisions of Section 6.02,  neither the Company nor the
Master  Servicer shall resign from its respective  obligations and duties hereby
imposed on it except upon  determination that its duties hereunder are no longer
permissible  under  applicable  law.  Any  such  determination   permitting  the
resignation  of the  Company or the Master  Servicer  shall be  evidenced  by an
Opinion of Counsel to such effect delivered to the Trustee.  No such resignation
by the Master  Servicer shall become  effective until the Trustee or a successor
servicer  shall  have  assumed  the  Master  Servicer's   responsibilities   and
obligations in accordance with Section 7.02.


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                                                    ARTICLE VII

                                                      DEFAULT

         Section 7.01.              Events of Default.

         Event of Default,  wherever used herein, means any one of the following
events  (whatever  reason  for such  Event of  Default  and  whether it shall be
voluntary or  involuntary  or be effected by operation of law or pursuant to any
judgment,  decree or order of any court or any order,  rule or regulation of any
administrative or governmental body):

                  (i) the Master  Servicer  shall fail to distribute or cause to
         be  distributed  to  the  Holders  of  Certificates  of any  Class  any
         distribution required to be made under the terms of the Certificates of
         such Class and this Agreement  and, in either case,  such failure shall
         continue  unremedied  for a period of 5 days  after the date upon which
         written notice of such failure,  requiring such failure to be remedied,
         shall  have been  given to the Master  Servicer  by the  Trustee or the
         Company or to the Master  Servicer,  the Company and the Trustee by the
         Holders of Certificates of such Class evidencing  Percentage  Interests
         aggregating not less than 25%; or

                  (ii) the Master  Servicer  shall fail to observe or perform in
         any material  respect any other of the  covenants or  agreements on the
         part of the Master Servicer  contained in the Certificates of any Class
         or in this Agreement and such failure shall  continue  unremedied for a
         period of 30 days  (except  that such number of days shall be 15 in the
         case of a failure to pay the premium for any Required Insurance Policy)
         after the date on which written  notice of such failure,  requiring the
         same to be  remedied,  shall have been given to the Master  Servicer by
         the Trustee or the Company, or to the Master Servicer,  the Company and
         the Trustee by the Holders of Certificates of any Class evidencing,  in
         the case of any such Class,  Percentage Interests  aggregating not less
         than 25%; or

                  (iii) a decree or order of a court or  agency  or  supervisory
         authority  having  jurisdiction in the premises in an involuntary  case
         under any present or future federal or state bankruptcy,  insolvency or
         similar law or  appointing a  conservator  or receiver or liquidator in
         any  insolvency,  readjustment  of  debt,  marshalling  of  assets  and
         liabilities   or  similar   proceedings,   or  for  the  winding-up  or
         liquidation of its affairs,  shall have been entered against the Master
         Servicer  and  such  decree  or  order  shall  have  remained  in force
         undischarged or unstayed for a period of 60 days; or



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                  (iv) the Master Servicer shall consent to the appointment of a
         conservator or receiver or liquidator in any  insolvency,  readjustment
         of debt, marshalling of assets and liabilities,  or similar proceedings
         of, or relating  to, the Master  Servicer or of, or relating to, all or
         substantially all of the property of the Master Servicer; or

                  (v) the Master  Servicer  shall admit in writing its inability
         to pay its debts  generally as they become due, file a petition to take
         advantage  of, or  commence a  voluntary  case  under,  any  applicable
         insolvency  or  reorganization  statute,  make  an  assignment  for the
         benefit  of  its  creditors,  or  voluntarily  suspend  payment  of its
         obligations; or

                  (vi) the Master Servicer shall notify the Trustee  pursuant to
         Section 4.04(b) that it is unable to deposit in the Certificate Account
         an amount equal to the Advance.

         If an Event of Default  described  in clauses  (i)-(v) of this  Section
shall  occur,  then,  and in each and every such case,  so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the  direction  of Holders of  Certificates  entitled  to at least 51% of the
Voting Rights,  the Trustee shall,  by notice in writing to the Master  Servicer
(and to the  Company if given by the  Trustee or to the  Trustee if given by the
Company),  terminate all of the rights and  obligations  of the Master  Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds  thereof,
other than its rights as a Certificateholder  hereunder.  If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master  Servicer and the Company,  immediately  terminate  all of the rights and
obligations  of the  Master  Servicer  under  this  Agreement  and in and to the
Mortgage  Loans  and  the  proceeds   thereof,   other  than  its  rights  as  a
Certificateholder  hereunder  as  provided in Section  4.04(b).  On or after the
receipt by the Master Servicer of such written  notice,  all authority and power
of the  Master  Servicer  under  this  Agreement,  whether  with  respect to the
Certificates  (other  than  as a  Holder  thereof)  or  the  Mortgage  Loans  or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the  Trustee's  designee  appointed  pursuant  to  Section  7.02;  and,  without
limitation,  the  Trustee is hereby  authorized  and  empowered  to execute  and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments,  and to do or accomplish all other acts
or things  necessary  or  appropriate  to effect the  purposes of such notice of
termination,  whether to complete the transfer and  endorsement or assignment of
the Mortgage  Loans and related  documents,  or otherwise.  The Master  Servicer
agrees to cooperate with the Trustee in effecting the  termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee


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<PAGE>



for administration by it of all cash amounts which shall at the time be credited
to the Custodial  Account or the  Certificate  Account or thereafter be received
with respect to the Mortgage Loans. No such termination shall release the Master
Servicer for any liability that it would otherwise have hereunder for any act or
omission prior to the effective time of such termination.

         Notwithstanding  any  termination  of  the  activities  of  Residential
Funding in its capacity as Master Servicer hereunder,  Residential Funding shall
be entitled to receive,  out of any late  collection  of a Monthly  Payment on a
Mortgage  Loan  which  was  due  prior  to the  notice  terminating  Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice,  that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof,  and any other amounts payable to Residential Funding hereunder
the  entitlement  to which  arose  prior to the  termination  of its  activities
hereunder.  Upon the  termination  of  Residential  Funding  as Master  Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.

         Section 7.02.              Trustee or Company to Act; Appointment of
                                    Successor.

         On and  after  the time  the  Master  Servicer  receives  a  notice  of
termination pursuant to Section 7.01 or resigns in accordance with Section 6.04,
the Trustee or, upon notice to the Company and with the Company's consent (which
shall not be  unreasonably  withheld) a designee  (which meets the standards set
forth  below) of the  Trustee,  shall be the  successor  in all  respects to the
Master  Servicer  in its  capacity  as  servicer  under this  Agreement  and the
transactions  set forth or  provided  for herein and shall be subject to all the
responsibilities,  duties and liabilities  relating thereto placed on the Master
Servicer (except for the  responsibilities,  duties and liabilities contained in
Sections 2.02 and 2.03(a),  excluding the duty to notify related Subservicers or
Sellers as set forth in such Sections, and its obligations to deposit amounts in
respect of losses incurred prior to such notice or termination on the investment
of funds  in the  Custodial  Account  or the  Certificate  Account  pursuant  to
Sections  3.07(c) and  4.01(b) by the terms and  provisions  hereof);  provided,
however,  that any failure to perform such duties or responsibilities  caused by
the  preceding  Master  Servicer's  failure to provide  information  required by
Section  4.04 shall not be  considered  a default by the Trustee  hereunder.  As
compensation  therefor,  the Trustee shall be entitled to all funds  relating to
the Mortgage Loans which the Master  Servicer would have been entitled to charge
to the Custodial  Account or the Certificate  Account if the Master Servicer had
continued to act  hereunder  and, in  addition,  shall be entitled to the income
from any Permitted  Investments  made with amounts  attributable to the Mortgage
Loans held in the Custodial Account or the Certificate


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<PAGE>



Account.  If the  Trustee  has become the  successor  to the Master  Servicer in
accordance  with Section 6.04 or Section 7.01, then  notwithstanding  the above,
the Trustee may, if it shall be  unwilling to so act, or shall,  if it is unable
to so act,  appoint,  or petition a court of competent  jurisdiction to appoint,
any established housing and home finance  institution,  which is also a FNMA- or
FHLMC-approved  mortgage servicing  institution,  having a net worth of not less
than  $10,000,000  as the  successor  to the Master  Servicer  hereunder  in the
assumption of all or any part of the responsibilities,  duties or liabilities of
the Master Servicer hereunder.  Pending appointment of a successor to the Master
Servicer  hereunder,  the Trustee shall become  successor to the Master Servicer
and shall act in such capacity as hereinabove  provided. In connection with such
appointment  and  assumption,  the  Trustee may make such  arrangements  for the
compensation  of such successor out of payments on Mortgage Loans as it and such
successor shall agree; provided,  however, that no such compensation shall be in
excess of that permitted the initial Master Servicer hereunder. The Company, the
Trustee,  the Custodian and such  successor  shall take such action,  consistent
with this  Agreement,  as shall be necessary to effectuate any such  succession.
The Servicing Fee for any successor Master Servicer  appointed  pursuant to this
Section 7.02 will be lowered with respect to those Mortgage Loans, if any, where
the Subservicing Fee accrues at a rate of less than 0.20% per annum in the event
that the successor Master Servicer is not servicing such Mortgage Loans directly
and it is necessary to raise the related Subservicing Fee to a rate of 0.20% per
annum in order to hire a Subservicer with respect to such Mortgage Loans.

         Section 7.03.              Notification to Certificateholders.

         (a) Upon any such  termination  or  appointment  of a successor  to the
Master  Servicer,  the Trustee shall give prompt  written  notice thereof to the
Certificateholders  at their respective  addresses  appearing in the Certificate
Register.

         (b) Within 60 days after the  occurrence  of any Event of Default,  the
Trustee  shall  transmit by mail to all Holders of  Certificates  notice of each
such Event of  Default  hereunder  known to the  Trustee,  unless  such Event of
Default shall have been cured or waived.

         Section 7.04.              Waiver of Events of Default.

         The Holders  representing at least 66% of the Voting Rights affected by
a default  or Event of  Default  hereunder  may waive  such  default or Event of
Default; provided,  however, that (a) a default or Event of Default under clause
(i) of Section  7.01 may be waived  only by all of the  Holders of  Certificates
affected by such default or Event of Default and (b) no waiver  pursuant to this
Section 7.04 shall affect the Holders of Certificates in the


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<PAGE>



manner set forth in Section 11.01(b)(i),  (ii) or (iii). Upon any such waiver of
a  default  or  Event of  Default  by the  Holders  representing  the  requisite
percentage of Voting Rights  affected by such default or Event of Default,  such
default  or Event of  Default  shall  cease to exist and shall be deemed to have
been  remedied for every purpose  hereunder.  No such waiver shall extend to any
subsequent or other  default or Event of Default or impair any right  consequent
thereon except to the extent expressly so waived.


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<PAGE>



                                                   ARTICLE VIII

                                              CONCERNING THE TRUSTEE

         Section 8.01.              Duties of Trustee.

         (a) The  Trustee,  prior to the  occurrence  of an Event of Default and
after the curing of all Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are  specifically  set forth in this
Agreement. In case an Event of Default has occurred (which has not been cured or
waived),  the Trustee shall  exercise such of the rights and powers vested in it
by this  Agreement,  and use the same degree of care and skill in their exercise
as a prudent  investor  would  exercise  or use under the  circumstances  in the
conduct of such investor's own affairs.

         (b)  The  Trustee,  upon  receipt  of  all  resolutions,  certificates,
statements,  opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically  required to be furnished  pursuant to any
provision  of this  Agreement,  shall  examine  them to  determine  whether they
conform to the  requirements  of this  Agreement.  The Trustee  shall notify the
Certificateholders  of any such documents which do not materially conform to the
requirements  of  this  Agreement  in the  event  that  the  Trustee,  after  so
requesting, does not receive satisfactorily corrected documents.

         The Trustee shall forward or cause to be forwarded in a timely  fashion
the  notices,  reports and  statements  required to be  forwarded by the Trustee
pursuant to Sections 4.03,  4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master  Servicer such  information as the Master  Servicer
may reasonably  request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement.  The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of the Trust Fund as a REMIC under the REMIC  Provisions and (subject to Section
10.01(f))  to prevent the  imposition  of any  federal,  state or local  income,
prohibited  transaction,  contribution  or other  tax on the  Trust  Fund to the
extent that  maintaining  such  status and  avoiding  such taxes are  reasonably
within the  control of the Trustee  and are  reasonably  within the scope of its
duties under this Agreement.

         (c) No  provision of this  Agreement  shall be construed to relieve the
Trustee from liability for its own negligent  action,  its own negligent failure
to act or its own willful misconduct; provided, however, that:

                  (i) Prior to the occurrence of an Event of Default,  and after
         the  curing  or waiver of all such  Events  of  Default  which may have
         occurred, the duties and


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<PAGE>



         obligations  of the Trustee shall be  determined  solely by the express
         provisions  of this  Agreement,  the Trustee shall not be liable except
         for the performance of such duties and obligations as are  specifically
         set forth in this Agreement,  no implied covenants or obligations shall
         be read into this Agreement  against the Trustee and, in the absence of
         bad faith on the part of the  Trustee,  the  Trustee  may  conclusively
         rely,  as to the truth of the  statements  and the  correctness  of the
         opinions expressed therein, upon any certificates or opinions furnished
         to the Trustee by the Company or the Master Servicer and which on their
         face, do not contradict the requirements of this Agreement;

                  (ii) The Trustee shall not be  personally  liable for an error
         of judgment made in good faith by a Responsible  Officer or Responsible
         Officers of the Trustee, unless it shall be proved that the Trustee was
         negligent in ascertaining the pertinent facts;

                  (iii) The Trustee shall not be personally  liable with respect
         to any  action  taken,  suffered  or  omitted to be taken by it in good
         faith in  accordance  with the direction of  Certificateholders  of any
         Class holding Certificates which evidence, as to such Class, Percentage
         Interests  aggregating  not less  than 25% as to the time,  method  and
         place of  conducting  any  proceeding  for any remedy  available to the
         Trustee,  or exercising any trust or power  conferred upon the Trustee,
         under this Agreement;

                  (iv) The Trustee  shall not be charged  with  knowledge of any
         default  (other than a default in payment to the Trustee)  specified in
         clauses  (i) and (ii) of  Section  7.01 or an Event  of  Default  under
         clauses  (iii),  (iv) and (v) of  Section  7.01  unless  a  Responsible
         Officer of the Trustee  assigned to and working in the Corporate  Trust
         Office obtains actual knowledge of such failure or event or the Trustee
         receives written notice of such failure or event at its Corporate Trust
         Office from the Master Servicer,  the Company or any Certificateholder;
         and

                  (v)  Except  to  the  extent  provided  in  Section  7.02,  no
         provision in this Agreement shall require the Trustee to expend or risk
         its  own  funds  (including,  without  limitation,  the  making  of any
         Advance) or  otherwise  incur any personal  financial  liability in the
         performance  of any of  its  duties  as  Trustee  hereunder,  or in the
         exercise  of any of its rights or  powers,  if the  Trustee  shall have
         reasonable  grounds for believing  that  repayment of funds or adequate
         indemnity  against such risk or liability is not reasonably  assured to
         it.

         (d) The Trustee shall timely pay, from its own funds, the amount of any
and all federal, state and local taxes imposed on


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<PAGE>



the Trust Fund or its assets or transactions including,  without limitation, (A)
"prohibited  transaction"  penalty taxes as defined in Section 860F of the Code,
if, when and as the same shall be due and payable,  (B) any tax on contributions
to a REMIC after the Closing Date imposed by Section 860G(d) of the Code and (C)
any tax on "net income from foreclosure  property" as defined in Section 860G(c)
of the Code,  but only if such taxes arise out of a breach by the Trustee of its
obligations hereunder, which breach constitutes negligence or willful misconduct
of the Trustee.

         Section 8.02.              Certain Matters Affecting the Trustee.

         (a)      Except as otherwise provided in Section 8.01:

                  (i) The Trustee may rely and shall be  protected  in acting or
         refraining  from acting  upon any  resolution,  Officers'  Certificate,
         certificate   of   auditors  or  any  other   certificate,   statement,
         instrument,   opinion,   report,  notice,   request,   consent,  order,
         appraisal, bond or other paper or document believed by it to be genuine
         and to have been signed or presented by the proper party or parties;

                  (ii) The Trustee may consult  with  counsel and any Opinion of
         Counsel  shall be full and complete  authorization  and  protection  in
         respect of any action  taken or suffered or omitted by it  hereunder in
         good faith and in accordance with such Opinion of Counsel;

                  (iii) The Trustee shall be under no obligation to exercise any
         of the trusts or powers vested in it by this Agreement or to institute,
         conduct or defend any litigation hereunder or in relation hereto at the
         request, order or direction of any of the Certificateholders,  pursuant
         to the  provisions of this  Agreement,  unless such  Certificateholders
         shall have  offered to the Trustee  reasonable  security  or  indemnity
         against  the costs,  expenses  and  liabilities  which may be  incurred
         therein or thereby;  nothing contained herein shall,  however,  relieve
         the  Trustee  of the  obligation,  upon the  occurrence  of an Event of
         Default (which has not been cured),  to exercise such of the rights and
         powers  vested in it by this  Agreement,  and to use the same degree of
         care and skill in their  exercise as a prudent  investor would exercise
         or use under the  circumstances  in the conduct of such  investor's own
         affairs;

                  (iv) The Trustee shall not be personally liable for any action
         taken, suffered or omitted by it in good faith and believed by it to be
         authorized or within the discretion or rights or powers  conferred upon
         it by this Agreement;



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<PAGE>



                  (v) Prior to the  occurrence of an Event of Default  hereunder
         and after the curing of all Events of Default which may have  occurred,
         the Trustee shall not be bound to make any investigation into the facts
         or  matters   stated  in  any   resolution,   certificate,   statement,
         instrument, opinion, report, notice, request, consent, order, approval,
         bond or other paper or document,  unless  requested in writing so to do
         by Holders of Certificates of any Class  evidencing,  as to such Class,
         Percentage Interests, aggregating not less than 50%; provided, however,
         that if the  payment  within a  reasonable  time to the  Trustee of the
         costs,  expenses  or  liabilities  likely to be  incurred  by it in the
         making of such  investigation  is, in the opinion of the  Trustee,  not
         reasonably assured to the Trustee by the security afforded to it by the
         terms of this Agreement,  the Trustee may require reasonable  indemnity
         against such expense or liability as a condition to so proceeding.  The
         reasonable  expense  of  every  such  examination  shall be paid by the
         Master  Servicer,  if an Event of Default  shall have  occurred  and is
         continuing,  and  otherwise  by the  Certificateholder  requesting  the
         investigation;

                  (vi) The  Trustee  may  execute  any of the  trusts  or powers
         hereunder  or perform  any duties  hereunder  either  directly or by or
         through agents or attorneys; and

                  (vii)  To  the  extent  authorized  under  the  Code  and  the
         regulations   promulgated   thereunder,   each  Holder  of  a  Class  R
         Certificate hereby  irrevocably  appoints and authorizes the Trustee to
         be its  attorney-in-fact  for  purposes  of  signing  any  Tax  Returns
         required  to be filed on behalf of the Trust Fund.  The  Trustee  shall
         sign on behalf of the Trust Fund and deliver to the Master  Servicer in
         a timely manner any Tax Returns  prepared by or on behalf of the Master
         Servicer  that the  Trustee is required  to sign as  determined  by the
         Master  Servicer  pursuant to  applicable  federal,  state or local tax
         laws, provided that the Master Servicer shall indemnify the Trustee for
         signing any such Tax Returns that contain errors or omissions.

         (b) Following the issuance of the  Certificates,  the Trustee shall not
accept any  contribution  of assets to the Trust Fund unless (subject to Section
10.01(f)) it shall have obtained or been furnished with an Opinion of Counsel to
the effect that such  contribution  will not (i) cause the Trust Fund to fail to
qualify as a REMIC at any time that any  Certificates  are  outstanding  or (ii)
cause  the  Trust  Fund to be  subject  to any  federal  tax as a result of such
contribution  (including  the  imposition  of any  federal  tax  on  "prohibited
transactions" imposed under Section 860F(a) of the Code).



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<PAGE>



         Section 8.03.              Trustee Not Liable for Certificates or
                                    Mortgage Loans.

         The recitals  contained herein and in the Certificates  (other than the
execution of the  Certificates and relating to the acceptance and receipt of the
Mortgage  Loans) shall be taken as the  statements  of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness.  The  Trustee  makes  no  representations  as to  the  validity  or
sufficiency  of  this  Agreement  or  of  the  Certificates   (except  that  the
Certificates  shall be duly and  validly  executed  and  authenticated  by it as
Certificate  Registrar) or of any Mortgage Loan or related  document.  Except as
otherwise  provided herein,  the Trustee shall not be accountable for the use or
application by the Company or the Master Servicer of any of the  Certificates or
of the proceeds of such Certificates, or for the use or application of any funds
paid to the Company or the Master  Servicer in respect of the Mortgage  Loans or
deposited in or withdrawn from the Custodial Account or the Certificate  Account
by the Company or the Master Servicer.

         Section 8.04.              Trustee May Own Certificates.

         The  Trustee in its  individual  or any other  capacity  may become the
owner or pledgee of  Certificates  with the same rights it would have if it were
not Trustee.

         Section 8.05.              Master Servicer to Pay Trustee's Fees
                                    and Expenses; Indemnification.

         (a) The Master Servicer  covenants and agrees to pay to the Trustee and
any co-trustee  from time to time,  and the Trustee and any co-trustee  shall be
entitled  to,  reasonable  compensation  (which  shall  not  be  limited  by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services  rendered by each of them in the execution of the trusts hereby
created  and in the  exercise  and  performance  of any of the powers and duties
hereunder of the Trustee and any co-trustee, and the Master Servicer will pay or
reimburse  the  Trustee  and any  co-trustee  upon  request  for all  reasonable
expenses,  disbursements  and  advances  incurred  or made by the Trustee or any
co-trustee in accordance with any of the provisions of this Agreement (including
the reasonable  compensation  and the expenses and  disbursements of its counsel
and of all persons not regularly in its employ, and the expenses incurred by the
Trustee or any  co-trustee in connection  with the  appointment  of an office or
agency  pursuant  to Section  8.12)  except any such  expense,  disbursement  or
advance as may arise from its negligence or bad faith.

         (b) The Master  Servicer  agrees to  indemnify  the Trustee for, and to
hold the Trustee  harmless  against,  any loss,  liability  or expense  incurred
without negligence or willful


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<PAGE>



misconduct on its part,  arising out of, or in connection  with,  the acceptance
and  administration  of  the  Trust  Fund,  including  the  costs  and  expenses
(including  reasonable  legal fees and expenses) of defending itself against any
claim in  connection  with the exercise or  performance  of any of its powers or
duties under this Agreement and the Custodial Agreement, provided that:

                  (i) with  respect to any such claim,  the  Trustee  shall have
         given the Master  Servicer  written notice  thereof  promptly after the
         Trustee shall have actual knowledge thereof;

                  (ii)  while  maintaining  control  over its own  defense,  the
         Trustee shall  cooperate and consult fully with the Master  Servicer in
         preparing such defense; and

                  (iii)  notwithstanding  anything  in  this  Agreement  to  the
         contrary, the Master Servicer shall not be liable for settlement of any
         claim by the Trustee  entered  into  without  the prior  consent of the
         Master Servicer which consent shall not be unreasonably withheld.

No termination of this Agreement  shall affect the  obligations  created by this
Section  8.05(b) of the Master  Servicer  to  indemnify  the  Trustee  under the
conditions and to the extent set forth herein.

         Notwithstanding  the  foregoing,  the  indemnification  provided by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee,  including the costs and expenses of defending itself
against any claim,  incurred in connection with any actions taken by the Trustee
at the  direction  of the  Certificateholders  pursuant  to the  terms  of  this
Agreement.

         Section 8.06.              Eligibility Requirements for Trustee.

         The Trustee hereunder shall at all times be a corporation or a national
banking  association  having its principal office in a state and city acceptable
to the Company and organized and doing  business under the laws of such state or
the United States of America,  authorized under such laws to exercise  corporate
trust powers,  having a combined capital and surplus of at least $50,000,000 and
subject to supervision or  examination  by federal or state  authority.  If such
corporation or national banking  association  publishes  reports of condition at
least  annually,  pursuant  to  law  or to the  requirements  of  the  aforesaid
supervising  or examining  authority,  then for the purposes of this Section the
combined  capital  and  surplus  of such  corporation  shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so  published.  In case at any time the  Trustee  shall  cease to be eligible in
accordance with the provisions of this Section, the Trustee shall


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resign immediately in the manner and with the effect specified in
Section 8.07.

         Section 8.07.              Resignation and Removal of the Trustee.

         (a) The  Trustee  may at any time  resign  and be  discharged  from the
trusts hereby  created by giving  written  notice  thereof to the Company.  Upon
receiving  such notice of  resignation,  the Company  shall  promptly  appoint a
successor  trustee  by  written  instrument,  in  duplicate,  one  copy of which
instrument  shall be  delivered  to the  resigning  Trustee  and one copy to the
successor trustee. If no successor trustee shall have been so appointed and have
accepted  appointment  within  30  days  after  the  giving  of such  notice  of
resignation,   the  resigning  Trustee  may  petition  any  court  of  competent
jurisdiction for the appointment of a successor trustee.

         (b) If at any time the Trustee shall cease to be eligible in accordance
with the  provisions  of  Section  8.06 and shall fail to resign  after  written
request  therefor by the  Company,  or if at any time the Trustee  shall  become
incapable of acting, or shall be adjudged  bankrupt or insolvent,  or a receiver
of the Trustee or of its  property  shall be  appointed,  or any public  officer
shall take  charge or control of the  Trustee or of its  property or affairs for
the purpose of rehabilitation, conservation or liquidation, then the Company may
remove the Trustee and appoint a  successor  trustee by written  instrument,  in
duplicate,  one copy of which  instrument  shall be  delivered to the Trustee so
removed and one copy to the successor  trustee.  In addition,  in the event that
the Company determines that the Trustee has failed (i) to distribute or cause to
be distributed to the  Certificateholders  any amount required to be distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master  Servicer  or the  Company)  for  distribution  or (ii) to  otherwise
observe or perform in any material  respect any of its covenants,  agreements or
obligations  hereunder,  and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the date on which written  notice of such failure,  requiring  that
the same be remedied,  shall have been given to the Trustee by the Company, then
the Company  may remove the  Trustee and appoint a successor  trustee by written
instrument  delivered as provided in the preceding sentence.  In connection with
the appointment of a successor trustee pursuant to the preceding  sentence,  the
Company  shall,  on or  before  the date on which any such  appointment  becomes
effective,  obtain  from  each  Rating  Agency  written  confirmation  that  the
appointment  of any such  successor  trustee will not result in the reduction of
the  ratings  on any  class of the  Certificates  below  the  lesser of the then
current or original ratings on such Certificates.

         (c) The Holders of Certificates  entitled to at least 51% of the Voting
Rights may at any time remove the Trustee and appoint


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a successor trustee by written instrument or instruments, in triplicate,  signed
by such Holders or their attorneys-in-fact duly authorized,  one complete set of
which  instruments  shall be delivered  to the Company,  one complete set to the
Trustee so removed and one complete set to the successor so appointed.

         (d) Any  resignation  or removal of the  Trustee and  appointment  of a
successor trustee pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor trustee as provided in
Section 8.08.

         Section 8.08.              Successor Trustee.

         (a) Any successor  trustee  appointed as provided in Section 8.07 shall
execute,  acknowledge and deliver to the Company and to its predecessor  trustee
an  instrument   accepting  such  appointment   hereunder,   and  thereupon  the
resignation  or removal of the  predecessor  trustee shall become  effective and
such  successor  trustee  shall become  effective  and such  successor  trustee,
without any further act, deed or conveyance,  shall become fully vested with all
the rights,  powers, duties and obligations of its predecessor  hereunder,  with
the like  effect as if  originally  named as  trustee  herein.  The  predecessor
trustee shall deliver to the  successor  trustee all Mortgage  Files and related
documents and statements held by it hereunder  (other than any Mortgage Files at
the time held by a  Custodian,  which  shall  become the agent of any  successor
trustee  hereunder),  and the Company,  the Master  Servicer and the predecessor
trustee shall execute and deliver such  instruments  and do such other things as
may  reasonably be required for more fully and certainly  vesting and confirming
in the successor trustee all such rights, powers, duties and obligations.

         (b) No successor  trustee shall accept  appointment as provided in this
Section unless at the time of such  acceptance  such successor  trustee shall be
eligible under the provisions of Section 8.06.

         (c) Upon  acceptance of appointment by a successor  trustee as provided
in this Section, the Company shall mail notice of the succession of such trustee
hereunder  to all Holders of  Certificates  at their  addresses  as shown in the
Certificate  Register.  If the Company  fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee,  the successor trustee
shall cause such notice to be mailed at the expense of the Company.

         Section 8.09.              Merger or Consolidation of Trustee.

         Any corporation or national banking  association into which the Trustee
may be  merged  or  converted  or  with  which  it may  be  consolidated  or any
corporation or national banking association


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resulting  from any merger,  conversion  or  consolidation  to which the Trustee
shall be a party, or any corporation or national banking association  succeeding
to the business of the Trustee, shall be the successor of the Trustee hereunder,
provided such  corporation  or national  banking  association  shall be eligible
under the  provisions  of Section  8.06,  without the execution or filing of any
paper or any  further  act on the part of any of the  parties  hereto,  anything
herein to the  contrary  notwithstanding.  The Trustee  shall mail notice of any
such merger or consolidation to the Certificateholders at their address as shown
in the Certificate Register.

         Section 8.10.              Appointment of Co-Trustee or Separate
                                    Trustee.

         (a)  Notwithstanding  any other provisions hereof, at any time, for the
purpose of meeting any legal  requirements of any jurisdiction in which any part
of the Trust Fund or property securing the same may at the time be located,  the
Master  Servicer and the Trustee  acting  jointly shall have the power and shall
execute and deliver all  instruments to appoint one or more Persons  approved by
the Trustee to act as co-trustee or  co-trustees,  jointly with the Trustee,  or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or  Persons,  in such  capacity,  such title to the Trust
Fund, or any part thereof,  and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider  necessary  or  desirable.  If the Master  Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment.  No
co-trustee or separate trustee  hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders  of  Certificates  of  the  appointment  of  co-trustee(s)  or  separate
trustee(s) shall be required under Section 8.08 hereof.

         (b) In the case of any appointment of a co-trustee or separate  trustee
pursuant  to this  Section  8.10 all  rights,  powers,  duties  and  obligations
conferred  or imposed  upon the Trustee  shall be  conferred or imposed upon and
exercised or performed by the Trustee,  and such separate  trustee or co-trustee
jointly,  except to the extent that under any law of any  jurisdiction  in which
any particular act or acts are to be performed  (whether as Trustee hereunder or
as successor to the Master Servicer hereunder), the Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights,  powers,
duties and obligations  (including the holding of title to the Trust Fund or any
portion  thereof in any such  jurisdiction)  shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.


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         (c) Any notice,  request or other writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as  effectively  as if given to each of them.  Every  instrument  appointing any
separate  trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee,  upon its acceptance
of the trusts conferred,  shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided  therein,  subject to all the  provisions of this  Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording  protection to, the Trustee.  Every
such instrument shall be filed with the Trustee.

         (d) Any separate trustee or co-trustee may, at any time, constitute the
Trustee,  its agent or attorney-in-fact,  with full power and authority,  to the
extent not  prohibited  by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name.  If any separate  trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates,
properties,  rights,  remedies  and trusts shall vest in and be exercised by the
Trustee,  to the extent  permitted by law,  without the  appointment of a new or
successor trustee.

         Section 8.11.              Appointment of Custodians.

         The  Trustee  may,  with the  consent  of the Master  Servicer  and the
Company,  appoint one or more  Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee,  by entering  into a Custodial  Agreement.  Subject to
Article  VIII,  the Trustee  agrees to comply  with the terms of each  Custodial
Agreement and to enforce the terms and provisions  thereof against the Custodian
for the benefit of the Certificateholders.  Each Custodian shall be a depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any  Mortgage  File.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  11.01.  The
Trustee shall notify the  Certificateholders of the appointment of any Custodian
(other than the  Custodian  appointed as of the Closing  Date)  pursuant to this
Section 8.11.

         Section 8.12.              Appointment of Office or Agency.

         The Trustee  will  maintain an office or agency in the City of New York
where  Certificates may be surrendered for registration of transfer or exchange.
The Trustee initially  designates its offices located at Four Albany Street, New
York, New York, 10006, for the purpose of keeping the Certificate Register.  The
Trustee will maintain an office at the address stated in Section 11.05(c) hereof
where  notices and  demands to or upon the Trustee in respect of this  Agreement
may be served.


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<PAGE>



                                         ARTICLE IX

                                         TERMINATION

         Section 9.01.   Termination Upon Purchase by the Master
                         Servicer or the Company or Liquidation of All
                         Mortgage Loans.

         (a)  Subject  to  Section  9.02,   the   respective   obligations   and
responsibilities  of the Company,  the Master  Servicer and the Trustee  created
hereby in respect of the Certificates  (other than the obligation of the Trustee
to make certain payments after the Final Distribution Date to Certificateholders
and the  obligation of the Company to send certain  notices as  hereinafter  set
forth) shall  terminate upon the last action required to be taken by the Trustee
on the Final Distribution Date pursuant to this Article IX following the earlier
of:

                  (i) the later of the final  payment or other  liquidation  (or
         any Advance with respect  thereto) of the last Mortgage Loan  remaining
         in the Trust Fund or the  disposition  of all  property  acquired  upon
         foreclosure or deed in lieu of foreclosure of any Mortgage Loan, or

                  (ii) the purchase by the Master Servicer or the Company of all
         Mortgage  Loans and all  property  acquired in respect of any  Mortgage
         Loan remaining in the Trust Fund at a price equal to 100% of the unpaid
         principal  balance of each  Mortgage  Loan or, if less than such unpaid
         principal  balance,  the fair market  value of the  related  underlying
         property of such  Mortgage  Loan with  respect to Mortgage  Loans as to
         which title has been  acquired  if such fair market  value is less than
         such  unpaid  principal  balance  (net  of  any  unreimbursed  Advances
         attributable  to  principal)  on the  day of  repurchase  plus  accrued
         interest  thereon at the Net  Mortgage  Rate (or  Modified Net Mortgage
         Rate in the case of any Modified  Mortgage Loan) to, but not including,
         the  first  day  of  the  month  in  which  such  repurchase  price  is
         distributed,  provided,  however,  that in no  event  shall  the  trust
         created  hereby  continue  beyond the  expiration  of 21 years from the
         death of the last survivor of the descendants of Joseph P. Kennedy, the
         late ambassador of the United States to the Court of St. James,  living
         on the date hereof and provided  further  that the  purchase  price set
         forth above shall be increased as is  necessary,  as  determined by the
         Master  Servicer,  to avoid  disqualification  of the  Trust  Fund as a
         REMIC.

         The right of the Master  Servicer or the  Company to  purchase  all the
assets of the Trust Fund pursuant to clause (ii) above is  conditioned  upon the
Pool Stated Principal Balance as of the Final  Distribution Date being less than
ten percent of the Cutoff Date Principal  Balance of the Mortgage Loans. If such
right


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<PAGE>



is exercised by the Master Servicer, the Master Servicer shall be deemed to have
been  reimbursed for the full amount of any  unreimbursed  Advances  theretofore
made by it with respect to the Mortgage Loans. In addition,  the Master Servicer
or the Company,  as applicable,  shall provide to the Trustee the  certification
required  by Section  3.15 and the  Trustee and any  Custodian  shall,  promptly
following  payment of the purchase price,  release to the Master Servicer or the
Company,  as  applicable,  the Mortgage  Files  pertaining to the Mortgage Loans
being purchased.

         (b) The Master  Servicer or, in the case of a final  distribution  as a
result of the exercise by the Company of its right to purchase the assets of the
Trust  Fund,  the  Company  shall give the  Trustee not less than 60 days' prior
notice of the Distribution Date on which the Master Servicer or the Company,  as
applicable,   anticipates   that  the  final   distribution   will  be  made  to
Certificateholders  (whether as a result of the exercise by the Master  Servicer
or the  Company  of its  right to  purchase  the  assets  of the  Trust  Fund or
otherwise).  Notice  of  any  termination,   specifying  the  anticipated  Final
Distribution  Date (which shall be a date that would otherwise be a Distribution
Date) upon which the  Certificateholders may surrender their Certificates to the
Trustee  (if  so  required  by the  terms  hereof)  for  payment  of  the  final
distribution and cancellation, shall be given promptly by the Master Servicer or
the Company, as applicable (if it is exercising its right to purchase the assets
of the Trust  Fund),  or by the  Trustee  (in any  other  case) by letter to the
Certificateholders  mailed not earlier  than the 15th day and not later than the
25th day of the  month  next  preceding  the  month of such  final  distribution
specifying:

                  (i) the anticipated  Final  Distribution Date upon which final
         payment of the Certificates is anticipated to be made upon presentation
         and  surrender of  Certificates  at the office or agency of the Trustee
         therein designated,

                  (ii)              the amount of any such final payment, if
         known, and

                  (iii)  that  the  Record  Date  otherwise  applicable  to such
         Distribution  Date is not  applicable,  and in the case of the Class A,
         Class M and Class R  Certificates,  that payment will be made only upon
         presentation  and surrender of the Certificates at the office or agency
         of the Trustee therein specified.

If the Master  Servicer or the  Company,  as  applicable,  is  obligated to give
notice to  Certificateholders  as  aforesaid,  it shall give such  notice to the
Certificate Registrar at the time such notice is given to Certificateholders. In
the event such notice is given by the Master Servicer or the Company, the Master
Servicer or the Company, as applicable, shall deposit in the Certificate Account
before the Final Distribution Date in


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<PAGE>



immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund computed as above provided.

         (c) In the  case of the  Class  A,  Class  M,  Class B and the  Class R
Certificates,  upon  presentation  and  surrender  of  the  Certificates  by the
Certificateholders    thereof,    the   Trustee   shall    distribute   to   the
Certificateholders  (i) the amount otherwise  distributable on such Distribution
Date, if not in connection with the Master Servicer's or the Company's  election
to  repurchase,  or (ii) if the Master  Servicer  or the  Company  elected to so
repurchase,   an  amount  determined  as  follows:  (A)  with  respect  to  each
Certificate the outstanding  Certificate Principal Balance thereof, plus Accrued
Certificate  Interest for the related  Interest  Accrual  Period thereon and any
previously  unpaid  Accrued  Certificate  Interest,  subject to the priority set
forth in Section 4.02(a), and (B) with respect to the Class R Certificates,  any
excess of the amounts available for distribution (including the repurchase price
specified  in clause  (ii) of  subsection  (a) of this  Section)  over the total
amount distributed under the immediately preceding clause (A).

         (d) In the event that any Certificateholders  shall not surrender their
Certificates  for  final  payment  and  cancellation  on  or  before  the  Final
Distribution  Date (if so required by the terms  hereof),  the Trustee  shall on
such date cause all funds in the  Certificate  Account not  distributed in final
distribution to Certificateholders to be withdrawn therefrom and credited to the
remaining  Certificateholders  by  depositing  such funds in a  separate  escrow
account for the benefit of such  Certificateholders,  and the Master Servicer or
the Company,  as applicable (if it exercised its right to purchase the assets of
the Trust Fund),  or the Trustee (in any other case) shall give a second written
notice to the remaining  Certificateholders  to surrender their Certificates for
cancellation and receive the final distribution with respect thereto.  If within
six  months  after  the  second  notice  any  Certificate  shall  not have  been
surrendered  for  cancellation,  the  Trustee  shall take  appropriate  steps as
directed by the Master  Servicer or the Company,  as applicable,  to contact the
remaining  Certificateholders  concerning  surrender of their Certificates.  The
costs  and  expenses  of  maintaining  the  escrow  account  and  of  contacting
Certificateholders  shall be paid out of the assets  which  remain in the escrow
account.  If within nine months after the second notice any  Certificates  shall
not have been surrendered for cancellation,  the Trustee shall pay to the Master
Servicer or the Company, as applicable, all amounts distributable to the holders
thereof and the Master Servicer or the Company, as applicable,  shall thereafter
hold such amounts until distributed to such holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  or the  Company,  as  applicable,  as a result of such
Certificateholder's  failure to surrender its  Certificate(s)  for final payment
thereof in accordance with this Section 9.01.


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<PAGE>




         Section 9.02.              Additional Termination Requirements.

         (a) The Trust Fund shall be terminated in accordance with the following
additional  requirements,  unless (subject to Section  10.01(f)) the Trustee and
the Master  Servicer  have  received  an Opinion  of Counsel  (which  Opinion of
Counsel  shall not be an expense of the  Trustee) to the effect that the failure
of the Trust Fund to comply with the  requirements of this Section 9.02 will not
(i) result in the imposition on the Trust of taxes on "prohibited transactions,"
as described  in Section 860F of the Code,  or (ii) cause the Trust Fund to fail
to qualify as a REMIC at any time that any Certificate is outstanding:

                  (i) The Master Servicer shall  establish a 90-day  liquidation
         period for the Trust  Fund,  as the case may be, and  specify the first
         day of such period in a statement  attached to the Trust  Fund's  final
         Tax Return  pursuant  to Treasury  regulations  Section  1.860F-1.  The
         Master  Servicer  also  shall  satisfy  all  of the  requirements  of a
         qualified  liquidation  for the Trust Fund,  as the case may be,  under
         Section 860F of the Code and regulations thereunder;

                  (ii) The  Master  Servicer  shall  notify  the  Trustee at the
         commencement of such 90-day  liquidation period and, at or prior to the
         time of making of the final  payment on the  Certificates,  the Trustee
         shall sell or otherwise  dispose of all of the remaining  assets of the
         Trust Fund in accordance with the terms hereof; and

                  (iii) If the Master  Servicer or the Company is exercising its
         right to  purchase  the assets of the Trust Fund,  the Master  Servicer
         shall,  during  the  90-day  liquidation  period and at or prior to the
         Final Distribution  Date,  purchase all of the assets of the Trust Fund
         for cash; provided,  however, that in the event that a calendar quarter
         ends after the commencement of the 90-day  liquidation period but prior
         to the Final  Distribution  Date,  the Master  Servicer  or the Company
         shall not  purchase  any of the  assets of the Trust  Fund prior to the
         close of that calendar quarter.

         (b) Each Holder of a  Certificate  and the Trustee  hereby  irrevocably
approves  and appoints the Master  Servicer as its  attorney-in-fact  to adopt a
plan of complete liquidation for the Trust Fund at the expense of the Trust Fund
in accordance with the terms and conditions of this Agreement.


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<PAGE>



                                                     ARTICLE X

                                                 REMIC PROVISIONS

         Section 10.01.             REMIC Administration.

                  (a) The REMIC  Administrator  shall make an  election to treat
the Trust Fund as a REMIC under the Code and,  if  necessary,  under  applicable
state law. Such election will be made on Form 1066 or other appropriate  federal
tax or information  return (including Form 8811) or any appropriate state return
for the taxable  year ending on the last day of the  calendar  year in which the
Certificates  are issued.  For the purposes of the REMIC  election in respect of
the Trust  Fund,  each of the Class A (other  than the Class A-8  Certificates),
Class M and Class B Certificates and the Uncertificated  REMIC Regular Interests
shall be  designated  as the "regular  interests"  and the Class R  Certificates
shall be designated as the sole class of "residual  interests" in the REMIC. The
REMIC  Administrator  and the  Trustee  shall not  permit  the  creation  of any
"interests"  (within the meaning of Section 860G of the Code) in the REMIC other
than the Certificates and the Uncertificated REMIC Regular Interests.

                  (b) The Closing Date is hereby designated as the "startup day"
of the Trust Fund within the meaning of Section 860G(a)(9) of the Code.

                  (c) The REMIC  Administrator  shall hold a Class R Certificate
representing a 0.01%  Percentage  Interest of all Class R Certificates and shall
be  designated  as "the tax  matters  person"  with  respect to the REMIC in the
manner  provided under Treasury  regulations  section  1.860F-4(d) and temporary
Treasury  regulations  section  301.6231(a)(7)-1T.  Residential  Funding, as tax
matters  person,  shall (i) act on behalf  of the REMIC in  relation  to any tax
matter or controversy involving the Trust Fund and (ii) represent the Trust Fund
in any administrative or judicial proceeding relating to an examination or audit
by any governmental  taxing authority with respect thereto.  The legal expenses,
including without  limitation  attorneys' or accountants' fees, and costs of any
such proceeding and any liability  resulting  therefrom shall be expenses of the
Trust  Fund and the  REMIC  Administrator  shall be  entitled  to  reimbursement
therefor out of amounts  attributable  to the  Mortgage  Loans on deposit in the
Custodial  Account as provided by Section  3.10 unless such legal  expenses  and
costs are incurred by reason of the REMIC  Administrator's  willful misfeasance,
bad faith or gross  negligence.  If the  REMIC  Administrator  is no longer  the
Master Servicer  hereunder,  at its option the REMIC  Administrator may continue
its duties as REMIC Administrator and shall be paid reasonable  compensation not
to exceed  $3,000 per year by any  successor  Master  Servicer  hereunder for so
acting as the REMIC Administrator.



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                  (d) The  REMIC  Administrator  shall  prepare  or  cause to be
prepared all of the Tax Returns that it determines  are required with respect to
the REMIC  created  hereunder and deliver such Tax Returns in a timely manner to
the  Trustee  and the  Trustee  shall sign and file such Tax Returns in a timely
manner.  The  expenses of  preparing  such  returns  shall be borne by the REMIC
Administrator   without  any  right  of   reimbursement   therefor.   The  REMIC
Administrator  agrees to indemnify and hold harmless the Trustee with respect to
any tax or  liability  arising  from the  Trustee's  signing of Tax Returns that
contain  errors or omissions.  The Trustee and Master  Servicer  shall  promptly
provide the REMIC Administrator with such information as the REMIC Administrator
may  from  time  to  time   request  for  the  purpose  of  enabling  the  REMIC
Administrator to prepare Tax Returns.

                  (e)  The  REMIC   Administrator   shall  provide  (i)  to  any
Transferor of a Class R  Certificate  such  information  as is necessary for the
application  of any tax relating to the transfer of a Class R Certificate to any
Person who is not a  Permitted  Transferee,  (ii) to the Trustee and the Trustee
shall  forward  to the  Certificateholders  such  information  or reports as are
required  by the Code or the REMIC  Provisions  including  reports  relating  to
interest,  original  issue  discount and market  discount or premium  (using the
Prepayment  Assumption)  and (iii) to the  Internal  Revenue  Service  the name,
title,  address  and  telephone  number  of the  person  who  will  serve as the
representative of each of the REMIC.

                  (f) The Master Servicer and the REMIC Administrator shall take
such actions and shall cause the REMIC created hereunder to take such actions as
are reasonably within the Master Servicer's or the REMIC Administrator's control
and the scope of its  duties  more  specifically  set  forth  herein as shall be
necessary or desirable to maintain the status thereof as a REMIC under the REMIC
Provisions  (and the  Trustee  shall  assist the Master  Servicer  and the REMIC
Administrator, to the extent reasonably requested by the Master Servicer and the
REMIC  Administrator to do so). The Master Servicer and the REMIC  Administrator
shall not knowingly or  intentionally  take any action,  cause the Trust Fund to
take any  action  or fail to take (or fail to  cause  to be  taken)  any  action
reasonably within their respective control that, under the REMIC Provisions,  if
taken or not taken,  as the case may be,  could (i)  endanger  the status of the
REMIC as a REMIC  or (ii)  result  in the  imposition  of a tax  upon the  REMIC
(including but not limited to the tax on prohibited  transactions  as defined in
Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set forth
in Section 860G(d) of the Code) (either such event, in the absence of an Opinion
of Counsel or the  indemnification  referred  to in this  sentence,  an "Adverse
REMIC  Event")  unless  the  Master  Servicer  or the  REMIC  Administrator,  as
applicable,  has  received  an Opinion of Counsel  (at the  expense of the party
seeking to take such action or, if such party fails to pay such expense, and the


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Master  Servicer or the REMIC  Administrator,  as  applicable,  determines  that
taking  such  action  is in  the  best  interest  of  the  Trust  Fund  and  the
Certificateholders,  at the  expense of the Trust  Fund,  but in no event at the
expense of the Master Servicer,  the REMIC  Administrator or the Trustee) to the
effect that the contemplated  action will not, with respect to the REMIC created
hereunder,  endanger  such  status or,  unless the  Master  Servicer,  the REMIC
Administrator or both, as applicable,  determine in its or their sole discretion
to indemnify the Trust Fund against the imposition of such a tax,  result in the
imposition of such a tax.  Wherever in this Agreement a contemplated  action may
not be taken because the timing of such action might result in the imposition of
a tax on the Trust Fund, or may only be taken  pursuant to an Opinion of Counsel
that such  action  would not  impose a tax on the Trust  Fund,  such  action may
nonetheless be taken provided that the indemnity given in the preceding sentence
with respect to any taxes that might be imposed on the Trust Fund has been given
and  that all  other  preconditions  to the  taking  of such  action  have  been
satisfied. The Trustee shall not take or fail to take any action (whether or not
authorized   hereunder)   as  to  which  the  Master   Servicer   or  the  REMIC
Administrator,  as applicable, has advised it in writing that it has received an
Opinion of Counsel to the effect  that an Adverse  REMIC  Event could occur with
respect to such action. In addition,  prior to taking any action with respect to
the REMIC or its assets,  or causing the REMIC to take any action,  which is not
expressly permitted under the terms of this Agreement,  the Trustee will consult
with the Master  Servicer  or the REMIC  Administrator,  as  applicable,  or its
designee, in writing, with respect to whether such action could cause an Adverse
REMIC Event to occur with respect to the REMIC,  and the Trustee  shall not take
any such  action  or cause  the  REMIC to take any such  action  as to which the
Master  Servicer or the REMIC  Administrator,  as applicable,  has advised it in
writing  that an Adverse  REMIC Event could  occur.  The Master  Servicer or the
REMIC  Administrator,  as  applicable,  may  consult  with  counsel to make such
written advice, and the cost of same shall be borne by the party seeking to take
the action not  expressly  permitted by this  Agreement,  but in no event at the
expense of the Master Servicer or the REMIC  Administrator.  At all times as may
be  required  by the Code,  the Master  Servicer  will to the extent  within its
control and the scope of its duties more specifically set forth herein, maintain
substantially all of the assets of the REMIC as "qualified mortgages" as defined
in Section  860G(a)(3)  of the Code and  "permitted  investments"  as defined in
Section 860G(a)(5) of the Code.

                  (g) In the  event  that  any  tax is  imposed  on  "prohibited
transactions" of the REMIC created hereunder as defined in Section 860F(a)(2) of
the Code, on "net income from  foreclosure  property" of the REMIC as defined in
Section 860G(c) of the Code, on any contributions to the REMIC after the Startup
Day therefor pursuant to Section 860G(d) of the Code, or any


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other tax is imposed by the Code or any applicable  provisions of state or local
tax laws,  such tax shall be  charged  (i) to the Master  Servicer,  if such tax
arises out of or  results  from a breach by the  Master  Servicer  of any of its
obligations  under  this  Agreement  or the  Master  Servicer  has  in its  sole
discretion  determined to indemnify the Trust Fund against such tax, (ii) to the
Trustee,  if such tax arises out of or results  from a breach by the  Trustee of
any of its obligations  under this Article X, or (iii) otherwise against amounts
on  deposit in the  Custodial  Account as  provided  by Section  3.10 and on the
Distribution  Date(s)  following such  reimbursement the aggregate of such taxes
shall be  allocated in  reduction  of the Accrued  Certificate  Interest on each
Class  entitled  thereto  in the same  manner  as if such  taxes  constituted  a
Prepayment Interest Shortfall.

                  (h) The Trustee  and the Master  Servicer  shall,  for federal
income tax purposes,  maintain  books and records with respect to the REMIC on a
calendar  year and on an accrual  basis or as  otherwise  may be required by the
REMIC Provisions.

                  (i) Following the Startup Day, neither the Master Servicer nor
the  Trustee  shall  accept  any  contributions  of assets  to the REMIC  unless
(subject to Section  10.01(f))  the Master  Servicer and the Trustee  shall have
received an Opinion of Counsel (at the expense of the party seeking to make such
contribution)  to the effect that the inclusion of such assets in the REMIC will
not  cause  the  REMIC  to fail to  qualify  as a REMIC  at any  time  that  any
Certificates  are  outstanding  or subject  the REMIC to any tax under the REMIC
Provisions or other  applicable  provisions  of federal,  state and local law or
ordinances.

                  (j) Neither the Master Servicer nor the Trustee shall (subject
to Section  10.01(f)) enter into any arrangement by which the REMIC will receive
a fee or other  compensation  for  services  nor permit the REMIC to receive any
income  from  assets  other  than  "qualified  mortgages"  as defined in Section
860G(a)(3)  of the  Code  or  "permitted  investments"  as  defined  in  Section
860G(a)(5) of the Code.

                  (k) Solely for the purposes of Section 1.860G- 1(a)(4)(iii) of
the  Treasury  Regulations,  the "latest  possible  maturity  date" by which the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Class A-8  Certificates)  representing a regular  interest in the REMIC would be
reduced to zero is November 25, 2027, which is the Distribution Date immediately
following  the  latest  scheduled  maturity  of any  Mortgage  Loan.  The latest
possible  Maturity  Date for  each  Uncertificated  REMIC  Regular  Interest  is
November 25, 2027,  which is the  Distribution  Date  immediately  following the
latest scheduled maturity date of any Mortgage Loan.

                  (l)  Within  30  days  after  the  Closing  Date,   the  REMIC
Administrator shall prepare and file with the Internal Revenue


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Service Form 8811, "Information Return for Real Estate Mortgage
Investment Conduits (REMIC) and Issuers of Collateralized Debt
Obligations" for the REMIC.

                  (m) Neither the  Trustee nor the Master  Servicer  shall sell,
dispose of or  substitute  for any of the Mortgage  Loans  (except in connection
with (i) the  default,  imminent  default or  foreclosure  of a  Mortgage  Loan,
including but not limited to, the  acquisition  or sale of a Mortgaged  Property
acquired by deed in lieu of foreclosure, (ii) the bankruptcy of the REMIC, (iii)
the  termination of the REMIC pursuant to Article IX of this Agreement or (iv) a
purchase of Mortgage Loans pursuant to Article II or III of this  Agreement) nor
acquire any assets for the REMIC,  nor sell or dispose of any investments in the
Custodial   Account  or  the  Certificate   Account  for  gain  nor  accept  any
contributions  to the REMIC  after the Closing  Date  unless it has  received an
Opinion of Counsel that such sale, disposition, substitution or acquisition will
not (a)  affect  adversely  the status of the REMIC as a REMIC or (b) unless the
Master  Servicer has  determined  in its sole  discretion to indemnify the Trust
Fund  against  such tax,  cause the REMIC to be subject to a tax on  "prohibited
transactions" or "contributions" pursuant to the REMIC Provisions.

         Section 10.02.             Master Servicer, REMIC Administrator and
                                    Trustee Indemnification.

                  (a) The  Trustee  agrees  to  indemnify  the Trust  Fund,  the
Company, the REMIC Administrator and the Master Servicer for any taxes and costs
including,  without  limitation,  any  reasonable  attorneys  fees imposed on or
incurred by the Trust Fund, the Company or the Master Servicer, as a result of a
breach of the Trustee's covenants set forth in Article VIII or this Article X.

                  (b) The  REMIC  Administrator  agrees to  indemnify  the Trust
Fund, the Company,  the Master  Servicer and the Trustee for any taxes and costs
(including,  without limitation,  any reasonable  attorneys' fees) imposed on or
incurred by the Trust Fund, the Company,  the Master Servicer or the Trustee, as
a result of a breach of the REMIC  Administrator's  covenants  set forth in this
Article X and with respect to compliance  with the REMIC  Provisions,  including
without  limitation,  any penalties arising from the Trustee's  execution of Tax
Returns  prepared by the REMIC  Administrator  that contain errors or omissions;
provided,  however,  that such  liability will not be imposed to the extent such
breach is a result of an error or omission in information  provided to the REMIC
Administrator by the Master Servicer in which case Section 10.02(c) will apply.

                  (c) The Master  Servicer  agrees to indemnify  the Trust Fund,
the  Company,  the REMIC  Administrator  and the Trustee for any taxes and costs
(including,  without limitation,  any reasonable  attorneys' fees) imposed on or
incurred by the Trust


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<PAGE>



Fund,  the Company,  the REMIC  Administrator  or the Trustee,  as a result of a
breach of the  Master  Servicer's  covenants  set forth in this  Article X or in
Article III with  respect to  compliance  with the REMIC  Provisions,  including
without  limitation,  any penalties arising from the Trustee's  execution of Tax
Returns prepared by the Master Servicer that contain errors or omissions.


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<PAGE>



                                                    ARTICLE XI

                                             MISCELLANEOUS PROVISIONS

         Section 11.01.             Amendment.

         (a) This Agreement or any Custodial  Agreement may be amended from time
to time by the Company, the Master Servicer and the Trustee, without the consent
of any of the Certificateholders:

                  (i)               to cure any ambiguity,

                  (ii)  to  correct  or  supplement  any  provisions  herein  or
         therein,  which may be inconsistent with any other provisions herein or
         therein or to correct any error,

                  (iii) to modify,  eliminate or add to any of its provisions to
         such  extent  as  shall be  necessary  or  desirable  to  maintain  the
         qualification  of the  Trust  Fund as a REMIC  at all  times  that  any
         Certificate  is  outstanding  or to avoid or  minimize  the risk of the
         imposition of any tax on the Trust Fund pursuant to the Code that would
         be a claim  against  the Trust  Fund,  provided  that the  Trustee  has
         received  an Opinion of Counsel to the effect  that (A) such  action is
         necessary or desirable to maintain  such  qualification  or to avoid or
         minimize the risk of the imposition of any such tax and (B) such action
         will not adversely  affect in any material respect the interests of any
         Certificateholder,

                  (iv) to change the timing  and/or  nature of deposits into the
         Custodial  Account or the Certificate  Account or to change the name in
         which  the  Custodial  Account  is  maintained,  provided  that (A) the
         Certificate  Account  Deposit  Date shall in no event be later than the
         related  Distribution  Date, (B) such change shall not, as evidenced by
         an Opinion of Counsel,  adversely  affect in any  material  respect the
         interests of any Certificateholder and (C) such change shall not result
         in a  reduction  of the rating  assigned  to any Class of  Certificates
         below the lower of the  then-current  rating or the rating  assigned to
         such Certificates as of the Closing Date, as evidenced by a letter from
         each Rating Agency to such effect,

                  (v) to modify,  eliminate or add to the  provisions of Section
         5.02(f) or any other provision hereof restricting transfer of the Class
         R  Certificates,  by virtue of their being the "residual  interests" in
         the REMIC, respectively, provided that (A) such change shall not result
         in reduction of the rating  assigned to any such Class of  Certificates
         below the lower of the  then-current  rating or the rating  assigned to
         such Certificates as of the Closing Date, as


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<PAGE>



         evidenced by a letter from each Rating  Agency to such effect,  and (B)
         such change shall not (subject to Section 10.01(f)), as evidenced by an
         Opinion of Counsel (at the  expense of the party  seeking so to modify,
         eliminate or add such  provisions),  cause the Trust Fund or any of the
         Certificateholders  (other  than the  transferor)  to be  subject  to a
         federal  tax caused by a transfer  to a Person  that is not a Permitted
         Transferee, or

                  (vi) to make any other  provisions  with respect to matters or
         questions  arising  under this  Agreement or such  Custodial  Agreement
         which shall not be materially  inconsistent with the provisions of this
         Agreement,  provided  that such action  shall not, as  evidenced  by an
         Opinion  of  Counsel,  adversely  affect in any  material  respect  the
         interests of any Certificateholder.

         (b) This Agreement or any Custodial  Agreement may also be amended from
time to time by the  Company,  the  Master  Servicer  and the  Trustee  with the
consent of the Holders of Certificates evidencing in the aggregate not less than
66% of the Percentage  Interests of each Class of Certificates  affected thereby
for the  purpose  of adding  any  provisions  to or  changing  in any  manner or
eliminating any of the provisions of this Agreement or such Custodial  Agreement
or of modifying in any manner the rights of the Holders of  Certificates of such
Class; provided, however, that no such amendment shall:

                  (i)  reduce in any  manner  the amount of, or delay the timing
         of,  payments which are required to be  distributed on any  Certificate
         without the consent of the Holder of such Certificate,

                  (ii) reduce the aforesaid  percentage of  Certificates  of any
         Class  the  Holders  of  which  are  required  to  consent  to any such
         amendment,  in any such case  without the consent of the Holders of all
         Certificates of such Class then outstanding.

         (c)  Notwithstanding  any  contrary  provision of this  Agreement,  the
Trustee  shall not consent to any  amendment to this  Agreement  unless it shall
have first  received an Opinion of Counsel  (subject to Section  10.01(f) and at
the  expense  of the party  seeking  such  amendment)  to the  effect  that such
amendment  or the  exercise  of any power  granted to the Master  Servicer,  the
Company or the Trustee in accordance  with such amendment will not result in the
imposition of a federal tax on the Trust Fund or cause the Trust Fund to fail to
qualify as a REMIC at any time that any Certificate is outstanding.

         (d)  Promptly  after the  execution of any such  amendment  the Trustee
shall furnish  written  notification  of the substance of such amendment to each
Certificateholder. It shall not be


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<PAGE>



necessary  for the consent of  Certificateholders  under this  Section  11.01 to
approve  the  particular  form  of  any  proposed  amendment,  but it  shall  be
sufficient if such consent shall  approve the substance  thereof.  The manner of
obtaining  such consents and of evidencing  the  authorization  of the execution
thereof by Certificateholders shall be subject to such reasonable regulations as
the Trustee may prescribe.

         (e) The  Company  shall have the  option,  in its sole  discretion,  to
obtain and deliver to the Trustee any corporate  guaranty,  payment  obligation,
irrevocable  letter  of  credit,   surety  bond,  insurance  policy  or  similar
instrument or a reserve  fund,  or any  combination  of the  foregoing,  for the
purpose of protecting the Holders of the Class B Certificates against any or all
Realized Losses or other  shortfalls.  Any such instrument or fund shall be held
by the Trustee for the benefit of the Class B Certificateholders,  but shall not
be and shall not be deemed to be under any  circumstances  included in the Trust
Fund. To the extent that any such instrument or fund  constitutes a reserve fund
for federal income tax purposes, (i) any reserve fund so established shall be an
outside  reserve fund and not an asset of the Trust Fund,  (ii) any such reserve
fund shall be owned by the Company,  and (iii) amounts  transferred by the Trust
Fund to any such  reserve  fund shall be treated as amounts  distributed  by the
Trust Fund to the Company or any  successor,  all within the meaning of Treasury
Regulations  Section  1.860G-2(h)  as  it  reads  as of  the  Cut-off  Date.  In
connection with the provision of any such instrument or fund, this Agreement and
any provision hereof may be modified,  added to, deleted or otherwise amended in
any manner  that is  related or  incidental  to such  instrument  or fund or the
establishment or  administration  thereof,  such amendment to be made by written
instrument  executed or  consented  to by the Company but without the consent of
any  Certificateholder  and without  the  consent of the Master  Servicer or the
Trustee being  required  unless any such  amendment  would impose any additional
obligation  on, or  otherwise  adversely  affect  the  interests  of the Class A
Certificateholders,    the   Class   R    Certificateholders,    the   Class   M
Certificateholders,  the Master Servicer or the Trustee, as applicable; provided
that the Company  obtains  (subject to Section  10.01(f))  an Opinion of Counsel
(which  need not be an opinion of  Independent  counsel)  to the effect that any
such  amendment  will not cause (a) any  federal  tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code and (b) the Trust Fund to
fail to qualify as a REMIC at any time that any Certificate is  outstanding.  In
the event that the  Company  elects to provide  such  coverage  in the form of a
limited guaranty provided by General Motors Acceptance Corporation,  the Company
may  elect  that  the  text  of  such  amendment  to  this  Agreement  shall  be
substantially  in  the  form  attached  hereto  as  Exhibit  M  (in  which  case
Residential  Funding's  Subordinate  Certificate Loss Obligation as described in
such


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<PAGE>



exhibit shall be established by Residential Funding's consent to such amendment)
and that the limited  guaranty shall be executed in the form attached  hereto as
Exhibit N, with such  changes as the Company  shall deem to be  appropriate;  it
being  understood that the Trustee has reviewed and approved the content of such
forms and that the  Trustee's  consent  or  approval  to the use  thereof is not
required.

         Section 11.02.             Recordation of Agreement; Counterparts.

         (a) To the extent  permitted  by  applicable  law,  this  Agreement  is
subject to  recordation  in all  appropriate  public  offices for real  property
records in all the counties or other  comparable  jurisdictions  in which any or
all of the  properties  subject to the Mortgages are situated,  and in any other
appropriate  public  recording  office  or  elsewhere,  such  recordation  to be
effected by the Master  Servicer  and at its expense on direction by the Trustee
(pursuant to the request of Holders of Certificates  entitled to at least 25% of
the Voting Rights), but only upon direction accompanied by an Opinion of Counsel
to the effect that such  recordation  materially  and  beneficially  affects the
interests of the Certificateholders.

         (b) For the purpose of  facilitating  the recordation of this Agreement
as herein  provided  and for other  purposes,  this  Agreement  may be  executed
simultaneously in any number of counterparts,  each of which  counterparts shall
be deemed to be an original,  and such counterparts shall constitute but one and
the same instrument.

         Section 11.03.             Limitation on Rights of Certificateholders.

         (a) The death or incapacity of any Certificateholder  shall not operate
to   terminate   this   Agreement   or  the  Trust  Fund,   nor   entitle   such
Certificateholder's  legal representatives or heirs to claim an accounting or to
take any action or  proceeding in any court for a partition or winding up of the
Trust Fund, nor otherwise affect the rights,  obligations and liabilities of any
of the parties hereto.

         (b) No  Certificateholder  shall  have  any  right to vote  (except  as
expressly  provided herein) or in any manner otherwise control the operation and
management  of the Trust Fund, or the  obligations  of the parties  hereto,  nor
shall anything herein set forth, or contained in the terms of the  Certificates,
be construed so as to  constitute  the  Certificateholders  from time to time as
partners or members of an association;  nor shall any Certificateholder be under
any  liability  to any third person by reason of any action taken by the parties
to this Agreement pursuant to any provision hereof.

         (c)  No  Certificateholder  shall  have  any  right  by  virtue  of any
provision of this Agreement to institute any suit, action or


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<PAGE>



proceeding in equity or at law upon or under or with respect to this  Agreement,
unless such Holder  previously  shall have given to the Trustee a written notice
of default and of the continuance thereof, as hereinbefore  provided, and unless
also the Holders of  Certificates  of any Class  evidencing in the aggregate not
less than 25% of the related Percentage Interests of such Class, shall have made
written request upon the Trustee to institute such action, suit or proceeding in
its own name as Trustee  hereunder  and shall have  offered to the Trustee  such
reasonable  indemnity  as  it  may  require  against  the  costs,  expenses  and
liabilities  to be incurred  therein or thereby,  and the  Trustee,  for 60 days
after its receipt of such  notice,  request and offer of  indemnity,  shall have
neglected or refused to institute  any such action,  suit or proceeding it being
understood   and   intended,    and   being   expressly   covenanted   by   each
Certificateholder  with every other  Certificateholder  and the Trustee, that no
one or more  Holders of  Certificates  of any Class  shall have any right in any
manner whatever by virtue of any provision of this Agreement to affect,  disturb
or prejudice the rights of the Holders of any other of such Certificates of such
Class or any  other  Class,  or to obtain  or seek to  obtain  priority  over or
preference  to any  other  such  Holder,  or to  enforce  any right  under  this
Agreement,  except in the manner herein  provided and for the common  benefit of
Certificateholders  of such  Class or all  Classes,  as the case may be. For the
protection and  enforcement  of the  provisions of this Section 11.03,  each and
every  Certificateholder and the Trustee shall be entitled to such relief as can
be given either at law or in equity.

         Section 11.04.             Governing Law.

         This agreement and the Certificates  shall be governed by and construed
in accordance with the laws of the State of New York and the obligations, rights
and remedies of the parties  hereunder  shall be determined  in accordance  with
such laws.

         Section 11.05.             Notices.

         All  demands  and  notices  hereunder  shall be in writing and shall be
deemed  to have  been  duly  given  if  personally  delivered  at or  mailed  by
registered mail,  postage prepaid (except for notices to the Trustee which shall
be deemed to have been duly given only when received), to (a) in the case of the
Company,  8400  Normandale  Lake Boulevard,  Suite 600,  Minneapolis,  Minnesota
55437, Attention: President, or such other address as may hereafter be furnished
to the Master  Servicer  and the Trustee in writing by the  Company,  (b) in the
case of the Master  Servicer,  10 Universal  City Plaza,  Suite 2100,  Universal
City,  California 91608,  Attention:  Ms. Becker or such other address as may be
hereafter  furnished  to the Company  and the Trustee by the Master  Servicer in
writing,  (c) in the case of the Trustee,  Corporate Trust Services Division,  3
Park Plaza,  Irvine,  California 92714,  Attention:  Residential Accredit Loans,
Inc. Series 1997-QS12 or


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<PAGE>



such other  address as may  hereafter be furnished to the Company and the Master
Servicer in writing by the Trustee,  (d) in the case of Fitch,  One State Street
Plaza,  New York,  New York 10004,  or such other  address as may  hereafter  be
furnished  to the  Company,  the Trustee  and the Master  Servicer in writing by
Fitch and (e) in the case of Standard & Poor's, 26 Broadway,  New York, New York
10004 or such  other  address  as may be  hereafter  furnished  to the  Company,
Trustee  and Master  Servicer  by  Standard & Poor's.  Any  notice  required  or
permitted  to be mailed  to a  Certificateholder  shall be given by first  class
mail, postage prepaid, at the address of such holder as shown in the Certificate
Register.  Any notice so mailed  within the time  prescribed  in this  Agreement
shall be  conclusively  presumed  to have been duly  given,  whether  or not the
Certificateholder receives such notice.

         Section 11.06.             Notices to Rating Agency.

         The Company,  the Master Servicer or the Trustee, as applicable,  shall
notify each Rating  Agency and the  Subservicer  at such time as it is otherwise
required  pursuant to this Agreement to give notice of the occurrence of, any of
the events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or
provide a copy to each Rating  Agency at such time as  otherwise  required to be
delivered  pursuant to this  Agreement  of any of the  statements  described  in
clauses (e) and (f) below:

                  (a)      a material change or amendment to this Agreement,

                  (b)      the occurrence of an Event of Default,

                  (c) the  termination  or  appointment  of a  successor  Master
         Servicer  or  Trustee  or a change  in the  majority  ownership  of the
         Trustee,

                  (d) the  filing  of any  claim  under  the  Master  Servicer's
         blanket  fidelity  bond and the errors and omissions  insurance  policy
         required  by  Section  3.12  or the  cancellation  or  modification  of
         coverage under any such instrument,

                  (e)      the statement required to be delivered to the
         Holders of each Class of Certificates pursuant to Section
         4.03,

                  (f)      the statements required to be delivered pursuant
         to Sections 3.18 and 3.19,

                  (g)      a change in the location of the Custodial Account
         or the Certificate Account,

                  (h) the  occurrence of any monthly cash flow  shortfall to the
         Holders of any Class of Certificates resulting from


NY1-242818.4
                                                        146

<PAGE>



         the failure by the Master Servicer to make an Advance
         pursuant to Section 4.04,

                  (i)      the occurrence of the Final Distribution Date, and

                  (j)      the repurchase of or substitution for any Mortgage
         Loan,

provided,  however,  that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above,  the Master  Servicer  shall provide
prompt  written  notice to each Rating  Agency and the  Subservicer  of any such
event known to the Master Servicer.

         Section 11.07.             Severability of Provisions.

         If any one or more of the covenants, agreements, provisions or terms of
this  Agreement  shall be for any  reason  whatsoever  held  invalid,  then such
covenants,  agreements,  provisions or terms shall be deemed  severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or  enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

         Section 11.08.             Supplemental Provisions
                                    for Resecuritization.

         This  Agreement  may be  supplemented  by  means of the  addition  of a
separate  Article  hereto  (a   "Supplemental   Article")  for  the  purpose  of
resecuritizing  any of the Certificates  issued  hereunder,  under the following
circumstances.  With  respect  to any Class or Classes  of  Certificates  issued
hereunder,  or any portion of any such Class,  as to which the Company or any of
its  Affiliates  (or  any  designee  thereof)  is  the  registered  Holder  (the
"Resecuritized  Certificates"),  the  Company  may  deposit  such  Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial  arrangement (a
"Restructuring  Vehicle") to be held by the Trustee  pursuant to a  Supplemental
Article.  The instrument adopting such Supplemental Article shall be executed by
the Company,  the Master  Servicer and the Trustee;  provided,  that neither the
Master  Servicer nor the Trustee shall withhold  their consent  thereto if their
respective  interests would not be materially adversely affected thereby. To the
extent that the terms of the  Supplemental  Article do not in any way affect any
provisions  of this  Agreement as to any of the  Certificates  initially  issued
hereunder,  the adoption of the  Supplemental  Article  shall not  constitute an
"amendment" of this Agreement.

         Each  Supplemental  Article  shall set forth all  necessary  provisions
relating to the holding of the  Resecuritized  Certificates by the Trustee,  the
establishment of the  Restructuring  Vehicle,  the issuing of various classes of
new


NY1-242818.4
                                                        147

<PAGE>



certificates  by the  Restructuring  Vehicle  and the  distributions  to be made
thereon,  and any  other  provisions  necessary  for the  purposes  thereof.  In
connection  with each  Supplemental  Article,  the Company  shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the  Restructuring  Vehicle
will  qualify as a REMIC,  grantor  trust,  FASIT or other entity not subject to
taxation  for  federal  income  tax  purposes  and  (ii)  the  adoption  of  the
Supplemental  Article  will not endanger the status of the Trust Fund as a REMIC
or  (subject to Section  10.01(f))  result in the  imposition  of a tax upon the
Trust Fund  (including but not limited to the tax on prohibited  transactions as
defined  in Section  860F(a)(2)  of the Code and the tax on  contributions  to a
REMIC as set forth in Section 860G(d) of the Code).



NY1-242818.4
                                                        148

<PAGE>



         IN WITNESS  WHEREOF,  the Company,  the Master Servicer and the Trustee
have  caused  their  names to be  signed  hereto  by their  respective  officers
thereunto  duly  authorized and their  respective  seals,  duly attested,  to be
hereunto affixed, all as of the day and year first above written.

                                RESIDENTIAL ACCREDIT LOANS, INC.

[Seal]
                                By: /s/Randy Van Zee
                                      Name:   Randy Van Zee
                                      Title:  Vice President

Attest:/s/Timothy A. Kruse
    Name:  Timothy A. Kruse
    Title: Vice President


                         RESIDENTIAL FUNDING CORPORATION

[Seal]
                             By:/s/Timothy A. Kruse
                                 Name:   Timothy A. Kruse
                                Title: Associate


Attest:/s/Randy Van Zee
    Name:   Randy Van Zee
    Title:  Director


                             BANKERS TRUST COMPANY,
                                                     as Trustee

[Seal]
                              By:/s/Stephen Hessler
                              Name: Stephen Hessler
                               Title:  Assistant Vice President

Attest:/s/David Arnold
     Name:  David Arnold
     Title: Assistant Secretary



NY1-242818.4

<PAGE>



STATE OF MINNESOTA                    )
                                      ) ss.:
COUNTY OF HENNEPIN                    )


                  On the 26th day of November,  1997 before me, a notary  public
in and for said State,  personally  appeared  Randy Van Zee, known to me to be a
Vice President of Residential Accredit Loans, Inc., one of the corporations that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.


                                                                   Notary Public

[Notarial Seal]




NY1-242818.4

<PAGE>



STATE OF MINNESOTA                    )
                                      ) ss.:
COUNTY OF HENNEPIN                    )


                  On the 26th day of November,  1997 before me, a notary  public
in and for said State,  personally  appeared Timothy A. Kruse, known to me to be
an Associate of Residential  Funding  Corporation,  one of the corporations that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.


                                                                   Notary Public

[Notarial Seal]


NY1-242818.4

<PAGE>



STATE OF CALIFORNIA                   )
                                      ) ss.:
COUNTY OF ORANGE                      )


                  On the 26th day of November,  1997 before me, a notary  public
in and for said State, personally appeared Stephen Hessler, known to me to be an
Assistant  Vice  President  of  Bankers  Trust  Company,  the New  York  banking
corporation that executed the within instrument,  and also known to me to be the
person who executed it on behalf of said banking corporation and acknowledged to
me that such banking corporation executed the within instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.


                                                                   Notary Public

[Notarial Seal]


NY1-242818.4

<PAGE>



                                                     EXHIBIT A

                                            FORM OF CLASS A CERTIFICATE




                  SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES,  THIS CERTIFICATE
IS A "REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986.

                  [THE FOLLOWING INFORMATION IS PROVIDED SOLELY FOR THE PURPOSES
OF APPLYING THE U.S. FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO
THIS  CERTIFICATE.  THE ISSUE DATE OF THIS  CERTIFICATE  IS NOVEMBER  26,  1997.
ASSUMING THAT THE MORTGAGE LOANS PREPAY AT 100% OF THE PREPAYMENT ASSUMPTION (AS
DESCRIBED IN THE PROSPECTUS  SUPPLEMENT),  [AND ASSUMING A CONSTANT PASS-THROUGH
RATE EQUAL TO THE INITIAL  PASS-THROUGH  RATE,] THIS CERTIFICATE HAS BEEN ISSUED
WITH NO MORE THAN $_____ OF OID PER [$1,000] [$100,000] OF [INITIAL  CERTIFICATE
PRINCIPAL  BALANCE]  [NOTIONAL  AMOUNT],  THE YIELD TO  MATURITY IS ___% AND THE
AMOUNT  OF OID  ATTRIBUTABLE  TO THE  INITIAL  ACCRUAL  PERIOD  IS NO MORE  THAN
$_______ PER [$1,000]  [$100,000]  OF [INITIAL  CERTIFICATE  PRINCIPAL  BALANCE]
[NOTIONAL AMOUNT],  COMPUTED USING THE APPROXIMATE  METHOD. NO REPRESENTATION IS
MADE  THAT THE  MORTGAGE  LOANS  WILL  PREPAY  AT A RATE  BASED ON THE  STANDARD
PREPAYMENT  ASSUMPTION  OR AT  ANY  OTHER  RATE  OR AS TO THE  CONSTANCY  OF THE
PASS-THROUGH RATE.]




NY1-242818.4

<PAGE>



Certificate No. ____                [____%][Variable] Pass-Through
                                    Rate [based on a Notional Amount]

Class A-__ Senior
Date of Pooling and Servicing
Agreement and Cut-off Date:         [Percentage Interest: ___%]
November 1, 1997
                                    Aggregate       Initial
                                    [Certificate  Principal
                                    Balance]   [Class   A-8
                                    Notional        Amount]
                                    [Subclass      Notional
                                    Amount] of the Class A-
                                    __ Certificates:

First Distribution Date:
December 25, 1997


Master Servicer:                    [Initial] [Certificate Principal
Residential Funding                 Balance] [[Class A-8] [Subclass]
Corporation                         Notional Amount] of this
                                    Certificate: $_____________]

Assumed Final
Distribution Date:                  CUSIP 76110F-_____
[November 25, 2027]


                                  MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE
                                                 SERIES 1997-QS12

         evidencing a percentage interest in the distributions  allocable to the
         Class  A-__  Certificates  with  respect  to a  Trust  Fund  consisting
         primarily of a pool of conventional  one- to four-family fixed interest
         rate  first  mortgage  loans  formed and sold by  RESIDENTIAL  ACCREDIT
         LOANS, INC.

                  This  Certificate  is  payable  solely  from the assets of the
Trust Fund,  and does not represent an obligation of or interest in  Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage Group,  Inc. or any of their  affiliates.  Neither this Certificate nor
the  underlying  Mortgage  Loans are  guaranteed or insured by any  governmental
agency or  instrumentality  or by Residential  Accredit Loans,  Inc., the Master
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the Master Servicer,  GMAC Mortgage Group,  Inc. or any of
their  affiliates  will have any obligation  with respect to any  certificate or
other obligation secured by or payable from payments on the Certificates.

                  This  certifies  that   _____________________________  is  the
registered  owner  of the  Percentage  Interest  evidenced  by this  Certificate
[(obtained by dividing the [Initial Certificate


NY1-242818.4
                                                        A-2

<PAGE>



Principal  Balance]  [Initial Class A-8 Notional  Amount] of this Certificate by
the  aggregate  [Initial  Certificate  Principal  Balance  of  all  Class  A-___
Certificates]   [Initial   Class  A-8   Notional   Amounts   of  all  Class  A-8
Certificates],  both as specified above)] in certain  distributions with respect
to the Trust Fund consisting  primarily of an interest in a pool of conventional
one- to  four-family  fixed  interest rate first  mortgage  loans (the "Mortgage
Loans"), formed and sold by Residential Accredit Loans, Inc. (hereinafter called
the  "Company,"  which term  includes any  successor  entity under the Agreement
referred  to  below).  The Trust  Fund was  created  pursuant  to a Pooling  and
Servicing  Agreement  dated as  specified  above  (the  "Agreement")  among  the
Company,  the Master  Servicer  and  Bankers  Trust  Company,  as  trustee  (the
"Trustee"),  a summary of certain of the  pertinent  provisions  of which is set
forth hereafter.  To the extent not defined herein,  the capitalized  terms used
herein have the meanings  assigned in the Agreement.  This Certificate is issued
under and is subject to the terms,  provisions  and conditions of the Agreement,
to which  Agreement the Holder of this  Certificate  by virtue of the acceptance
hereof assents and by which such Holder is bound.

                  Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this Certificate and the amount [(of interest
and  principal,  if any)]  required to be  distributed  to Holders of Class A-__
Certificates  on such  Distribution  Date. [The Class A-8 Notional Amount of the
Class A-8 Certificates as of any date of determination is equal to the aggregate
Stated   Principal   Balance  of  the  Mortgage  Loans   corresponding   to  the
Uncertificated   REMIC  Regular   Interests   represented   by  such  Class  A-8
Certificates.]  [The Subclass Notional Amount of the Class A-8-_ Certificates as
of any date of determination is equal to the aggregate Stated Principal  Balance
of  the  Mortgage  Loans  corresponding  to  the  Uncertificated  REMIC  Regular
Interests represented by such Class A-8-_ Certificates immediately prior to such
date.] [The Class A-8[-_] Certificates have no Certificate Principal Balance.]

                  Distributions  on this  Certificate will be made either by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the


NY1-242818.4
                                                        A-3

<PAGE>



Person  entitled  thereto,  as  such  name  and  address  shall  appear  on  the
Certificate Register.

                  Notwithstanding  the  above,  the final  distribution  on this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The [Initial  Certificate  Principal  Balance] [Initial Class A-8 Notional
Amount]  [initial  Subclass  Notional  Amount] of this  Certificate is set forth
above.] [The Certificate  Principal Balance hereof will be reduced to the extent
of  distributions  allocable to  principal  and any  Realized  Losses  allocable
hereto.]

                  This  Certificate  is  one  of  a  duly  authorized  issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

                  The  Certificates  are  limited in right of payment to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

                  As provided in the Agreement,  withdrawals  from the Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

                  The  Agreement   permits,   with  certain  exceptions  therein
provided,  the amendment of the Agreement and the modification of the rights and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.


NY1-242818.4
                                                        A-4

<PAGE>




                  As   provided  in  the   Agreement   and  subject  to  certain
limitations  therein set forth,  the transfer of this Certificate is registrable
in the Certificate  Register upon surrender of this Certificate for registration
of transfer at the offices or agencies  appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

                  The Certificates are issuable only as registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

                  No service  charge will be made for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

                  The  Company,  the  Master  Servicer,   the  Trustee  and  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee  or the  Certificate  Registrar  may treat the Person in whose name this
Certificate is registered as the owner hereof for all purposes,  and neither the
Company,  the Master Servicer,  the Trustee nor any such agent shall be affected
by notice to the contrary.

                  This  Certificate  shall  be  governed  by  and  construed  in
accordance with the laws of the State of New York.

                  The  obligations  created by the  Agreement  in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans,  thereby  effecting early retirement
of the Certificates.  The Agreement  permits,  but does not require,  the Master
Servicer or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining  Mortgage Loans and all property  acquired in respect of
any  Mortgage  Loan or (ii)  purchase  in  whole,  but not in  part,  all of the
Certificates


NY1-242818.4
                                                        A-5

<PAGE>



from the Holders thereof;  provided,  that any such option may only be exercised
if  the  Pool  Stated  Principal  Balance  of  the  Mortgage  Loans  as  of  the
Distribution  Date upon which the proceeds of any such purchase are  distributed
is less than ten percent of the Cutoff Date  Principal  Balance of the  Mortgage
Loans.

                  Reference  is hereby  made to the further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purposes have the same effect as if set forth at this place.

                  Unless  the  certificate  of  authentication  hereon  has been
executed by the Certificate  Registrar,  by manual  signature,  this Certificate
shall not be  entitled to any benefit  under the  Agreement  or be valid for any
purpose.


NY1-242818.4
                                                        A-6

<PAGE>



                  IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.

Dated:                                                   BANKERS TRUST COMPANY,
                                                          as Trustee


                                                         By:
                                                        Authorized Signatory



                                           CERTIFICATE OF AUTHENTICATION

                  This is one of the Class A-__ Certificates  referred to in the
within-mentioned Agreement.

                             BANKERS TRUST COMPANY,
                              as Certificate Registrar


                             By:
                              Authorized Signatory


NY1-242818.4
                                                        A-7

<PAGE>



                                                    ASSIGNMENT


                  FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto
                                       (Please print or typewrite
name and address  including  postal zip code of assignee) a Percentage  Interest
evidenced  by the within  Mortgage  Asset-Backed  Pass-Through  Certificate  and
hereby  authorizes the transfer of  registration of such interest to assignee on
the Certificate Register of the Trust Fund.

                  I (We) further direct the Certificate Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:





Dated:
                      Signature by or on behalf of assignor




                                              Signature Guaranteed

                                             DISTRIBUTION INSTRUCTIONS

                  The  assignee  should  include the  following  for purposes of
distribution:

                  Distributions shall be made, by wire transfer or
otherwise, in immediately available funds to
                                                        for the
account of                                               account
number                 , or, if mailed by check, to
                                                  Applicable
statements should be mailed to
                                                .

                  This information is provided by
    , the assignee named above, or
  , as its agent.


<PAGE>



                                                     EXHIBIT B

                                            FORM OF CLASS M CERTIFICATE


THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES
AND CLASS R CERTIFICATES  [CLASS M-1 CERTIFICATES]  [AND CLASS M-2 CERTIFICATES]
AS DESCRIBED IN THE AGREEMENT (AS DEFINED BELOW).

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A "REGULAR
INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986 (THE "CODE").

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR SECTION 4975 OF THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

THIS  CERTIFICATE  HAS NOT BEEN AND WILL NOT BE REGISTERED  UNDER THE SECURITIES
ACT OF 1933,  AS  AMENDED,  OR THE  SECURITIES  LAWS OF ANY STATE AND MAY NOT BE
RESOLD OR TRANSFERRED  UNLESS IT IS REGISTERED  PURSUANT TO SUCH ACT AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS  WHICH ARE EXEMPT FROM REGISTRATION UNDER
SUCH ACT AND UNDER  APPLICABLE  STATE LAW AND IS TRANSFERRED IN ACCORDANCE  WITH
THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

[THE FOLLOWING  INFORMATION IS PROVIDED  SOLELY FOR THE PURPOSES OF APPLYING THE
U.S.   FEDERAL  INCOME  TAX  ORIGINAL  ISSUE  DISCOUNT  ("OID")  RULES  TO  THIS
CERTIFICATE.  THE ISSUE DATE OF THIS CERTIFICATE IS NOVEMBER 26, 1997.  ASSUMING
THAT  THE  MORTGAGE  LOANS  PREPAY  AT 100%  OF THE  PREPAYMENT  ASSUMPTION  (AS
DESCRIBED IN THE PROSPECTUS  SUPPLEMENT),  THIS CERTIFICATE HAS BEEN ISSUED WITH
NO MORE THAN $ OF OID PER $1,000 OF INITIAL CERTIFICATE  PRINCIPAL BALANCE,  THE
YIELD TO MATURITY IS % AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL
PERIOD IS NO MORE THAN $
        PER $1,000 OF INITIAL CERTIFICATE PRINCIPAL BALANCE,
COMPUTED UNDER THE APPROXIMATE METHOD.  NO REPRESENTATION IS MADE
THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON THE STANDARD
PREPAYMENT ASSUMPTION OR AT ANY OTHER RATE.]


NY1-242818.4

<PAGE>



Certificate No. ___                         [___]% Pass-Through Rate

Class M-    Subordinate                     Aggregate Certificate
                                            Principal Balance
                                            of the Class M Certificates:
Date of Pooling and Servicing               $_______________
Agreement and Cut-off Date:
November 1, 1997                            Initial Certificate Principal
                                            Balance of this Certificate:
First Distribution Date:                    $_______________
December 25, 1997
                                            CUSIP: 76110F-_____
Master Servicer:
Residential Funding Corporation

Assumed Final Distribution Date:
November 25, 2027



                            MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                           SERIES 1997-QS12

         evidencing a percentage interest in any distributions  allocable to the
         Class M-__  Certificates  with  respect  to the Trust  Fund  consisting
         primarily of a pool of conventional  one- to four-family fixed interest
         rate  first  mortgage  loans  formed and sold by  RESIDENTIAL  ACCREDIT
         LOANS, INC.

                  This  Certificate  is  payable  solely  from the assets of the
Trust Fund,  and does not represent an obligation of or interest in  Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage Group,  Inc. or any of their  affiliates.  Neither this Certificate nor
the  underlying  Mortgage  Loans are  guaranteed or insured by any  governmental
agency or  instrumentality  or by Residential  Accredit Loans,  Inc., the Master
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the Master Servicer,  GMAC Mortgage Group,  Inc. or any of
their  affiliates  will have any obligation  with respect to any  certificate or
other obligation secured by or payable from payments on the Certificates.

                  This   certifies   that   _________________________   is   the
registered  owner  of the  Percentage  Interest  evidenced  by this  Certificate
(obtained by dividing the Certificate  Principal  Balance of this Certificate by
the aggregate Certificate Principal Balance of all Class M-__ Certificates, both
as  specified  above) in  certain  distributions  with  respect  to a Trust Fund
consisting  primarily  of a pool  of  conventional  one-  to  four-family  fixed
interest rate first mortgage loans (the  "Mortgage  Loans"),  formed and sold by
Residential  Accredit Loans, Inc.  (hereinafter called the "Company," which term
includes any successor entity under the Agreement


NY1-242818.4
                                                        B-2

<PAGE>



referred  to  below).  The Trust  Fund was  created  pursuant  to a Pooling  and
Servicing  Agreement  dated as  specified  above  (the  "Agreement")  among  the
Company,  the Master  Servicer  and  Bankers  Trust  Company,  as  trustee  (the
"Trustee"),  a summary of certain of the  pertinent  provisions  of which is set
forth hereafter.  To the extent not defined herein,  the capitalized  terms used
herein have the meanings  assigned in the Agreement.  This Certificate is issued
under and is subject to the terms,  provisions  and conditions of the Agreement,
to which  Agreement the Holder of this  Certificate  by virtue of the acceptance
hereof assents and by which such Holder is bound.

                  Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to Holders of Class M-__
Certificates on such Distribution Date.

                  Distributions  on this  Certificate will be made either by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

                  Notwithstanding  the  above,  the final  distribution  on this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

                  No  transfer of this Class M  Certificate  will be made unless
the Trustee has received  either (i) an opinion of counsel  acceptable to and in
form and  substance  satisfactory  to the  Trustee,  the  Company and the Master
Servicer with respect to the  permissibility of such transfer under the Employee
Retirement Income Security Act of 1974, as amended  ("ERISA"),  and Section 4975
of the Internal Revenue Code (the "Code") and stating,  among other things, that
the transferee's acquisition of a Class M Certificate


NY1-242818.4
                                                        B-3

<PAGE>



will not  constitute  or result in a  non-exempt  prohibited  transaction  under
Section  406 of  ERISA  or  Section  4975 of the  Code or (ii) a  representation
letter,  in the form as  described  by the  Agreement,  either  stating that the
transferee  is not an employee  benefit or other plan subject to the  prohibited
transaction  provisions of ERISA or Section 4975 of the Code (a "Plan"),  or any
other person (including an investment manager, a named fiduciary or a trustee of
any Plan)  acting,  directly  or  indirectly,  on behalf  of or  purchasing  any
Certificate with "plan assets" of any Plan, or stating that the transferee is an
insurance  company,  the  source  of  funds  to be  used by it to  purchase  the
Certificate is an "insurance  company  general  account"  (within the meaning of
Department of Labor Prohibited  Transaction Class Exemption ("PTCE") 95-60), and
the purchase is being made in reliance  upon the  availability  of the exemptive
relief afforded under Sections I and III of PTCE 95-60.

                  This  Certificate  is  one  of  a  duly  authorized  issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

                  The  Certificates  are  limited in right of payment to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

                  As provided in the Agreement,  withdrawals  from the Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

                  The  Agreement   permits,   with  certain  exceptions  therein
provided,  the amendment of the Agreement and the modification of the rights and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain additional


NY1-242818.4
                                                        B-4

<PAGE>



circumstances, without the consent of the Holders of certain
Classes of Certificates.

                  As   provided  in  the   Agreement   and  subject  to  certain
limitations  therein set forth,  the transfer of this Certificate is registrable
in the Certificate  Register upon surrender of this Certificate for registration
of transfer at the offices or agencies  appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

                  The Certificates are issuable only as registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

                  No service  charge will be made for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

                  The  Company,  the  Master  Servicer,   the  Trustee  and  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee  or the  Certificate  Registrar  may treat the Person in whose name this
Certificate is registered as the owner hereof for all purposes,  and neither the
Company,  the Master Servicer,  the Trustee nor any such agent shall be affected
by notice to the contrary.

                  This  Certificate  shall  be  governed  by  and  construed  in
accordance with the laws of the State of New York.

                  The  obligations  created by the  Agreement  in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans,  thereby  effecting early retirement
of the Certificates.  The Agreement  permits,  but does not require,  the Master
Servicer or the Company to (i) purchase at a price


NY1-242818.4
                                                        B-5

<PAGE>



determined as provided in the Agreement  all  remaining  Mortgage  Loans and all
property acquired in respect of any Mortgage Loan or (ii) purchase in whole, but
not in part, all of the Certificates  from the Holders thereof;  provided,  that
any such option may only be  exercised if the Pool Stated  Principal  Balance of
the Mortgage  Loans as of the  Distribution  Date upon which the proceeds of any
such  purchase  are  distributed  is less than ten  percent of the  Cutoff  Date
Principal Balance of the Mortgage Loans.

                  Unless  the  certificate  of  authentication  hereon  has been
executed by the Certificate  Registrar,  by manual  signature,  this Certificate
shall not be  entitled to any benefit  under the  Agreement  or be valid for any
purpose.


NY1-242818.4
                                                        B-6

<PAGE>



                  IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.

Dated:                                                   BANKERS TRUST COMPANY,
                                                          as Trustee


                                                         By:
                                                           Authorized Signatory




                                           CERTIFICATE OF AUTHENTICATION

                  This is one of the Class M-__ Certificates  referred to in the
within-mentioned Agreement.

                             BANKERS TRUST COMPANY,
                                      as Certificate Registrar


                                     By:
                                       Authorized Signatory


<PAGE>



                                                    ASSIGNMENT


                  FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto
                                       (Please print or typewrite
name and address  including  postal zip code of assignee) a Percentage  Interest
evidenced  by the within  Mortgage  Asset-Backed  Pass-Through  Certificate  and
hereby  authorizes the transfer of  registration of such interest to assignee on
the Certificate Register of the Trust Fund.

                  I (We) further direct the Certificate Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:





Dated:
                      Signature by or on behalf of assignor




                                            Signature Guaranteed

                                             DISTRIBUTION INSTRUCTIONS

                  The  assignee  should  include the  following  for purposes of
distribution:

                  Distributions shall be made, by wire transfer or
otherwise, in immediately available funds to
                                                        for the
account of                                               account
number                 , or, if mailed by check, to
                                                  Applicable
statements should be mailed to
                                                .

                  This information is provided by
    , the assignee named above, or
  , as its agent.


<PAGE>



                                                     EXHIBIT C

                                            FORM OF CLASS B CERTIFICATE

THIS   CERTIFICATE  IS   SUBORDINATED  IN  RIGHT  OF  PAYMENT  TO  THE  CLASS  A
CERTIFICATES,  CLASS R CERTIFICATES AND CLASS M CERTIFICATES AS DESCRIBED IN THE
AGREEMENT (AS DEFINED HEREIN).

THIS  CERTIFICATE  HAS NOT BEEN AND WILL NOT BE REGISTERED  UNDER THE SECURITIES
ACT OF 1933,  AS  AMENDED,  OR THE  SECURITIES  LAWS OF ANY STATE AND MAY NOT BE
RESOLD OR TRANSFERRED  UNLESS IT IS REGISTERED  PURSUANT TO SUCH ACT AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS  WHICH ARE EXEMPT FROM REGISTRATION UNDER
SUCH ACT AND UNDER  APPLICABLE  STATE LAW AND IS TRANSFERRED IN ACCORDANCE  WITH
THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR SECTION 4975 OF THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A "REGULAR
INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE TERMS ARE
DEFINED,  RESPECTIVELY,  IN SECTIONS  860G AND 860D OF THE CODE.  THE  FOLLOWING
INFORMATION  IS PROVIDED  SOLELY FOR THE PURPOSES OF APPLYING  THE U.S.  FEDERAL
INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO THIS CERTIFICATE.  THE ISSUE
DATE OF THIS CERTIFICATE IS NOVEMBER 26, 1997.  ASSUMING THAT THE MORTGAGE LOANS
PREPAY AT 100% OF THE  PREPAYMENT  ASSUMPTION  (AS  DESCRIBED IN THE  PROSPECTUS
SUPPLEMENT),  THIS CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN $___ OF OID PER
$1,000 OF INITIAL CERTIFICATE  PRINCIPAL BALANCE, THE YIELD TO MATURITY IS ____%
AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN
$____ PER $1,000 OF INITIAL  CERTIFICATE  PRINCIPAL BALANCE,  COMPUTED UNDER THE
APPROXIMATE  METHOD.  NO  REPRESENTATION  IS MADE THAT THE  MORTGAGE  LOANS WILL
PREPAY AT A RATE BASED ON THE  STANDARD  PREPAYMENT  ASSUMPTION  OR AT ANY OTHER
RATE.


NY1-242818.4

<PAGE>



Certificate No. __                     [___]% Pass-Through Rate

Class B-__ Subordinate                 Aggregate Certificate
                                       Principal Balance
                                       of the Class B-__
                                       Certificates as of
Date of Pooling and Servicing          the Cut-off Date:
Agreement and Cut-off Date:            $_______________
November 1, 1997
                                       Initial Certificate Principal
                                       Balance of this Certificate:
First Distribution Date:               $_______________
December 25, 1997

Master Servicer:
Residential Funding Corporation

Assumed Final Distribution Date:
November 25, 2027


                         MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                                 SERIES 1997-QS12

         evidencing a percentage interest in any distributions  allocable to the
         Class B-__  Certificates  with  respect  to the Trust  Fund  consisting
         primarily of a pool of conventional  one- to four-family fixed interest
         rate  first  mortgage  loans  formed and sold by  RESIDENTIAL  ACCREDIT
         LOANS, INC.

                  This  Certificate  is  payable  solely  from the assets of the
Trust Fund,  and does not represent an obligation of or interest in  Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage Group,  Inc. or any of their  affiliates.  Neither this Certificate nor
the  underlying  Mortgage  Loans are  guaranteed or insured by any  governmental
agency or  instrumentality  or by Residential  Accredit Loans,  Inc., the Master
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the Master Servicer,  GMAC Mortgage Group,  Inc. or any of
their  affiliates  will have any obligation  with respect to any  certificate or
other obligation secured by or payable from payments on the Certificates.

                  This certifies that  Residential  Accredit Loans,  Inc. is the
registered  owner  of the  Percentage  Interest  evidenced  by this  Certificate
(obtained by dividing the Certificate  Principal  Balance of this Certificate by
the aggregate Certificate Principal Balance of all Class B-__ Certificates, both
as  specified  above) in  certain  distributions  with  respect  to a Trust Fund
consisting  primarily  of a pool  of  conventional  one-  to  four-family  fixed
interest rate first mortgage loans (the  "Mortgage  Loans"),  formed and sold by
Residential Accredit Loans, Inc. (hereinafter called the "Company,"


NY1-242818.4
                                                        C-2

<PAGE>



which term includes any successor entity under the Agreement referred to below).
The Trust Fund was created  pursuant to a Pooling and Servicing  Agreement dated
as specified above (the "Agreement") among the Company,  the Master Servicer and
Bankers Trust Company,  as trustee (the "Trustee"),  a summary of certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined
herein,  the  capitalized  terms used herein have the  meanings  assigned in the
Agreement.  This  Certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

                  Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing on
the first  Distribution  Date specified  above, to the Person in whose name this
Certificate  is  registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month next  preceding  the month of such  distribution  (the "Record
Date"), from the Available Distribution Amount in an amount equal to the product
of the  Percentage  Interest  evidenced by this  Certificate  and the amount (of
interest and principal, if any) required to be distributed to Holders of Class B
Certificates on such Distribution Date.

                  Distributions  on this  Certificate will be made either by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

                  Notwithstanding  the  above,  the final  distribution  on this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

                  No  transfer of this Class B  Certificate  will be made unless
such transfer is exempt from the registration requirements of the Securities Act
of 1933, as amended,  and any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that such a transfer  is to be
made,  (i) the  Trustee  or the  Company  may  require  an  opinion  of  counsel
acceptable  to and in form and  substance  satisfactory  to the  Trustee and the
Company that


NY1-242818.4
                                                        C-3

<PAGE>



such  transfer is exempt  (describing  the  applicable  exemption  and the basis
therefor) from or is being made pursuant to the registration requirements of the
Securities Act of 1933, as amended,  and of any applicable  statute of any state
and (ii) the transferee shall execute an investment letter in the form described
by the Agreement.  The Holder hereof desiring to effect such transfer shall, and
does hereby agree to,  indemnify the Trustee,  the Company,  the Master Servicer
and the  Certificate  Registrar  acting  on behalf of the  Trustee  against  any
liability  that may  result if the  transfer  is not so exempt or is not made in
accordance  with  such  Federal  and state  laws.  In  connection  with any such
transfer,  the  Trustee  will also  require  either  (i) an  opinion  of counsel
acceptable to and in form and substance satisfactory to the Trustee, the Company
and the Master  Servicer  with respect to the  permissibility  of such  transfer
under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"),
and Section  4975 of the Internal  Revenue Code (the "Code") and stating,  among
other things,  that the  transferee's  acquisition of a Class B Certificate will
not constitute or result in a non-exempt  prohibited  transaction  under Section
406 of ERISA or Section 4975 of the Code or (ii) a representation letter, in the
form as described by the Agreement, either stating that the transferee is not an
employee benefit or other plan subject to the prohibited  transaction provisions
of ERISA or Section 4975 of the Code (a "Plan"),  or any other person (including
an  investment  manager,  a named  fiduciary  or a trustee of any Plan)  acting,
directly or indirectly,  on behalf of or purchasing any  Certificate  with "plan
assets" of any Plan, or stating that the transferee is an insurance company, the
source of funds to be used by it to purchase the  Certificate  is an  "insurance
company general  account"  (within the meaning of Department of Labor Prohibited
Transaction Class Exemption  ("PTCE") 95-60),  and the purchase is being made in
reliance upon the availability of the exemptive relief afforded under Sections I
and III of PTCE 95-60.

                  This  Certificate  is  one  of  a  duly  authorized  issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

                  The  Certificates  are  limited in right of payment to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

                  As provided in the Agreement,  withdrawals  from the Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without limitation


NY1-242818.4
                                                        C-4

<PAGE>



reimbursement  to the Company  and the Master  Servicer  of  advances  made,  or
certain expenses incurred, by either of them.

                  The  Agreement   permits,   with  certain  exceptions  therein
provided,  the amendment of the Agreement and the modification of the rights and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

                  As   provided  in  the   Agreement   and  subject  to  certain
limitations  therein set forth,  the transfer of this Certificate is registrable
in the Certificate  Register upon surrender of this Certificate for registration
of transfer at the offices or agencies  appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

                  The Certificates are issuable only as registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

                  No service  charge will be made for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

                  The  Company,  the  Master  Servicer,   the  Trustee  and  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee  or the  Certificate  Registrar  may treat the Person in whose name this
Certificate is registered as the owner hereof for all purposes,  and neither the
Company, the Master


NY1-242818.4
                                                        C-5

<PAGE>



Servicer,  the  Trustee  nor any such agent  shall be  affected by notice to the
contrary.

                  This  Certificate  shall  be  governed  by  and  construed  in
accordance with the laws of the State of New York.

                  The  obligations  created by the  Agreement  in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans,  thereby  effecting early retirement
of the Certificates.  The Agreement  permits,  but does not require,  the Master
Servicer or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining  Mortgage Loans and all property  acquired in respect of
any  Mortgage  Loan or (ii)  purchase  in  whole,  but not in  part,  all of the
Certificates from the Holders thereof;  provided,  that any such option may only
be exercised if the Pool Stated  Principal  Balance of the Mortgage  Loans as of
the  Distribution  Date  upon  which  the  proceeds  of any  such  purchase  are
distributed is less than ten percent of the Cutoff Date Principal Balance of the
Mortgage Loans.

                  Unless  the  certificate  of  authentication  hereon  has been
executed by the Certificate  Registrar,  by manual  signature,  this Certificate
shall not be  entitled to any benefit  under the  Agreement  or be valid for any
purpose.


NY1-242818.4
                                                        C-6

<PAGE>



                  IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.

Dated:                                                   BANKERS TRUST COMPANY,
                                                          as Trustee


                                                         By:
                                                         Authorized Signatory




                                           CERTIFICATE OF AUTHENTICATION

                  This is one of the Class M-__ Certificates  referred to in the
within-mentioned Agreement.

                             BANKERS TRUST COMPANY,
                                 as Certificate Registrar


                                By:
                                    Authorized Signatory


NY1-242818.4
                                                        C-7

<PAGE>



                                                    ASSIGNMENT


                  FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto
                                       (Please print or typewrite
name and address  including  postal zip code of assignee) a Percentage  Interest
evidenced  by the within  Mortgage  Asset-Backed  Pass-Through  Certificate  and
hereby  authorizes the transfer of  registration of such interest to assignee on
the Certificate Register of the Trust Fund.

                  I (We) further direct the Certificate Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:





Dated:
                      Signature by or on behalf of assignor




                                         Signature Guaranteed

                                             DISTRIBUTION INSTRUCTIONS

                  The  assignee  should  include the  following  for purposes of
distribution:

                  Distributions shall be made, by wire transfer or
otherwise, in immediately available funds to
                                                        for the
account of                                               account
number                 , or, if mailed by check, to
                                                  Applicable
statements should be mailed to
                                                .

                  This information is provided by
    , the assignee named above, or
  , as its agent.


<PAGE>



                                                     EXHIBIT D

                                            FORM OF CLASS R CERTIFICATE

THIS CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON
OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE IS A "RESIDUAL
INTEREST"  IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT" AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986 (THE "CODE").

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR SECTION 4975 OF THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

ANY RESALE,  TRANSFER OR OTHER  DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
IF THE PROPOSED  TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER SERVICER
AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE
OR POLITICAL  SUBDIVISION  THEREOF,  ANY FOREIGN  GOVERNMENT,  ANY INTERNATIONAL
ORGANIZATION,  OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (B) ANY
ORGANIZATION  (OTHER THAN A  COOPERATIVE  DESCRIBED  IN SECTION 521 OF THE CODE)
WHICH IS  EXEMPT  FROM THE TAX  IMPOSED  BY  CHAPTER 1 OF THE CODE  UNLESS  SUCH
ORGANIZATION  IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE,  (C) ANY
ORGANIZATION  DESCRIBED IN SECTION  1381(a)(2)(C)  OF THE CODE, (ANY SUCH PERSON
DESCRIBED IN THE FOREGOING CLAUSES (A), (B) OR (C) BEING HEREIN REFERRED TO AS A
"DISQUALIFIED ORGANIZATION") OR (D) AN AGENT OF A DISQUALIFIED ORGANIZATION, (2)
NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND
(3) SUCH TRANSFEREE  SATISFIES  CERTAIN  ADDITIONAL  CONDITIONS  RELATING TO THE
FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE. NOTWITHSTANDING THE REGISTRATION
IN THE CERTIFICATE  REGISTER OR ANY TRANSFER,  SALE OR OTHER DISPOSITION OF THIS
CERTIFICATE  TO A  DISQUALIFIED  ORGANIZATION  OR  AN  AGENT  OF A  DISQUALIFIED
ORGANIZATION,  SUCH  REGISTRATION  SHALL BE  DEEMED  TO BE OF NO LEGAL  FORCE OR
EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A  CERTIFICATEHOLDER
FOR ANY  PURPOSE  HEREUNDER,  INCLUDING,  BUT NOT  LIMITED  TO,  THE  RECEIPT OF
DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THIS CERTIFICATE BY ACCEPTANCE
OF THIS CERTIFICATE  SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS
PARAGRAPH.


NY1-242818.4

<PAGE>



Certificate No. ___                      [___]% Pass-Through Rate

Class R Senior                           Aggregate Initial Certificate
                                         Principal Balance of the
                                         Class R Certificates:
Date of Pooling and Servicing            $100.00
Agreement and Cut-off Date:
November 1, 1997                         Initial Certificate Principal
                                         Balance of this Certificate:
First Distribution Date:                 $_______________
December 25, 1997
                                         Percentage Interest:
Master Servicer:                         _______%
Residential Funding Corporation
                                         CUSIP 76110F-_____
Assumed Final Distribution Date:
November 25, 2027


                           MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                                 SERIES 1997-QS12

         evidencing a percentage interest in any distributions  allocable to the
         Class  R  Certificates  with  respect  to  the  Trust  Fund  consisting
         primarily of a pool of conventional  one- to four-family fixed interest
         rate  first  mortgage  loans  formed and sold by  RESIDENTIAL  ACCREDIT
         LOANS, INC.

                  This  Certificate  is  payable  solely  from the assets of the
Trust Fund,  and does not represent an obligation of or interest in  Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage Group,  Inc. or any of their  affiliates.  Neither this Certificate nor
the  underlying  Mortgage  Loans are  guaranteed or insured by any  governmental
agency or  instrumentality  or by Residential  Accredit Loans,  Inc., the Master
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the Master Servicer,  GMAC Mortgage Group,  Inc. or any of
their  affiliates  will have any obligation  with respect to any  certificate or
other obligation secured by or payable from payments on the Certificates.

                  This   certifies   that   _________________________   is   the
registered  owner  of the  Percentage  Interest  evidenced  by this  Certificate
(obtained  by  dividing  the  Initial  Certificate  Principal  Balance  of  this
Certificate by the aggregate Initial Certificate  Principal Balance of all Class
R Certificates,  both as specified above) in certain  distributions with respect
to the  Trust  Fund  consisting  primarily  of a pool  of  conventional  one- to
four-family  fixed interest rate first  mortgage  loans (the "Mortgage  Loans"),
formed and sold by Residential  Accredit  Loans,  Inc.  (hereinafter  called the
"Company," which term includes any successor entity under the Agreement referred
to below).  The Trust  Fund was  created  pursuant  to a Pooling  and  Servicing
Agreement dated as specified


NY1-242818.4
                                                        D-2

<PAGE>



above (the "Agreement") among the Company, the Master Servicer and Bankers Trust
Company,  as trustee  (the  "Trustee"),  a summary  of certain of the  pertinent
provisions of which is set forth  hereafter.  To the extent not defined  herein,
the capitalized  terms used herein have the meanings  assigned in the Agreement.
This  Certificate  is issued under and is subject to the terms,  provisions  and
conditions of the Agreement,  to which Agreement the Holder of this  Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

                  Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of  Class R
Certificates on such Distribution Date.

                  Each Holder of this  Certificate will be deemed to have agreed
to be bound by the  restrictions  set forth in the  Agreement to the effect that
(i) each person holding or acquiring any Ownership  Interest in this Certificate
must be a United States Person and a Permitted Transferee,  (ii) the transfer of
any Ownership Interest in this Certificate will be conditioned upon the delivery
to the Trustee of, among other  things,  an affidavit to the effect that it is a
United States Person and Permitted Transferee,  (iii) any attempted or purported
transfer of any  Ownership  Interest in this  Certificate  in  violation of such
restrictions  will be  absolutely  null and void and will  vest no rights in the
purported  transferee,  and (iv) if any person other than a United States Person
and a Permitted  Transferee  acquires any Ownership Interest in this Certificate
in violation of such restrictions,  then the Company will have the right, in its
sole  discretion and without notice to the Holder of this  Certificate,  to sell
this Certificate to a purchaser selected by the Company,  which purchaser may be
the Company,  or any affiliate of the Company,  on such terms and  conditions as
the Company may choose.

                  Notwithstanding  the  above,  the final  distribution  on this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
distributions  allocable to principal and any Realized Losses allocable  hereto.
Notwithstanding the reduction of the


NY1-242818.4
                                                        D-3

<PAGE>



Certificate  Principal  Balance  hereof to zero,  this  Certificate  will remain
outstanding  under the  Agreement  and the  Holder  hereof  may have  additional
obligations with respect to this Certificate, including tax liabilities, and may
be entitled to certain additional  distributions  hereon, in accordance with the
terms and provisions of the Agreement.

                  No  transfer of this Class R  Certificate  will be made unless
the Trustee has received  either (i) an opinion of counsel  acceptable to and in
form and  substance  satisfactory  to the  Trustee,  the  Company and the Master
Servicer with respect to the  permissibility of such transfer under the Employee
Retirement Income Security Act of 1974, as amended  ("ERISA"),  and Section 4975
of the Internal Revenue Code (the "Code") and stating,  among other things, that
the  transferee's  acquisition  of a Class R Certificate  will not constitute or
result in a  non-exempt  prohibited  transaction  under  Section 406 of ERISA or
Section  4975 of the  Code  or  (ii) a  representation  letter,  in the  form as
described  by the  Agreement,  stating  that the  transferee  is not an employee
benefit or other plan subject to the prohibited  transaction provisions of ERISA
or  Section  4975 of the Code (a  "Plan"),  or any other  person  (including  an
investment manager, a named fiduciary or a trustee of any Plan) acting, directly
or indirectly,  on behalf of or purchasing any Certificate with "plan assets" of
any Plan.

                  This  Certificate  is  one  of  a  duly  authorized  issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

                  The  Certificates  are  limited in right of payment to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

                  As provided in the Agreement,  withdrawals  from the Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

                  The  Agreement   permits,   with  certain  exceptions  therein
provided,  the amendment of the Agreement and the modification of the rights and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing


NY1-242818.4
                                                        D-4

<PAGE>



in the aggregate not less than 66% of the Percentage  Interests of each Class of
Certificates   affected  thereby.  Any  such  consent  by  the  Holder  of  this
Certificate  shall be conclusive  and binding on such Holder and upon all future
holders of this  Certificate  and of any  Certificate  issued upon the  transfer
hereof or in exchange  herefor or in lieu hereof whether or not notation of such
consent is made upon the  Certificate.  The Agreement also permits the amendment
thereof in certain  circumstances  without  the consent of the Holders of any of
the Certificates and, in certain additional  circumstances,  without the consent
of the Holders of certain Classes of Certificates.

                  As   provided  in  the   Agreement   and  subject  to  certain
limitations  therein set forth,  the transfer of this Certificate is registrable
in the Certificate  Register upon surrender of this Certificate for registration
of transfer at the offices or agencies  appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

                  The Certificates are issuable only as registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

                  No service  charge will be made for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

                  The  Company,  the  Master  Servicer,   the  Trustee  and  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee  or the  Certificate  Registrar  may treat the Person in whose name this
Certificate is registered as the owner hereof for all purposes,  and neither the
Company,  the Master Servicer,  the Trustee nor any such agent shall be affected
by notice to the contrary.

                  This  Certificate  shall  be  governed  by  and  construed  in
accordance with the laws of the State of New York.

                  The  obligations  created by the  Agreement  in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to


NY1-242818.4
                                                        D-5

<PAGE>



the Agreement  following the earlier of (i) the maturity or other liquidation of
the last  Mortgage  Loan  subject  thereto or the  disposition  of all  property
acquired upon  foreclosure  or deed in lieu of  foreclosure of any Mortgage Loan
and (ii) the purchase by the Master  Servicer or the Company from the Trust Fund
of all  remaining  Mortgage  Loans and all property  acquired in respect of such
Mortgage Loans,  thereby  effecting early  retirement of the  Certificates.  The
Agreement permits,  but does not require,  the Master Servicer or the Company to
(i) purchase at a price  determined  as provided in the  Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cutoff Date Principal Balance of the Mortgage Loans.

                  Reference  is hereby  made to the further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purpose have the same effect as if set forth at this place.

                  Unless  the  certificate  of  authentication  hereon  has been
executed by the Certificate  Registrar,  by manual  signature,  this Certificate
shall not be  entitled to any benefit  under the  Agreement  or be valid for any
purpose.


NY1-242818.4
                                                        D-6

<PAGE>



                  IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.

Dated:                              BANKERS TRUST COMPANY
                                     as Trustee


                                    By:
                                                  Authorized Signatory




                                           CERTIFICATE OF AUTHENTICATION

                  This is one of the  Class R  Certificates  referred  to in the
within-mentioned Agreement.

                             BANKERS TRUST COMPANY,
                                 as Certificate Registrar


                                By:
                                              Authorized Signatory


NY1-242818.4
                                                        D-7

<PAGE>



                                                    ASSIGNMENT


                  FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto
                                       (Please print or typewrite
name and address  including  postal zip code of assignee) a Percentage  Interest
evidenced  by the within  Mortgage  Asset-Backed  Pass-Through  Certificate  and
hereby  authorizes the transfer of  registration of such interest to assignee on
the Certificate Register of the Trust Fund.

                  I (We) further direct the Certificate Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:





Dated:
                      Signature by or on behalf of assignor




                                                 Signature Guaranteed

                                             DISTRIBUTION INSTRUCTIONS

                  The  assignee  should  include the  following  for purposes of
distribution:

                  Distributions shall be made, by wire transfer or
otherwise, in immediately available funds to
                                                        for the
account of                                               account
number                 , or, if mailed by check, to
                                                  Applicable
statements should be mailed to
                                                .

                  This information is provided by
    , the assignee named above, or
  , as its agent.


<PAGE>



                                                     EXHIBIT E

                                                CUSTODIAL AGREEMENT

                  THIS  CUSTODIAL  AGREEMENT (as amended and  supplemented  from
time to time,  the  "Agreement"),  dated as of  November  1, 1997,  by and among
BANKERS TRUST COMPANY,  as Trustee  (including its successors  under the Pooling
Agreement  defined below,  the  "Trustee"),  RESIDENTIAL  ACCREDIT  LOANS,  INC.
(together with any successor in interest,  the "Company"),  RESIDENTIAL  FUNDING
CORPORATION,  as master  servicer  (together  with any  successor in interest or
successor under the Pooling Agreement referred to below, the "Master Servicer"),
and NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION (together with any successor in
interest or any successor appointed hereunder, the "Custodian").


                                          W I T N E S S E T H T H A T :

                  WHEREAS,  the Company,  the Master  Servicer,  and the Trustee
have  entered  into a Pooling and  Servicing  Agreement  dated as of November 1,
1997,  relating to the issuance of Residential  Accredit Loans,  Inc.,  Mortgage
Asset-Backed  Pass-Through  Certificates,  Series 1997-QS12 (as in effect on the
date of this  agreement,  the "Original  Pooling  Agreement," and as amended and
supplemented from time to time, the "Pooling Agreement"); and

                  WHEREAS,  the  Custodian  has  agreed  to act as agent for the
Trustee for the purposes of receiving  and holding  certain  documents and other
instruments  delivered by the Company and the Master  Servicer under the Pooling
Agreement,  all upon the terms and  conditions  and  subject to the  limitations
hereinafter set forth;

                  NOW,  THEREFORE,  in  consideration  of the  premises  and the
mutual covenants and agreements hereinafter set forth, the Trustee, the Company,
the Master Servicer and the Custodian hereby agree as follows:


                                                     ARTICLE I

                                                    Definitions

                  Capitalized  terms  used in  this  Agreement  and not  defined
herein  shall have the  meanings  assigned in the  Original  Pooling  Agreement,
unless otherwise required by the context herein.




NY1-242818.4

<PAGE>



                                                    ARTICLE II

                                           Custody of Mortgage Documents

                  Section 2.1. Custodian to Act as Agent; Acceptance of Mortgage
Files.  The  Custodian,  as the duly  appointed  agent of the  Trustee for these
purposes,  acknowledges  receipt of the Mortgage  Files relating to the Mortgage
Loans  identified on the schedule  attached  hereto (the  "Mortgage  Files") and
declares  that it  holds  and  will  hold the  Mortgage  Files as agent  for the
Trustee,  in  trust,  for  the  use  and  benefit  of  all  present  and  future
Certificateholders.

                  Section 2.2. Recordation of Assignments.  If any Mortgage File
includes one or more  assignments  to the Trustee of Mortgage  Notes and related
Mortgages that have not been recorded,  each such assignment  shall be delivered
by the  Custodian  to  the  Company  for  the  purpose  of  recording  it in the
appropriate  public office for real  property  records,  and the Company,  at no
expense to the Custodian, shall promptly cause to be recorded in the appropriate
public office for real property  records each such  assignment and, upon receipt
thereof  from such  public  office,  shall  return each such  assignment  to the
Custodian.

                  Section 2.3.  Review of Mortgage Files.

                  (a) On or prior  to the  Closing  Date,  the  Custodian  shall
deliver to the Trustee an Initial  Certification  in the form annexed  hereto as
Exhibit One evidencing  receipt of a Mortgage File for each Mortgage Loan listed
on the Schedule attached hereto (the "Mortgage Loan Schedule").

                  (b)   Within  45  days  of  the   initial   issuance   of  the
Certificates,  the Custodian agrees, for the benefit of  Certificateholders,  to
review,  in  accordance  with the  provisions  of  Section  2.02 of the  Pooling
Agreement,  each  Mortgage  File,  and shall  deliver to the  Trustee an Interim
Certification  in the form annexed  hereto as Exhibit Two to the effect that all
documents  required to be delivered  pursuant to Section  2.01(b) of the Pooling
Agreement have been executed and received and that such documents  relate to the
Mortgage  Loans  identified  on the  Mortgage  Loan  Schedule,  except  for  any
exceptions listed on Schedule A attached to such Interim  Certification.  In the
event that any Mortgage Note or Assignment of Mortgage has been delivered to the
Custodian  by the Company in blank,  the  Custodian,  upon the  direction of the
Company,  shall cause each such  Mortgage Note to be endorsed to the Trustee and
each such  Assignment  of  Mortgage to be  completed  in the name of the Trustee
prior  to the date on which  such  Interim  Certification  is  delivered  to the
Trustee.  Within 45 days of receipt of the  documents  required to be  delivered
pursuant to Section 2.01(c) of the Pooling Agreement,  the Custodian agrees, for
the benefit of Certificateholders,  to review, in accordance with the provisions
of Section 2.02 of the Pooling Agreement, each such


NY1-242818.4
                                                        E-2

<PAGE>



document,  and shall deliver to the Trustee either (i) an Interim  Certification
in the form attached hereto as Exhibit Two to the effect that all such documents
relate to the Mortgage Loans  identified on the Mortgage Loan  Schedule,  except
for any exceptions  listed on Schedule A attached to such Interim  Certification
or  (ii) a Final  Certification  as set  forth  in  subsection  (c)  below.  The
Custodian  shall be under no duty or  obligation  to inspect,  review or examine
said documents, instruments,  certificates or other papers to determine that the
same are genuine,  enforceable,  or appropriate for the  represented  purpose or
that they have  actually  been  recorded  or that they are other  than what they
purport  to be on their  face.  If in  performing  the review  required  by this
Section 2.3 the Custodian finds any document or documents constituting a part of
a Mortgage File to be defective in any material  respect,  the  Custodian  shall
promptly  so notify the  Company,  the Master  Servicer  and the  Trustee.  Upon
receipt of written notification from the Master Servicer,  signed by a Servicing
Officer, that the Master Servicer or a Subservicer, as the case may be, has made
a deposit  into the  Certificate  Account in  payment  for the  purchase  of the
related Mortgage Loan in an amount equal to the Purchase Price for such Mortgage
Loan, the Custodian  shall release to the Master  Servicer the related  Mortgage
File.

                  (c)  Upon  receipt  of  all  documents  required  to be in the
Mortgage Files the Custodian shall deliver to the Trustee a Final  Certification
in the form annexed hereto as Exhibit Three  evidencing the  completeness of the
Mortgage Files.

                  Upon  receipt  of  written  request  from  the  Trustee,   the
Custodian shall as soon as practicable  supply the Trustee with a list of all of
the  documents  relating to the  Mortgage  Loans then  contained in the Mortgage
Files.

                  Section 2.4.  Notification of Breaches of Representations  and
Warranties. Upon discovery by the Custodian of a breach of any representation or
warranty made by the Master  Servicer or the Company as set forth in the Pooling
Agreement or by a Seller in a Seller's  Agreement or by  Residential  Funding or
the Company in the Assignment Agreement with respect to a Mortgage Loan relating
to a Mortgage  File,  the  Custodian  shall give  prompt  written  notice to the
Company, the Master Servicer and the Trustee.

                  Section  2.5.  Custodian  to  Cooperate;  Release of  Mortgage
Files.  Upon the  repurchase  or  substitution  of any Mortgage Loan pursuant to
Article II of the Pooling  Agreement or payment in full of any Mortgage Loan, or
the receipt by the Master  Servicer of a notification  that payment in full will
be escrowed in a manner  customary for such purposes,  the Master Servicer shall
immediately notify the Custodian by a certification  (which  certification shall
include a statement to the effect that all amounts received or to be received in
connection with such payment which are required to be deposited in the Custodial
Account  pursuant to Section 3.07 of the Pooling  Agreement have been or will be
so deposited) of a


NY1-242818.4
                                                        E-3

<PAGE>



Servicing  Officer and shall request  delivery to it of the Mortgage  File.  The
Custodian agrees,  upon receipt of such  certification and request,  promptly to
release to the Master  Servicer the related  Mortgage File. The Master  Servicer
shall deliver to the  Custodian and the Custodian  agrees to accept the Mortgage
Note and other  documents  constituting  the  Mortgage  File with respect to any
Qualified Substitute Mortgage Loan.

                  From  time to  time as is  appropriate  for the  servicing  or
foreclosures of any Mortgage Loan, including, for this purpose, collection under
any Primary Insurance Policy or any Mortgage Pool Insurance  Policy,  the Master
Servicer  shall deliver to the Custodian a  certificate  of a Servicing  Officer
requesting  that  possession  of the  Mortgage  File be  released  to the Master
Servicer and  certifying as to the reason for such release and that such release
will not invalidate any insurance  coverage  provided in respect of the Mortgage
Loan under any of the Required Insurance  Policies.  With such certificate,  the
Master  Servicer  shall  deliver to the  Custodian a trust  receipt  signed by a
Servicing  Officer on behalf of the  Master  Servicer,  and upon  receipt of the
foregoing, the Custodian shall deliver the Mortgage File to the Master Servicer.
The Master Servicer shall cause each Mortgage File so released to be returned to
the Custodian  when the need therefor by the Master  Servicer no longer  exists,
unless (i) the Mortgage Loan has been  liquidated and the  Liquidation  Proceeds
relating to the Mortgage Loan have been  deposited in the  Custodial  Account or
(ii)  the  Mortgage  File or any  document  therein  has  been  delivered  to an
attorney,  or to a public  trustee or other public  official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the
foreclosure of the Mortgaged Property either judicially or  non-judicially,  and
the Master  Servicer has delivered to the Custodian a certificate of a Servicing
Officer  certifying  as to the name and  address  of the  Person  to which  such
Mortgage File or such document was delivered and the purpose or purposes of such
delivery.  In the event of the  liquidation  of a Mortgage  Loan,  the Custodian
shall deliver the Trust Receipt with respect thereto to the Master Servicer upon
deposit of the related Liquidation Proceeds in the Custodial Account as provided
in the Pooling Agreement.  In addition, upon the request of the Master Servicer,
the Custodian will send to the Master Servicer copies of any documents contained
in the Mortgage File so requested.

                  Section  2.6.  Assumption  Agreements.  In the event  that any
assumption agreement or substitution of liability agreement is entered into with
respect to any Mortgage Loan subject to this  Agreement in  accordance  with the
terms and provisions of the Pooling Agreement,  the Master Servicer shall notify
the Custodian that such assumption or substitution  agreement has been completed
by forwarding to the Custodian the original of such  assumption or  substitution
agreement,  which  shall be added to the  related  Mortgage  File  and,  for all
purposes, shall be considered a part of


NY1-242818.4
                                                        E-4

<PAGE>



such  Mortgage File to the same extent as all other  documents  and  instruments
constituting parts thereof.


                                                    ARTICLE III

                                             Concerning the Custodian

                  Section 3.1. Custodian a Bailee and Agent of the Trustee. With
respect to each Mortgage Note,  Mortgage and other documents  constituting  each
Mortgage File which are delivered to the Custodian, the Custodian is exclusively
the bailee and agent of the Trustee and has no instructions to hold any Mortgage
Note or Mortgage  for the benefit of any person  other than the  Trustee,  holds
such documents for the benefit of  Certificateholders  and undertakes to perform
such  duties  and  only  such  duties  as are  specifically  set  forth  in this
Agreement.  Except upon  compliance  with the  provisions of Section 2.5 of this
Agreement, no Mortgage Note, Mortgage or other document constituting a part of a
Mortgage  File shall be delivered by the  Custodian to the Company or the Master
Servicer or otherwise released from the possession of the Custodian.

                  Section 3.2.  Indemnification.  The Company  hereby  agrees to
indemnify  and  hold  the  Custodian  harmless  from  and  against  all  claims,
liabilities,  losses,  actions, suits or proceedings at law or in equity, or any
other expenses,  fees or charges of any character or nature, which the Custodian
may incur or with which the  Custodian may be threatened by reason of its acting
as custodian under this Agreement,  including  indemnification  of the Custodian
against  any and all  expenses,  including  attorney's  fees if counsel  for the
Custodian  has been  approved  by the  Company,  and the cost of  defending  any
action,  suit  or  proceedings  or  resisting  any  claim.  Notwithstanding  the
foregoing,  it is specifically  understood and agreed that in the event any such
claim,  liability,  loss,  action,  suit or proceeding or other expense,  fee or
charge shall have been caused by reason of any negligent act,  negligent failure
to act or  willful  misconduct  on the part of the  Custodian,  or  which  shall
constitute  a  willful  breach  of its  duties  hereunder,  the  indemnification
provisions of this Agreement shall not apply.

                  Section 3.3. Custodian May Own Certificates.  The Custodian in
its  individual  or any  other  capacity  may  become  the owner or  pledgee  of
Certificates with the same rights it would have if it were not Custodian.

                  Section  3.4.  Master  Servicer  to Pay  Custodian's  Fees and
Expenses.  The Master Servicer covenants and agrees to pay to the Custodian from
time to time, and the Custodian  shall be entitled to,  reasonable  compensation
for all services  rendered by it in the exercise and  performance  of any of the
powers and duties  hereunder of the Custodian,  and the Master Servicer will pay
or reimburse the Custodian upon its request for all reasonable


NY1-242818.4
                                                        E-5

<PAGE>



expenses,  disbursements  and  advances  incurred  or made by the  Custodian  in
accordance  with  any  of  the  provisions  of  this  Agreement  (including  the
reasonable compensation and the expenses and disbursements of its counsel and of
all persons not regularly in its employ), except any such expense,  disbursement
or advance as may arise from its negligence or bad faith.

                  Section  3.5.   Custodian  May  Resign;   Trustee  May  Remove
Custodian.  The  Custodian  may resign from the  obligations  and duties  hereby
imposed upon it as such obligations and duties relate to its acting as Custodian
of the Mortgage Loans.  Upon receiving such notice of  resignation,  the Trustee
shall either take custody of the  Mortgage  Files itself and give prompt  notice
thereof to the  Company,  the Master  Servicer  and the  Custodian,  or promptly
appoint a successor Custodian by written instrument,  in duplicate,  one copy of
which instrument  shall be delivered to the resigning  Custodian and one copy to
the  successor  Custodian.  If the Trustee  shall not have taken  custody of the
Mortgage Files and no successor  Custodian shall have been so appointed and have
accepted  appointment  within  30  days  after  the  giving  of such  notice  of
resignation,  the  resigning  Custodian  may  petition  any  court of  competent
jurisdiction for the appointment of a successor Custodian.

                  The Trustee may remove the Custodian at any time.  In
such event, the Trustee shall appoint, or petition a court of
competent jurisdiction to appoint, a successor Custodian hereunder.
Any successor Custodian shall be a depository institution subject
to supervision or examination by federal or state authority and
shall be able to satisfy the other requirements contained in
Section 3.7 and shall be unaffiliated with the Master Servicer or
the Company.

                  Any resignation or removal of the Custodian and appointment of
a successor  Custodian  pursuant to any of the  provisions  of this  Section 3.5
shall  become   effective  upon  acceptance  of  appointment  by  the  successor
Custodian.  The Trustee  shall give prompt  notice to the Company and the Master
Servicer of the appointment of any successor  Custodian.  No successor Custodian
shall be appointed by the Trustee  without the prior approval of the Company and
the Master Servicer.

                  Section 3.6.  Merger or Consolidation of Custodian.  Any
                                ------------------------------------
Person into which the Custodian may be merged or converted or with
which it may be consolidated, or any Person resulting from any
merger, conversion or consolidation to which the Custodian shall be
a party, or any Person succeeding to the business of the Custodian,
shall be the successor of the Custodian hereunder, without the
execution or filing of any paper or any further act on the part of
any of the parties hereto, anything herein to the contrary
notwithstanding.

                  Section 3.7.  Representations of the Custodian.  The
Custodian hereby represents that it is a depository institution


NY1-242818.4
                                                        E-6

<PAGE>



subject to supervision or  examination  by a federal or state  authority,  has a
combined  capital and surplus of at least  $10,000,000  and is  qualified  to do
business in the jurisdictions in which it will hold any Mortgage File.


                                                    ARTICLE IV

                                             Miscellaneous Provisions

                  Section  4.1.  Notices.  All notices,  requests,  consents and
demands and other  communications  required  under this Agreement or pursuant to
any other  instrument or document  delivered  hereunder shall be in writing and,
unless otherwise specifically provided, may be delivered personally, by telegram
or telex, or by registered or certified mail,  postage  prepaid,  return receipt
requested,  at the  addresses  specified on the  signature  page hereof  (unless
changed by the particular party whose address is stated herein by similar notice
in writing), in which case the notice will be deemed delivered when received.

                  Section 4.2.  Amendments.  No  modification or amendment of or
supplement to this Agreement  shall be valid or effective  unless the same is in
writing and signed by all parties  hereto,  and neither the Company,  the Master
Servicer  nor the  Trustee  shall  enter  into any  amendment  hereof  except as
permitted by the Pooling Agreement.  The Trustee shall give prompt notice to the
Custodian of any amendment or  supplement  to the Pooling  Agreement and furnish
the Custodian with written copies thereof.

                  Section 4.3.  Governing Law. This Agreement  shall be deemed a
contract made under the laws of the State of New York and shall be construed and
enforced in accordance with and governed by the laws of the State of New York.

                  Section 4.4. Recordation of Agreement. To the extent permitted
by applicable  law, this Agreement is subject to recordation in all  appropriate
public offices for real property records in all the counties or other comparable
jurisdictions in which any or all of the properties subject to the Mortgages are
situated,  and in any other  appropriate  public  recording office or elsewhere,
such  recordation  to be effected by the Master  Servicer  and at its expense on
direction  by the Trustee  (pursuant  to the request of holders of  Certificates
evidencing  undivided  interests  in the  aggregate  of not less than 25% of the
Trust  Fund),  but only upon  direction  accompanied  by an  Opinion  of Counsel
reasonably satisfactory to the Master Servicer to the effect that the failure to
effect  such  recordation  is likely to  materially  and  adversely  affect  the
interests of the Certificateholders.

                  For  the  purpose  of  facilitating  the  recordation  of this
Agreement  as herein  provided and for other  purposes,  this  Agreement  may be
executed simultaneously in any number of counterparts, each


NY1-242818.4
                                                        E-7

<PAGE>



of which counterparts  shall be deemed to be an original,  and such counterparts
shall constitute but one and the same instrument.

                  Section 4.5. Severability of Provisions. If any one or more of
the covenants,  agreements,  provisions or terms of this Agreement  shall be for
any reason whatsoever held invalid, then such covenants, agreements,  provisions
or terms shall be deemed  severable  from the remaining  covenants,  agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability  of the other provisions of this Agreement or of the Certificates
or the rights of the holders thereof.


NY1-242818.4
                                                        E-8

<PAGE>



                  IN WITNESS WHEREOF,  this Agreement is executed as of the date
first above written.

Address:                                      BANKERS TRUST COMPANY,
                                              as Trustee
3 Park Plaza
Irvine, California  92714
Attention:  Residential Accredit Loans, Inc.
            Series 1997-QS12
                                              By:
                                              Name:
                                              Title:


Address:                                      RESIDENTIAL ACCREDIT LOANS, INC.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota  55437
                                              By:
                                              Name:
                                              Title: Vice President


Address:                                      RESIDENTIAL FUNDING
                                              CORPORATION, as Master Servicer
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437
                                              By:
                                              Name:
                                             Title: Director


Address:                                                 NORWEST BANK MINNESOTA,
                              NATIONAL ASSOCIATION
401 Second Avenue South
Minneapolis, Minnesota  55479

                                                         By:
                                                         Name:
                                                         Title:

                                                        E-9

<PAGE>



STATE OF                                    )
                                            ) ss.:
COUNTY OF                                   )


                  On the 26th day of November,  1997, before me, a notary public
in and for said State, personally appeared _______________________,  known to me
to  be  a  ______________  of  Bankers  Trust  Company,  the  New  York  banking
corporation that executed the within instrument,  and also known to me to be the
person who executed it on behalf of said banking corporation and acknowledged to
me that such banking corporation executed the within instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.




                                                   Notary Public


[SEAL]


<PAGE>



STATE OF MINNESOTA                  )
                                    ) ss.:
COUNTY OF HENNEPIN                  )


                  On the 26th day of November,  1997, before me, a notary public
in and for said State, personally appeared  ___________________,  known to me to
be a Trust Officer of Norwest Bank Minnesota,  National Association,  a national
banking association that executed the within instrument, and also known to me to
be the person who executed it on behalf of said  national  banking  association,
and  acknowledged  to me that such  national  banking  association  executed the
within instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.





                                  Notary Public


[SEAL]


<PAGE>



STATE OF MINNESOTA                  )
                                    ) ss.:
COUNTY OF HENNEPIN                  )


                  On the 26th day of November,  1997, before me, a notary public
in and for said State, personally appeared ________________, known to me to be a
Vice President of Residential Accredit Loans, Inc., one of the corporations that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.


                                                                 Notary Public

[Notarial Seal]




STATE OF MINNESOTA                          )
                                            ) ss:
COUNTY OF HENNEPIN                          )


                  On the 26th day of November,  1997, before me, a notary public
in and for said State, personally appeared ________________, known to me to be a
Director  of  Residential  Funding  Corporation,  one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.


                                             Notary Public

[Notarial Seal]


<PAGE>



                                                    EXHIBIT ONE

                                                 FORM OF CUSTODIAN
                                               INITIAL CERTIFICATION


                                                              November 26, 1997


Bankers Trust Company
3 Park Plaza
Irvine, California  92714

Attention:  Residential Accredit Loans, Inc., Series 1997-QS12

                  Re:      Custodial Agreement dated as of November 1, 1997,
                           by and among Bankers Trust Company, Residential
                           Accredit Loans, Inc., Residential Funding
                           Corporation and Norwest Bank Minnesota, National
                           Association, relating to Residential Accredit
                           Loans, Inc., Mortgage Asset-Backed Pass-Through
                           Certificates, Series 1997-QS12


Ladies and Gentlemen:

                  In  accordance   with  Section  2.3  of  the   above-captioned
Custodial Agreement,  and subject to Section 2.02 of the Pooling Agreement,  the
undersigned, as Custodian, hereby certifies that it has received a Mortgage File
(which  contains an original  Mortgage  Note) to the extent  required in Section
2.01(b) of the Pooling  Agreement  with respect to each  Mortgage Loan listed in
the Mortgage Loan Schedule.

                  Capitalized  words and  phrases  used  herein  shall  have the
respective meanings assigned to them in the above-captioned Custodial Agreement.

                                       NORWEST BANK MINNESOTA,
                                       NATIONAL ASSOCIATION



                                       By:
                                      Name:
                                     Title:


<PAGE>



                                                    EXHIBIT TWO

                                      FORM OF CUSTODIAN INTERIM CERTIFICATION



                                            ________________ ____, 1997



Bankers Trust Company
3 Park Plaza
Irvine, California  92714

Attention:  Residential Accredit Loans, Inc., Series 1997-QS12

                  Re:      Custodial Agreement dated as of November 1, 1997,
                           by and among Bankers Trust Company, Residential
                           Accredit Loans, Inc., Residential Funding
                           Corporation and Norwest Bank Minnesota, National
                           Association, relating to Residential Accredit
                           Loans, Inc., Mortgage Asset-Backed Pass-Through
                           Certificates, Series 1997-QS12



Ladies and Gentlemen:

                  In  accordance   with  Section  2.3  of  the   above-captioned
Custodial Agreement, the undersigned, as Custodian, hereby certifies that it has
received a Mortgage File to the extent  required  pursuant to Section 2.01(b) of
the Pooling  Agreement with respect to each Mortgage Loan listed in the Mortgage
Loan  Schedule,  and it has  reviewed the  Mortgage  File and the Mortgage  Loan
Schedule and has determined that: all required  documents have been executed and
received and that such documents related to the Mortgage Loans identified on the
Mortgage  Loan  Schedule,  with any  exceptions  listed on  Schedule  A attached
hereto.

                  Capitalized  words and  phrases  used  herein  shall  have the
respective meanings assigned to them in the above-captioned Custodial Agreement.

                                        NORWEST BANK MINNESOTA,
                                        NATIONAL  ASSOCIATION



                                       By:
                                      Name:
                                     Title:


<PAGE>



                                                   EXHIBIT THREE

                                       FORM OF CUSTODIAN FINAL CERTIFICATION



                                                     _____________ ___, 1997




Bankers Trust Company
3 Park Plaza
Irvine, California  92714

Attention:  Residential Accredit Loans, Inc., Series 1997-QS12

                  Re:      Custodial Agreement dated as of November 1, 1997,
                           by and among Bankers Trust Company, Residential
                           Accredit Loans, Inc., Residential Funding
                           Corporation and Norwest Bank Minnesota, National
                           Association, relating to Residential Accredit
                           Loans, Inc., Mortgage Asset-Backed Pass-Through
                           Certificates, Series 1997-QS12



Ladies and Gentlemen:

                  In  accordance   with  Section  2.3  of  the   above-captioned
Custodial Agreement, the undersigned, as Custodian, hereby certifies that it has
received  a  Mortgage  File with  respect to each  Mortgage  Loan  listed in the
Mortgage  Loan Schedule  containing  (I) with respect to each such Mortgage Loan
(other than a Cooperative Loan):

                  (i) The original  Mortgage Note,  endorsed without recourse to
         the order of the Trustee and showing an unbroken chain of  endorsements
         from the originator  thereof to the Person  endorsing it to the Trustee
         or  an  original  lost  note  affidavit  from  the  related  Seller  or
         Residential  Funding stating that the original  Mortgage Note was lost,
         misplaced or destroyed,  together  with a copy of the related  Mortgage
         Note;

                  (ii)  The  original   Mortgage   with  evidence  of  recording
         indicated  thereon or a copy of the  Mortgage  certified  by the public
         recording office in which such mortgage has been recorded;

                  (iii) An original  Assignment  of the  Mortgage to the Trustee
         with  evidence  of  recording  indicated  thereon  or a  copy  of  such
         assignment  certified  by the  public  recording  office in which  such
         assignment has been recorded;



<PAGE>



                  (iv)  With  respect  to  each   Mortgage  Loan  other  than  a
         Cooperative  Loan, the original  recorded  assignment or assignments of
         the  Mortgage  showing an unbroken  chain of title from the  originator
         thereof to the  Person  assigning  it to the  Trustee or a copy of such
         assignment  or  assignments  of the  Mortgage  certified  by the public
         recording  office in which such  assignment  or  assignments  have been
         recorded; and

                  (v) The original of each modification, assumption agreement or
         preferred loan agreement,  if any,  relating to such Mortgage Loan or a
         copy of each  modification,  assumption  agreement  or  preferred  loan
         agreement  certified  by the  public  recording  office  in which  such
         document has been recorded;

and (II) with respect to each Cooperative Loan so assigned:

                  (i) The original  Mortgage Note,  endorsed without recourse to
the order of the Trustee and showing an unbroken chain of endorsements  from the
originator thereof to the Person endorsing it to the Trustee, or with respect to
any Destroyed  Mortgage  Note, an original lost note  affidavit from the related
Seller or Residential  Funding stating that the original Mortgage Note was lost,
misplaced or destroyed, together with a copy of the related Mortgage Note;

                  (ii) A counterpart of the Cooperative Lease and the Assignment
of Proprietary  Lease to the originator of the Cooperative Loan with intervening
assignments  showing  an  unbroken  chain of title from such  originator  to the
Trustee;

                  (iii) The related Cooperative Stock Certificate,  representing
the related  Cooperative  Stock pledged with respect to such  Cooperative  Loan,
together with an undated stock power (or other similar  instrument)  executed in
blank;

                  (iv) The original recognition  agreement by the Cooperative of
the interests of the mortgagee with respect to the related Cooperative Loan;

                  (v)               The Security Agreement;

                  (vi) Copies of the original UCC-1 financing statement, and any
continuation  statements,  filed by the originator of such  Cooperative  Loan as
secured party, each with evidence of recording thereof,  evidencing the interest
of the originator under the Security Agreement and the Assignment of Proprietary
Lease;

                  (vii)  Copies of the filed UCC-3  assignments  of the security
interest referenced in clause (vi) above showing an unbroken chain of title from
the  originator  to the  Trustee,  each  with  evidence  of  recording  thereof,
evidencing the interest of

                                                        E-4

<PAGE>



the originator under the Security Agreement and the Assignment of
Proprietary Lease;

                  (viii)  An  executed   assignment   of  the  interest  of  the
originator in the Security  Agreement,  Assignment of Proprietary  Lease and the
recognition agreement referenced in clause (iv) above, showing an unbroken chain
of title from the originator to the Trustee;

                  (ix) The original of each modification,  assumption  agreement
or preferred loan agreement, if any, relating to such Cooperative Loan; and

                  (x) An executed UCC-1 financing  statement  showing the Master
Servicer as debtor, the Company as secured party and the Trustee as assignee and
an  executed  UCC-1  financing  statement  showing the Company as debtor and the
Trustee as secured party,  each in a form sufficient for filing,  evidencing the
interest of such debtors in the Cooperative Loans.

                  Capitalized  words and  phrases  used  herein  shall  have the
respective meanings assigned to them in the above-captioned Custodial Agreement.

                               NORWEST BANK MINNESOTA, NATIONAL
                               ASSOCIATION


                               By:
                               Name:
                               Title:

                                  E-5

<PAGE>



                                                     EXHIBIT F

                                              MORTGAGE LOAN SCHEDULE


1

  RUN ON     : 11/26/97           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 07.14.19          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 1997-QS12                                 CUTOFF : 11/01/97
  POOL       : 0004270
             :
             :
  POOL STATUS: F

  RFC LOAN #     S/S CODE          PMT TYPE      ORIGINAL BAL     LOAN FEATURE
                                   ORIG TERM     PRINCIPAL BAL    # OF UNITS
  ADDRESS                          ORIG RATE     ORIGINAL P+I     LTV
  ADDRESS LINE 2                   CURR NET      CURRENT P+I      VALUE
  CITY           STATE  ZIP        LOAN PURP     NOTE DATE        MI CO CODE
  SERVICER LOAN #                  PROP TYPE     1ST PMT DATE     MI CVG
  SELLER LOAN #                    OCCP CODE     MATURITY DATE
  INVESTOR LOAN #
  ______________________________________________________________________________


    1553026          F11/G02             F          224,999.00         ZZ
                                         360        224,999.00          1
    108 HAZELNUT COURT                 8.250          1,690.35         80
                                       8.000          1,690.35      282,000.00
    MELVILLE         NY   11747          1            10/22/97         00
    0430449405                           03           12/01/97          0
    9600394                              O            11/01/27
    0


    1553038          G80/225             F          285,100.00         ZZ
                                         360        283,447.36          1
    6628 S OAK CIRCLE                  8.875          2,268.39         80
                                       8.625          2,268.39      356,390.00
    LITTLETON        CO   80127          1            12/31/96         00
    8033806                              03           02/01/97          0
    8033806                              O            01/01/27
    0


    1561375          811/G02             F          110,000.00         ZZ
                                         360        109,756.97          1
    9640 HONEYBELL CIRCLE              9.000            885.08         69
                                       8.750            885.08      161,000.00
    BOYNTON BEACH    FL   33436          1            06/19/97         00
    0430288159                           03           08/01/97          0
    FM00105096                           O            07/01/27
    0


    1568069          003/G02             F           77,300.00         ZZ
                                         360         75,714.94          1
    268 INDIAN TRAIL                   8.625            601.24         90
                                       8.375            601.24       85,900.00
    MARIETTA         GA   30068          1            03/24/97         12
    0430333054                           05           05/01/97         25
1


    3793312                              N            04/01/27
    0


    1569627          G44/G02             F          104,000.00         ZZ
                                         360        103,652.70          1
    262 EAST 36 STREET                 9.000            836.81         80
                                       8.750            836.81      130,000.00
    HIALEAH          FL   33013          5            04/15/97         00
    0430435370                           05           06/01/97          0
    0397031                              O            05/01/27
    0


    1570038          286/286             F          114,000.00         ZZ
                                         360        113,373.54          1
    218 SAMPAN                         8.000            836.50         80
                                       7.750            836.50      143,000.00
    TIKI ISLAND      TX   77554          1            02/26/97         00
    2611                                 05           04/01/97          0
    2611                                 O            03/01/27
    0


    1570048          003/G02             F           47,700.00         ZZ
                                         360         47,518.17          1
    816 PIEDMONT AVENUE NE             9.125            388.11         90
                                       8.875            388.11       53,000.00
    ATLANTA          GA   30309          1            03/31/97         12
    0430333047                           01           05/01/97         25
    3802410                              O            04/01/27
    0


    1570092          225/225             F          116,000.00         ZZ
                                         360        115,357.29          1
    525 EAST 80TH STREET               8.250            871.47         63
                                       8.000            871.47      186,000.00
    CHICAGO          IL   60619          5            04/24/97         00
    8044330                              05           06/01/97          0
    8044330                              O            05/01/27
    0


    1570367          003/G02             F           56,700.00         ZZ
                                         360         56,483.91          1
    2087 POWERS FERRY TRACE            9.125            461.33         90
                                       8.875            461.33       63,000.00
    MARIETTA         GA   30067          1            03/31/97         12
    0430342485                           01           05/01/97         25
    0003828753                           O            04/01/27
    0


1


    1571566          375/G02             F          100,800.00         ZZ
                                         360        100,335.97          1
    13849 S HOLCOMB BOULEVARD          8.875            802.02         90
                                       8.625            802.02      112,000.00
    OREGON CITY      OR   97045          1            02/18/97         01
    0430430694                           05           04/01/97         25
    645297                               N            03/01/27
    0


    1571635          638/G02             F           86,000.00         ZZ
                                         360         85,951.79          1
    1300 WEST 98TH AVENUE              8.875            684.25         75
                                       8.625            684.25      115,600.00
    CROWN POINT      IN   46307          1            09/18/97         00
    0430414292                           05           11/01/97          0
    8639598                              O            10/01/27
    0


    1572739          003/G02             F           66,600.00         ZZ
                                         360         66,359.77          1
    3864 CHEROKEE TRAIL                8.625            518.01         90
                                       8.375            518.01       74,000.00
    SUWANEE          GA   30174          1            04/14/97         10
    0430332999                           05           06/01/97         25
    3832730                              N            05/01/27
    0


    1576350          A26/G02             F          250,000.00         ZZ
                                         360        249,447.58          1
    31 GRAND VIEW AVENUE               9.000          2,011.56         65
                                       8.750          2,011.56      390,000.00
    UPPER SADDLE RI  NJ   07458          1            06/25/97         00
    0430444570                           05           08/01/97          0
    8728                                 O            07/01/27
    0


    1576848          180/G02             F          112,100.00         ZZ
                                         360        111,797.17          2
    340 EAST STREET                    9.125            912.08         95
                                       8.875            912.08      118,000.00
    LOGANVILLE       WI   53943          1            05/27/97         10
    0430340620                           05           07/01/97         30
    4845418                              O            06/01/27
    0


    1577800          A52/G02             F           57,750.00         ZZ
                                         360         57,244.93          1
    2336 PEBBLE ROCK EAST              9.500            485.59         75
                                       9.250            485.59       77,000.00
1


    DECATUR          GA   30035          5            05/13/97         00
    0430226795                           05           07/01/97          0
    202423                               O            06/01/27
    0


    1580901          180/G02             F           78,500.00         ZZ
                                         360         78,285.99          1
    37188 ONTARIO                      8.500            603.60         72
                                       8.250            603.60      110,000.00
    BURNEY           CA   96013          5            07/10/97         00
    0430340463                           05           09/01/97          0
    4972485                              O            08/01/27
    0


    1582211          H35/G02             F          170,150.00         ZZ
                                         360        169,861.71          1
    17278 SW 9 STREET                  8.875          1,353.79         80
                                       8.625          1,353.79      212,700.00
    PEMBROKE PINES   FL   33029          1            07/21/97         00
    0430338657                           03           09/01/97          0
    UNKNOWN                              O            08/01/27
    0


    1583372          A46/G02             F           78,050.00         ZZ
                                         360         77,944.91          1
    2004 OAK PLACE                     8.000            572.70         80
                                       7.750            572.70       97,608.00
    ROUND ROCK       TX   78681          1            08/29/97         00
    0430381236                           05           10/01/97          0
    0783018                              O            09/01/27
    0


    1583391          286/286             F           89,250.00         ZZ
                                         360         89,057.83          4
    62 MAIN ST                         9.125            726.17         75
                                       8.875            726.17      119,000.00
    ROSENDALE        NY   12472          1            06/24/97         00
    8641621                              05           08/01/97          0
    8641621                              N            07/01/27
    0


    1583393          B24/G02             F          189,600.00         ZZ
                                         360        189,252.98          1
    22 BEECH STREET                    8.500          1,457.86         80
                                       8.250          1,457.86      237,000.00
    GREENWICH        CT   06830          1            07/24/97         00
    0430296335                           05           09/01/97          0
    212603                               O            08/01/27
    0
1




    1583406          B24/G02             F          280,000.00         ZZ
                                         360        279,854.84          2
    12 ARTIC STREET                    9.250          2,303.49         80
                                       9.000          2,303.49      350,000.00
    GREENWICH        CT   06830          1            09/08/97         00
    0430349316                           05           11/01/97          0
    213976                               O            10/01/27
    0


    1584104          180/G02             F           31,500.00         ZZ
                                         360         31,426.72          1
    2012 FORT STREET                   8.750            247.81         90
                                       8.500            247.81       35,000.00
    LOUISVILLE       KY   40217          1            06/19/97         10
    0430438234                           05           08/01/97         25
    4177432                              N            07/01/27
    0


    1584699          074/G02             F          100,800.00         ZZ
                                         360        100,445.59          1
    241 HARWICKE ROAD                  8.750            793.00         90
                                       8.500            793.00      112,000.00
    SPRINGFIELD      PA   19064          1            04/28/97         10
    0430242198                           07           06/01/97         25
    1581100014                           N            05/01/27
    0


    1585812          H34/G02             F          170,050.00         ZZ
                                         360        169,161.32          1
    2065 BRIDGEPORT DRIVE              8.250          1,277.53         95
                                       8.000          1,277.53      179,000.00
    FAYETTEVILLE     AR   72703          1            02/21/97         12
    0430472944                           05           04/01/97         30
    233235                               O            03/01/27
    0


    1586142          F25/G02             F          234,000.00         ZZ
                                         360        233,642.70          1
    1805 CENTRAL AVENUE                9.375          1,946.30         90
                                       9.125          1,946.30      260,000.00
    OCEAN CITY       NJ   08226          1            07/18/97         10
    0430336214                           01           09/01/97         25
    R9706037                             N            08/01/27
    0


    1586593          638/G02             F           67,400.00         ZZ
                                         360         67,262.25          1
1


    1811 EAST 75TH PLACE               9.375            560.60         90
                                       9.125            560.60       74,900.00
    INDIANAPOLIS     IN   46240          1            06/26/97         10
    0430300152                           05           08/01/97         25
    08643678                             N            07/01/27
    0


    1586796          F27/G02             F           80,250.00         ZZ
                                         360         80,053.44          1
    110 HARMON STREET                  8.500            617.06         75
                                       8.250            617.06      107,000.00
    CHARLOTTESVILLE  VA   22903          1            06/30/97         00
    0430438879                           05           08/01/97          0
    116273080                            N            07/01/27
    0


    1586799          F27/G02             F           73,000.00         ZZ
                                         360         72,825.73          2
    1912 CEDAR HILL ROAD               8.625            567.79         62
                                       8.375            567.79      118,000.00
    CHARLOTTESVILLE  VA   22903          5            06/30/97         00
    0430438895                           05           08/01/97          0
    156273148                            N            07/01/27
    0


    1589156          209/G02             F           65,000.00         ZZ
                                         360         64,848.75          1
    804 10TH STREET                    8.750            511.36         52
                                       8.500            511.36      125,000.00
    SOMERS POINT     NJ   08244          1            06/28/97         00
    0430424499                           05           08/01/97          0
    42                                   O            07/01/27
    0


    1589202          E45/G02             F          260,000.00         ZZ
                                         360        259,260.33          1
    2879 ARDEN ROAD                    8.875          2,068.68         73
                                       8.625          2,068.68      360,000.00
    ATLANTA          GA   30327          2            05/21/97         00
    0430431627                           05           07/01/97          0
    70900                                O            06/01/27
    0


    1589386          074/G02             F           57,000.00         ZZ
                                         360         56,799.42          1
    12782 SYCAMORE STREET              8.750            448.42         44
                                       8.500            448.42      130,000.00
    STANTON          CA   92841          5            04/28/97         00
    0430274555                           05           06/01/97          0
1


    1234005861                           N            05/01/27
    0


    1589898          229/G02             F          176,000.00         ZZ
                                         360        175,685.99          1
    8988 SW 149TH AVENUE               8.625          1,368.92         80
                                       8.375          1,368.92      220,000.00
    BEAVERTON        OR   97007          1            07/10/97         00
    0430431395                           05           09/01/97          0
    7510100                              O            08/01/27
    0


    1590644          561/561             F          100,700.00         ZZ
                                         360        100,646.41          3
    190 WALNUT STREET                  9.125            819.33         95
                                       8.875            819.33      106,000.00
    NEWARK           NJ   07105          1            09/22/97         01
    9052127                              05           11/01/97         30
    9052127                              O            10/01/27
    0


    1590871          253/253             F           96,250.00         T
                                         360         96,193.17          1
    2621 DOVE CREEK LANE               8.625            748.63         70
                                       8.375            748.63      137,500.00
    CARROLLTON       TX   75006          1            09/05/97         00
    328504                               05           11/01/97          0
    328504                               O            10/01/27
    0


    1591335          286/286             F          120,000.00         ZZ
                                         360        119,658.59          2
    2764 SW WAKE ROBIN PLACE           8.875            954.78         80
                                       8.625            954.78      150,000.00
    CORVALLIS        OR   97333          1            05/16/97         12
    09168308                             05           07/01/97         12
    09168308                             N            06/01/27
    0


    1591337          286/286             F          120,000.00         ZZ
                                         360        119,658.59          2
    2772 2776 SW WAKE ROBIN PLACE      8.875            954.78         80
                                       8.625            954.78      150,000.00
    CORVALLIS        OR   97333          1            05/16/97         12
    09168307                             05           07/01/97         12
    09168307                             N            06/01/27
    0


1


    1591795          992/G02             F           52,500.00         ZZ
                                         360         52,432.81          1
    106 DREXEL GATE COURT              8.250            394.42         70
                                       8.000            394.42       75,000.00
    MIDDLE ISLAND    NY   11953          1            08/20/97         00
    0430407064                           03           10/01/97          0
    339168                               O            09/01/27
    0


    1592725          313/G02             F           96,300.00         ZZ
                                         360         95,067.81          2
    1906 FAIRLAWN LANE                 9.000            774.86         90
                                       8.750            774.86      107,000.00
    AUSTIN           TX   78704          1            06/30/97         04
    0430431213                           05           08/01/97         25
    6312672                              N            07/01/27
    0


    1592913          387/387             F           73,500.00         ZZ
                                         360         73,362.00          1
    1371 EAGLE AVENUE                  8.375            558.62         75
                                       8.125            558.62       98,000.00
    KREMMLING        CO   80459          5            06/30/97         00
    1156504                              05           09/01/97          0
    1156504                              O            08/01/27
    0


    1593942          808/G02             F          107,910.00         ZZ
                                         360        107,716.80          3
    1917 28TH STREET                   8.875            858.59         90
                                       8.625            858.59      119,900.00
    SACRAMENTO       CA   95816          1            07/03/97         11
    0430440479                           05           09/01/97         25
    9200376                              N            08/01/27
    0


    1594422          A46/G02             F           50,000.00         ZZ
                                         360         49,908.48          1
    612 CREST CIRCLE DRIVE             8.500            384.46         42
                                       8.250            384.46      120,000.00
    SAN MARCOS       TX   78666          1            07/11/97         00
    0430447797                           05           09/01/97          0
    991691                               O            08/01/27
    0


    1594517          229/G02             F          282,750.00         ZZ
                                         360        282,607.20          2
    35 WOODROSE LANE                   9.375          2,351.78         75
                                       9.125          2,351.78      377,000.00
1


    STATEN ISLAND    NY   10309          1            09/15/97         00
    0430427435                           03           11/01/97          0
    7532740                              O            10/01/27
    0


    1594547          387/387             F          117,000.00         ZZ
                                         360        116,719.21          1
    334 NORTH WILLOW STREET            8.000            858.50         84
                                       7.750            858.50      140,000.00
    CASTLE ROCK      CO   80104          5            07/09/97         23
    1163708                              03           09/01/97          0
    1163708                              O            08/01/27
    0


    1594586          F27/G02             F           46,600.00         ZZ
                                         360         46,503.13          1
    803 ANDERSON ST                    7.875            337.89         79
                                       7.625            337.89       59,500.00
    CHARLOTTESVILLE  VA   22901          1            07/09/97         00
    0430438903                           05           09/01/97          0
    116278774                            O            08/01/27
    0


    1595255          638/G02             F          142,500.00         ZZ
                                         360        142,335.42          1
    11665 MONTE VISTA AVENUE           8.750          1,121.05         95
                                       8.500          1,121.05      150,000.00
    CHINO            CA   90710          2            08/11/97         10
    0430374694                           05           10/01/97         30
    UNKNOWN                              O            09/01/27
    0


    1599197          074/G02             F          100,000.00         ZZ
                                         360         99,676.74          1
    350 WEST 50TH STREET A.K.A. 2      8.250            751.27         58
    WORLDWIDE PLAZA UNIT 11D           8.000            751.27      172,500.00
    NEW YORK         NY   10019          1            05/02/97         00
    0430311688                           06           07/01/97          0
    1111098930                           N            06/01/27
    0


    1599267          074/G02             F           78,750.00         ZZ
                                         360         78,547.06          1
    600 MANHATTAN DR NO 4C             8.250            591.62         75
                                       8.000            591.62      105,000.00
    BOULDER          CO   80303          1            06/27/97         00
    0430312371                           01           08/01/97          0
    1272087237                           N            07/01/27
    0
1




    1599555          074/G02             F           64,600.00         ZZ
                                         360         64,445.75          1
    2297 DIAMOND ST                    8.625            502.46         85
                                       8.375            502.46       76,000.00
    PORT CHARLOTTE   FL   33948          5            06/03/97         04
    0430315168                           05           08/01/97         12
    1589113392                           O            07/01/27
    0


    1599757          B24/G02             F          256,000.00         ZZ
                                         360        255,506.91          1
    56 RICHMOND DRIVE                  8.250          1,923.24         80
                                       8.000          1,923.24      320,000.00
    GREENWICH        CT   06870          1            07/21/97         00
    0430292607                           05           09/01/97          0
    212613                               O            08/01/27
    0


    1599796          387/387             F          124,800.00         ZZ
                                         360        124,534.05          1
    3151 SOUTH ALBION STREET           7.750            894.08         80
                                       7.500            894.08      156,000.00
    DENVER           CO   80222          1            07/11/97         00
    1166826                              05           09/01/97          0
    1166826                              O            08/01/27
    0


    1600080          129/G02             F           42,750.00         ZZ
                                         360         42,655.13          3
    112 W SOUTH STREET                 9.250            351.69         90
                                       9.000            351.69       47,500.00
    HARTFORD         MI   49057          1            08/14/97         01
    0430430579                           05           10/01/97         25
    3800026381                           O            09/01/27
    0


    1600434          E29/G02             F          130,250.00         ZZ
                                         360        129,946.94          1
    7126 SOUTH SHENANDOAH DRIVE        8.750          1,024.68         80
                                       8.500          1,024.68      162,824.00
    ELIZABETH        CO   80107          1            06/27/97         00
    0430414326                           05           08/01/97          0
    9608027                              O            07/01/27
    0


    1600824          F27/G02             F           58,500.00         ZZ
                                         360         58,372.26          1
1


    2313 CLARKE STREET                 8.500            449.82         90
                                       8.250            449.82       65,000.00
    RICHMOND         VA   23228          1            07/30/97         04
    0430438945                           05           09/01/97         25
    116279145                            N            08/01/27
    0


    1601109          687/G02             F           85,500.00         ZZ
                                         360         85,500.00          3
    3077 MAIN STREET                   9.000            687.95         90
                                       8.750            687.95       95,000.00
    CALENDONIA       NY   14423          1            10/10/97         01
    0430446088                           05           12/01/97         25
    UNKNOWN                              N            11/01/27
    0


    1601917          E22/G02             F           60,200.00         ZZ
                                         360         60,059.96          1
    1508 NEST PLACE                    8.750            473.59         70
                                       8.500            473.59       86,000.00
    PLANO            TX   75287          5            06/20/97         00
    0410427280                           07           08/01/97          0
    410427280                            N            07/07/27
    0


    1601982          B75/G02             F          118,300.00         ZZ
                                         360        118,233.68          2
    6725 6727 SW 196TH AVENUE          8.875            941.25         65
                                       8.625            941.25      182,000.00
    BEAVERTON        OR   97005          5            09/08/97         00
    0430433706                           05           11/01/97          0
    2974376                              N            10/01/27
    0


    1602015          702/702             F          114,000.00         ZZ
                                         360        113,925.42          1
    9 BUNGALOW POINT                   8.125            846.45         80
                                       7.875            846.45      142,500.00
    WILBRAHAM        MA   01095          1            09/05/97         00
    2024974                              05           11/01/97          0
    2024974                              O            10/01/27
    0


    1603023          H05/H05             F          193,500.00         ZZ
                                         360        193,500.00          3
    346 LOCUST STREET                  8.625          1,505.02         90
                                       8.375          1,505.02      215,000.00
    PORT CHESTER     NY   10573          1            10/03/97         01
    7050093                              05           12/01/97         25
1


    7050093                              N            11/01/27
    0


    1603107          E01/G02             F           84,000.00         ZZ
                                         360         83,957.58          2
    1345 JEFFERSON AVENUE              9.375            698.67         80
                                       9.125            698.67      105,000.00
    BROOKLYN         NY   11221          1            09/03/97         00
    0430430413                           07           11/01/97          0
    972569                               N            10/01/27
    0


    1603122          B24/G02             F          185,000.00         ZZ
                                         360        184,643.67          1
    98 SOUTHFIELD AVE                  8.250          1,389.84         74
    302                                8.000          1,389.84      250,000.00
    STAMFORD         CT   06902          5            07/17/97         00
    0430294967                           08           09/01/97          0
    213311                               O            08/01/27
    0


    1603298          286/286             F           76,000.00         ZZ
                                         360         75,766.48          3
    133 135 SABIN ST                   8.500            584.38         80
                                       8.250            584.38       95,000.00
    PAWTUCKET        RI   02860          1            05/12/97         00
    9169925                              05           07/01/97          0
    9169925                              O            06/01/27
    0


    1603599          140/G02             F           88,400.00         ZZ
                                         360         88,289.73          1
    837 EAST ENCINAS                   8.375            671.90         66
                                       8.125            671.90      135,500.00
    GILBERT          AZ   85234          1            08/25/97         00
    0430429746                           05           10/01/97          0
    433499                               O            09/01/27
    0


    1603841          907/G02             F          113,000.00         ZZ
                                         360        112,721.67          1
    2245 AUBERRY DRIVE                 8.750            888.97         85
                                       8.500            888.97      133,000.00
    AKRON            OH   44312          5            07/28/97         10
    0430446369                           05           09/01/97         25
    0000                                 O            08/01/27
    0


1


    1603966          638/G02             F           49,500.00         ZZ
                                         360         49,445.72          1
    6431 HARRISON AVENUE               9.000            398.29         90
                                       8.750            398.29       55,000.00
    HAMMOND          IN   46320          1            08/14/97         10
    0430428367                           05           10/01/97         25
    08655666                             N            09/01/27
    0


    1604006          A26/G02             F           81,000.00         ZZ
                                         360         80,954.58          4
    BOX 5 MAIN STREET                  8.875            644.48         90
                                       8.625            644.48       90,000.00
    LIVINGSTON MANO  NY   12758          1            09/11/97         12
    0430440487                           05           11/01/97         25
    8044                                 O            10/01/27
    0


    1604707          A19/G02             F          103,500.00         ZZ
                                         360        103,435.67          1
    4 REAR SOUTH PINE STREET           8.375            786.67         75
                                       8.125            786.67      138,000.00
    SALEM            MA   01790          1            09/08/97         00
    0430349324                           05           11/01/97          0
    219045                               O            10/01/27
    0


    1604719          H84/G02             F          256,500.00         ZZ
                                         360        256,188.10          2
    86-18 164TH STREET                 8.500          1,972.27         95
                                       8.250          1,972.27      270,000.00
    JAMAICA          NY   11432          1            08/27/97         10
    0430382929                           05           10/01/97         35
    19703487                             O            09/01/27
    0


    1604782          E26/G02             F          234,500.00         ZZ
                                         360        233,954.37          1
    529 SKIDMORE BOULEVARD             8.750          1,844.82         95
                                       8.500          1,844.82      247,000.00
    GAITHERSBURG     MD   20877          2            06/30/97         19
    0430387027                           03           08/01/97         30
    45700318                             O            07/01/27
    0


    1604970          E48/G02             F          272,000.00         ZZ
                                         360        271,812.81          1
    3614 VALLEY VISTA RD               7.875          1,972.19         80
                                       7.625          1,972.19      340,000.00
1


    NASHVILLE        TN   37205          1            09/26/97         00
    0430431569                           05           11/01/97          0
    14845                                O            10/01/27
    0


    1605089          952/G02             F          144,000.00         ZZ
                                         360        143,914.98          1
    12 F CONCORD ROAD                  8.625          1,120.02         80
                                       8.375          1,120.02      180,000.00
    WEST MILFORD     NJ   07480          5            09/11/97         00
    0430422998                           01           11/01/97          0
    97071866                             O            10/01/27
    0


    1605169          A46/G02             F           64,400.00         ZZ
                                         360         64,360.99          1
    722 E DONALDSON AVENUE             8.500            495.18         80
                                       8.250            495.18       80,500.00
    RAEFORD          NC   28376          5            09/02/97         00
    0430432120                           05           11/01/97          0
    820259                               O            10/01/27
    0


    1605983          129/G02             F           61,000.00         ZZ
                                         360         60,933.11          2
    115 PADDOCK SE                     9.000            490.82         89
                                       8.750            490.82       69,000.00
    GRAND RAPIDS     MI   49506          2            08/20/97         10
    0430444752                           05           10/01/97         25
    UNKNOWN                              N            09/01/27
    0


    1606085          A52/G02             F           78,950.00         T
                                         360         78,846.37          1
    LOT 8 PROCTOR LANE                 8.125            586.20         65
                                       7.875            586.20      121,500.00
    ST SIMONS        GA   31522          1            08/29/97         00
    0430345157                           05           10/01/97          0
    216339                               O            09/01/27
    0


    1606140          B24/G02             F          147,000.00         ZZ
                                         360        146,908.63          1
    34 TOWER HILL                      8.375          1,117.31         70
                                       8.125          1,117.31      210,000.00
    RED BANK         NJ   07701          5            09/16/97         00
    0430378406                           05           11/01/97          0
    224238                               N            10/01/27
    0
1




    1606189          F42/G02             F           85,500.00         ZZ
                                         360         85,406.25          3
    79 GOODWIN AVENUE                  9.000            687.95         90
                                       8.750            687.95       95,000.00
    PATERSON         NJ   07501          1            08/29/97         10
    0430433466                           05           10/01/97         25
    27272                                N            09/01/27
    0


    1606285          286/286             F           31,500.00         ZZ
                                         360         31,432.15          1
    8299 CAMBRIDGE                     9.125            256.30         90
    #403                               8.875            256.30       35,000.00
    HOUSTON          TX   77054          1            06/18/97         12
    9173503                              01           08/01/97         30
    9173503                              O            07/01/27
    0


    1606313          B75/G02             F           78,200.00         ZZ
                                         360         78,008.48          1
    152 TRACY DRIVE                    8.500            601.29         85
                                       8.250            601.29       92,000.00
    MONTICELLO       AR   71655          5            06/25/97         12
    0430345546                           05           08/01/97         20
    2891703                              O            07/01/27
    0


    1606700          638/G02             F           61,200.00         ZZ
                                         360         61,134.63          2
    15223 SOUTH LOOMIS AVENUE          9.125            497.94         90
                                       8.875            497.94       68,000.00
    HARVEY           IL   60426          1            08/18/97         10
    0430431320                           05           10/01/97         25
    08656951                             N            09/01/27
    0


    1606736          225/225             F          168,000.00         ZZ
                                         360        167,900.81          2
    101 WARREN ST                      8.625          1,306.69         80
                                       8.375          1,306.69      210,000.00
    STAMFORD         CT   06902          1            10/01/97         00
    8056483                              05           11/01/97          0
    8056483                              O            10/01/27
    0


    1606791          G81/G02             F          178,000.00         ZZ
                                         360        177,889.36          1
1


    5030 NW 93 PLACE                   8.375          1,352.93         80
                                       8.125          1,352.93      222,500.00
    MIAMI            FL   33178          1            09/24/97         00
    0430432179                           05           11/01/97          0
    21707066                             O            10/01/27
    0


    1606932          A69/G02             F          126,000.00         ZZ
                                         360        125,931.17          2
    109-117 38TH STREET                9.000          1,013.83         90
                                       8.750          1,013.83      140,000.00
    LINDENHURST      NY   11757          1            09/24/97         04
    0430430801                           05           11/01/97         25
    104508885                            N            10/01/27
    0


    1607179          H99/G02             F           86,750.00         ZZ
                                         360         86,606.78          1
    11003 SW 38 LANE                   9.000            698.01         70
                                       8.750            698.01      124,000.00
    MIAMI            FL   33165          5            07/31/97         00
    0430423764                           01           09/01/97          0
    215332                               N            08/01/27
    0


    1607293          131/G02             F          233,400.00         ZZ
                                         360        233,137.33          4
    N21 W5336-42 PIERCE COURT          8.875          1,857.04         79
                                       8.625          1,857.04      299,000.00
    CEDARBURG        WI   53012          1            08/27/97         00
    0430431056                           03           10/01/97          0
    9707003                              O            09/01/27
    0


    1607318          F03/G02             F           54,750.00         ZZ
                                         360         54,718.50          1
    2245 SIDEWINDER DRIVE #520         8.750            430.72         75
                                       8.500            430.72       73,000.00
    PARK CITY        UT   84060          1            09/16/97         00
    0430414367                           20           11/01/97          0
    DEN11220                             N            10/01/27
    0


    1607414          180/G02             F           58,680.00         ZZ
                                         360         58,615.66          2
    2544 W 16TH STREET                 9.000            472.15         90
                                       8.750            472.15       65,200.00
    OKLAHOMA CITY    OK   73106          1            08/06/97         04
    0430472985                           05           10/01/97         25
1


    UNKNOWN                              N            09/01/27
    0


    1607726          J38/G02             F          199,950.00         ZZ
                                         360        199,840.79          1
    218-41 SPENCER AVENUE              9.000          1,608.84         93
                                       8.750          1,608.84      215,000.00
    QUEENS VILLAGE   NY   11427          1            09/30/97         04
    0430436220                           05           11/01/97         30
    ACEVEDO                              O            10/01/27
    0


    1607771          624/G02             F          205,000.00         ZZ
                                         360        204,862.45          1
    102 CORDOVA STREET                 8.000          1,504.22         78
                                       7.750          1,504.22      265,000.00
    SAN FRANCISCO    CA   94112          5            09/22/97         00
    0430429811                           05           11/01/97          0
    86500170323F                         O            10/01/27
    0


    1607791          A06/G02             F          245,000.00         ZZ
                                         360        244,855.35          1
    3540 THORNTREE COURT               8.625          1,905.59         63
                                       8.375          1,905.59      390,000.00
    ANN ARBOR        MI   48105          5            09/03/97         00
    0430391383                           05           11/01/97          0
    001000009706085                      O            10/01/27
    0


    1607840          B75/G02             F          108,150.00         ZZ
                                         360        108,082.78          1
    3352 WAYWARD COURT                 8.375            822.02         80
                                       8.125            822.02      135,190.00
    LAS VEGAS        NV   89129          1            09/29/97         00
    0430442194                           03           11/01/97          0
    2947703                              N            10/01/27
    0


    1608513          225/225             F           54,000.00         ZZ
                                         360         53,901.76          2
    6525 TELETHA LANE                  8.500            415.22         90
                                       8.250            415.22       60,000.00
    CHATTANOOGA      TN   37415          1            08/05/97         10
    805407900                            05           10/01/97         25
    805407900                            N            09/01/27
    0


1


    1608518          B24/G02             F           85,000.00         ZZ
                                         360         84,899.28          2
    434 FRONT STREET                   8.625            661.12         74
                                       8.375            661.12      115,000.00
    UNION BEACH      NJ   07735          1            08/13/97         00
    0430329490                           05           10/01/97          0
    217829                               N            09/01/27
    0


    1608519          B75/G02             F          189,000.00         ZZ
                                         360        188,687.96          4
    4231 BUENA VISTA STREET            9.000          1,520.74         90
                                       8.750          1,520.74      210,000.00
    DALLAS           TX   75205          1            08/01/97         14
    0430436642                           05           09/01/97         25
    2936094                              N            08/01/27
    0


    1608550          B75/G02             F          170,100.00         ZZ
                                         360        169,903.55          1
    1226 NE 2ND STREET                 8.750          1,338.18         90
                                       8.500          1,338.18      189,000.00
    CORVALLIS        OR   97330          1            08/04/97         10
    0430394585                           05           10/01/97         25
    7147226                              N            09/01/27
    0


    1608922          637/G02             F          231,600.00         ZZ
                                         360        231,444.60          1
    3258 PLEASANT GROVE ROAD           8.000          1,699.40         80
                                       7.750          1,699.40      289,500.00
    PLEASANT GROVE   CA   95668          5            09/26/97         00
    0430442145                           05           11/01/97          0
    9902149                              O            10/01/27
    0


    1608949          001/G02             F          224,950.00         ZZ
                                         360        224,950.00          1
    37 ARROWWOOD STREET                7.750          1,611.57         66
                                       7.500          1,611.57      345,915.00
    METHUEN          MA   01844          1            10/10/97         00
    0430447565                           05           12/01/97          0
    1517621                              O            11/01/27
    0


    1608975          225/225             F           61,200.00         ZZ
                                         360         61,162.92          2
    547-549 SALT SPRINGS ROAD          8.500            470.58         90
                                       8.250            470.58       68,000.00
1


    SYRACUSE         NY   13214          1            09/25/97         10
    8054397                              05           11/01/97         25
    8054397                              N            10/01/27
    0


    1608978          A45/G02             F           65,000.00         ZZ
                                         360         64,912.91          1
    290D BRADFORD STREET               8.375            494.05         29
                                       8.125            494.05      225,000.00
    PROVINCETOWN     MA   02657          5            08/04/97         00
    0430311290                           05           10/01/97          0
    4598                                 O            09/01/27
    0


    1608991          480/G02             F          258,890.00         ZZ
                                         360        258,744.86          1
    17074 DOLPHIN DR. NORTH            8.875          2,059.85         80
                                       8.625          2,059.85      323,620.00
    REDINGTON BEACH  FL   33708          1            09/26/97         00
    0430439240                           05           11/01/97          0
    2059525                              O            10/01/27
    0


    1609028          B26/G02             F          162,000.00         ZZ
                                         360        161,909.18          4
    100-22 32ND AVENUE                 8.875          1,288.94         90
                                       8.625          1,288.94      180,000.00
    EAST ELMHURST    NY   11369          1            09/30/97         14
    0430432476                           05           11/01/97         25
    1311012441                           O            10/01/27
    0


    1609149          811/G02             F           78,750.00         ZZ
                                         360         78,656.68          1
    1658 GEORGIA AVENUE                8.625            612.51         90
                                       8.375            612.51       87,500.00
    MARIETTA         GA   30060          1            08/01/97         12
    0430431700                           05           10/01/97         30
    31291                                N            09/01/27
    0


    1609157          B75/G02             F           85,000.00         ZZ
                                         360         84,844.41          1
    3888 N.W. 4TH COURT                8.500            653.58         61
                                       8.250            653.58      140,000.00
    BOCA RATON       FL   33431          1            07/02/97         00
    0430303743                           05           09/01/97          0
    7140049                              O            08/01/27
    0
1




    1609238          129/G02             F           70,200.00         ZZ
                                         360         70,121.01          1
    2013 ELMHURST                      8.875            558.54         90
                                       8.625            558.54       78,000.00
    CANTON           MI   48187          1            08/14/97         10
    0430447755                           05           10/01/97         25
    3500015668                           N            09/01/27
    0


    1609277          A50/A50             F          142,000.00         ZZ
                                         360        141,798.90          1
    973 HOLLY HILL RD                  7.750          1,017.31         65
                                       7.500          1,017.31      221,000.00
    MONROE           GA   30655          5            08/26/97         00
    101269                               05           10/01/97          0
    101269                               O            09/01/27
    0


    1609334          757/757             F           96,000.00         ZZ
                                         360         95,940.33          1
    425 HIDDENBROOK LANE               8.375            729.67         74
                                       8.125            729.67      130,000.00
    MARYVILLE        TN   37804          2            09/03/97         00
    3145471                              05           11/01/97          0
    3145471                              N            10/01/27
    0


    1609336          757/757             F          107,000.00         ZZ
                                         360        106,933.49          1
    1810 NORTHFIELD DRIVE              8.375            813.28         74
                                       8.125            813.28      145,000.00
    MARYVILLE        TN   37804          2            09/03/97         00
    3145489                              05           11/01/97          0
    3145489                              N            10/01/27
    0


    1609342          E13/G02             F          106,000.00         ZZ
                                         360        105,864.34          1
    657 EXCHANGE AVENUE                8.250            796.35         95
                                       8.000            796.35      112,000.00
    CALUMET CITY     IL   60409          2            08/15/97         10
    0430398446                           05           10/01/97         30
    60897                                O            09/01/27
    0


    1609362          A50/A50             F           35,000.00         ZZ
                                         360         34,954.06          1
1


    365 AZALEA STREET                  8.125            259.87         37
                                       7.875            259.87       95,000.00
    FAIRHOPE         AL   36532          1            08/18/97         00
    101515                               05           10/01/97          0
    101515                               O            09/01/27
    0


    1609371          638/G02             F           49,500.00         ZZ
                                         360         49,448.48          1
    222 WEST 15TH STREET               9.250            407.22         90
                                       9.000            407.22       55,000.00
    CHICAGO HEIGHTS  IL   60411          1            08/08/97         10
    0430445700                           05           10/01/97         25
    08651987                             N            09/01/27
    0


    1609450          229/G02             F           75,600.00         ZZ
                                         360         75,505.69          1
    3226 LUTHER STREET                 8.375            574.62         90
                                       8.125            574.62       84,000.00
    WINSTON SALEM    NC   27127          1            08/20/97         10
    0430426338                           05           10/01/97         25
    7570013                              N            09/01/27
    0


    1610653          229/G02             F           51,500.00         ZZ
                                         360         51,440.50          1
    714 5TH STREET                     8.750            405.16         86
                                       8.500            405.16       60,000.00
    MERIDIAN         ID   83642          1            08/14/97         19
    0430471904                           05           10/01/97         25
    0007564503                           N            09/01/27
    0


    1610665          950/G02             F           70,110.00         ZZ
                                         360         70,037.02          1
    17606 VALLEY LANE SE               9.250            576.78         90
                                       9.000            576.78       77,900.00
    YELM             WA   98597          1            08/20/97         11
    0430447573                           05           10/01/97         25
    A079726W                             O            09/01/27
    0


    1610716          229/G02             F          156,000.00         ZZ
                                         360        155,819.83          1
    978 SHALE DRIVE                    8.750          1,227.26         80
                                       8.500          1,227.26      195,000.00
    POCATELLO        ID   83204          1            08/11/97         00
    0430436600                           05           10/01/97          0
1


    7542715                              O            09/01/27
    0


    1610729          G88/G02             F           27,000.00         ZZ
                                         360         26,957.67          1
    419 DEERFIELD ROAD                 9.250            222.13         90
                                       9.000            222.13       30,000.00
    CANDIA           NH   03034          1            07/30/97         01
    0430307199                           05           09/01/97         25
    9707007                              N            08/01/27
    0


    1610935          180/G02             F           57,400.00         ZZ
                                         360         57,368.65          1
    1175 VINE STREET                   9.000            461.85         70
    UNIT #706                          8.750            461.85       82,500.00
    DENVER           CO   80218          5            09/03/97         00
    0430439125                           08           11/01/97          0
    4658746                              N            10/01/27
    0


    1610962          225/225             F          400,000.00         ZZ
                                         360        399,501.02          1
    10666 MANITOU PARK BLVD            8.375          3,040.29         75
    NORTHEAST                          8.125          3,040.29      540,000.00
    BAINBRIDGE ISLA  WA   98110          5            08/20/97         00
    805779900                            05           10/01/97          0
    805779900                            O            09/01/27
    0


    1610976          E46/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
    20 GROVE STREET                    8.875            636.52         80
                                       8.625            636.52      100,000.00
    ELIZABETH        NJ   07202          1            10/02/97         11
    0430448100                           05           12/01/97         12
    25810                                N            11/01/27
    0


    1610988          A93/G02             F          214,600.00         ZZ
                                         360        214,469.99          1
    1538 EAST 2ND ST                   8.500          1,650.09         80
                                       8.250          1,650.09      270,000.00
    BROOKLYN         NY   11230          1            09/03/97         00
    0430348805                           05           11/01/97          0
    218820                               O            10/01/27
    0


1


    1611012          638/G02             F           38,250.00         ZZ
                                         360         38,208.06          1
    6731 SOUTH EMERALD                 9.000            307.77         90
                                       8.750            307.77       42,500.00
    CHICAGO          IL   60440          1            08/29/97         10
    0430447714                           05           10/01/97         25
    8651981                              N            09/01/27
    0


    1611156          591/G02             F           99,750.00         ZZ
                                         360         99,562.67          1
    2211 SENATOR AVE                   8.375            758.18         80
                                       8.125            758.18      125,000.00
    DISTRICT HEIGHT  MD   20747          2            07/25/97         00
    0430310987                           05           09/01/97          0
    105501026                            N            08/01/27
    0


    1611182          225/225             F          185,625.00         ZZ
                                         360        185,512.54          1
    231 CLEVELAND DRIVE                8.500          1,427.30         75
                                       8.250          1,427.30      247,500.00
    CROTON ON HUDSO  NY   10520          1            09/12/97         00
    805787900                            05           11/01/97          0
    805787900                            O            10/01/27
    0


    1611254          E86/G02             F          161,250.00         ZZ
                                         360        161,157.23          2
    2931 CRUGER AVENUE                 8.750          1,268.55         75
                                       8.500          1,268.55      215,000.00
    BRONX            NY   10467          1            09/23/97         00
    0430424580                           05           11/01/97          0
    19096                                O            10/01/27
    0


    1611259          E13/G02             F           44,250.00         T
                                         360         44,198.89          1
    912 BANKS ROAD                     8.750            348.12         75
                                       8.500            348.12       59,000.00
    COCONUT CREEK    FL   33063          1            08/22/97         00
    0430382192                           09           10/01/97          0
    217477                               O            09/01/27
    0


    1611316          G97/G02             F          132,500.00         ZZ
                                         360        132,342.98          4
    216 PORTLAND COURT SW              8.625          1,030.57         72
                                       8.375          1,030.57      185,500.00
1


    PACIFIC          WA   98023          1            08/27/97         00
    0430428722                           05           10/01/97          0
    10821                                N            09/01/27
    0


    1611322          003/G02             F           61,200.00         ZZ
                                         360         61,098.96          1
    48 MADRID LANE                     9.000            492.43         90
                                       8.750            492.43       68,000.00
    DAVIE            FL   33324          1            07/11/97         12
    0430430223                           01           09/01/97         25
    3858065                              N            08/01/27
    0


    1611517          G81/G02             F          104,000.00         ZZ
                                         360        103,933.68          1
    15321 NW 89 PLACE                  8.250            781.32         80
                                       8.000            781.32      130,000.00
    MIAMI            FL   33016          1            09/10/97         00
    0430406538                           05           11/01/97          0
    021708003                            O            10/01/27
    0


    1611525          992/G02             F          127,500.00         ZZ
                                         360        127,500.00          1
    125 CHARLES STREET                 8.250            957.87         85
                                       8.000            957.87      150,000.00
    NORTH MASSAPEQU  NY   11758          1            10/09/97         01
    0430433565                           05           12/01/97         25
    330991                               N            11/01/27
    0


    1612069          H37/G02             F           30,600.00         ZZ
                                         360         30,568.96          3
    1646 SOUTH 4TH STREET              9.375            254.52         90
                                       9.125            254.52       34,000.00
    PHILADELPHIA     PA   19148          1            08/27/97         01
    0430425629                           07           10/01/97         25
    970659                               N            09/01/27
    0


    1612071          952/G02             F          148,000.00         ZZ
                                         360        148,000.00          1
    52H BEACON HILL ROAD               8.625          1,151.13         80
                                       8.375          1,151.13      185,000.00
    WEST MILFORD     NJ   07480          2            10/03/97         00
    0430462457                           01           12/01/97          0
    97061833                             O            11/01/27
    0
1




    1612255          G34/G02             F           36,100.00         ZZ
                                         360         36,080.28          2
    604 WEST AVENUE                    9.000            290.47         95
    H-8                                8.750            290.47       38,000.00
    LANCASTER        CA   93534          1            09/09/97         04
    0430431965                           05           11/01/97         30
    101614                               O            10/01/27
    0


    1612324          638/G02             F          150,000.00         ZZ
                                         360        149,835.53          1
    200 WELLINGTON AVENUE              9.000          1,206.93         90
                                       8.750          1,206.93      168,000.00
    ELK GROVE VILLA  IL   60007          1            08/25/97         04
    0430426395                           05           10/01/97         25
    08657365                             N            09/01/27
    0


    1612346          638/G02             F           92,000.00         ZZ
                                         360         91,948.43          3
    38 SUSAN STREET                    8.875            731.99         77
                                       8.625            731.99      120,000.00
    DARTMOUTH        MA   02748          2            09/24/97         00
    0430425124                           05           11/01/97          0
    8655057                              N            10/01/27
    0


    1612349          638/G02             F          108,000.00         ZZ
                                         360        107,939.45          2
    261 RUSSELLS MILLS ROAD            8.875            859.30         78
                                       8.625            859.30      140,000.00
    DARTMOUTH        MA   02748          2            09/24/97         00
    0430433649                           05           11/01/97          0
    8655058                              N            10/01/27
    0


    1612435          074/G02             F          132,000.00         ZZ
                                         360        131,739.20          1
    22482 WHITE SAGE ST                8.125            980.10         95
                                       7.875            980.10      140,000.00
    CORONA           CA   91719          2            07/03/97         21
    0430352369                           03           09/01/97         30
    1113053004                           O            08/01/27
    0


    1612823          A46/G02             F           37,050.00         ZZ
                                         360         37,007.22          1
1


    1017 CAMPBELL                      8.750            291.47         90
                                       8.500            291.47       41,200.00
    CORPUS CHRISTI   TX   78411          1            08/21/97         01
    0430442079                           05           10/01/97         25
    0991832                              N            09/01/27
    0


    1612881          180/G02             F           57,600.00         ZZ
                                         360         57,535.16          1
    938 CHURCH STREET                  8.875            458.30         90
                                       8.625            458.30       64,000.00
    SMYRNA           GA   30082          1            08/12/97         14
    0430442988                           05           10/01/97         25
    9780190                              N            09/01/27
    0


    1612897          591/G02             F          307,500.00         ZZ
                                         360        307,500.00          1
    9728 OAK HILL DRIVE                7.875          2,229.59         75
                                       7.625          2,229.59      410,000.00
    ELLICOTT CITY    MD   21042          2            09/29/97         00
    0430432807                           05           12/01/97          0
    101405569                            O            11/01/27
    0


    1612999          129/G02             F           81,600.00         ZZ
                                         360         81,510.53          2
    418-420 FREEPORT DR                9.000            656.57         80
                                       8.750            656.57      102,000.00
    LAWRENCEVILLE    GA   30245          1            08/15/97         00
    0430438911                           05           10/01/97          0
    3500022524                           N            09/01/27
    0


    1614104          H25/G02             F          246,000.00         ZZ
                                         360        245,685.18          1
    OFF VSR 629                        8.250          1,848.12         75
                                       8.000          1,848.12      328,000.00
    COBBS CREEK      VA   23035          2            08/25/97         00
    0430380980                           05           10/01/97          0
    07115001                             O            09/01/27
    0


    1614141          A38/G02             F           44,010.00         ZZ
                                         360         43,960.48          1
    1008 E. 134TH TERRACE              8.875            350.16         90
                                       8.625            350.16       48,900.00
    GRANDVIEW        MO   64030          1            08/12/97         10
    0430444828                           05           10/01/97         25
1


    4610234                              N            09/01/27
    0


    1614156          B24/G02             F          141,400.00         ZZ
                                         360        141,240.87          3
    14 FORT POINT STREET               8.875          1,125.04         70
                                       8.625          1,125.04      202,000.00
    NORWALK          CT   06855          5            08/29/97         00
    0430344366                           05           10/01/97          0
    220901                               N            09/01/27
    0


    1614160          225/225             F          155,000.00         ZZ
                                         360        154,820.99          1
    2700 E VANDRUNEN DRIVE             8.750          1,219.39         58
                                       8.500          1,219.39      270,000.00
    CRETE            IL   60417          5            08/19/97         00
    8053856                              05           10/01/97          0
    8053856                              O            09/01/27
    0


    1614222          074/G02             F          146,600.00         ZZ
                                         360        146,276.05          4
    378 RESERVIOR ROAD                 9.000          1,179.58         95
                                       8.750          1,179.58      154,400.00
    NORTON           MA   02766          1            06/26/97         11
    0430354738                           05           08/01/97         30
    1580054840                           O            07/01/27
    0


    1614289          074/G02             F          106,400.00         ZZ
                                         360        106,210.16          2
    5908 CARY AVENUE                   8.625            827.57         95
                                       8.375            827.57      112,000.00
    CINCINNATI       OH   45224          1            07/14/97         14
    0430355370                           05           09/01/97         30
    1581111780                           O            08/01/27
    0


    1614389          074/G02             F           54,150.00         ZZ
                                         360         54,058.25          1
    505 W MELROSE UNIT 208             8.875            430.84         95
                                       8.625            430.84       57,000.00
    CHICAGO          IL   60657          1            07/03/97         10
    0430356378                           01           09/01/97         30
    1613024195                           O            08/01/27
    0


1


    1614449          074/G02             F          123,300.00         ZZ
                                         360        123,041.31          2
    2304 STUART AVE                    8.875            981.03         90
                                       8.625            981.03      137,000.00
    RICHMOND         VA   23220          1            07/07/97         04
    0430356964                           05           09/01/97         25
    1861015950                           N            08/01/27
    0


    1614476          737/G02             F          100,800.00         ZZ
                                         360        100,624.76          2
    1912 WEST BIJOU STREET             8.750            792.99         90
                                       8.500            792.99      112,000.00
    COLORADO SPRING  CO   80904          1            07/31/97         10
    0430445668                           05           09/01/97         25
    574508                               N            08/01/27
    0


    1614539          B77/G02             F          165,300.00         ZZ
                                         360        165,300.00          1
    996 GARIBALD PLACE                 8.500          1,271.01         85
                                       8.250          1,271.01      195,000.00
    WASHINGTON       NJ   07675          5            10/03/97         11
    0430448118                           05           12/01/97         12
    97308012                             O            11/01/27
    0


    1614541          E26/G02             F          135,800.00         ZZ
                                         360        135,643.17          1
    1002 GLEN CHASE DRIVE              8.750          1,068.34         95
                                       8.500          1,068.34      143,000.00
    LAWRENCEVILLE    GA   30245          1            08/27/97         11
    0430422451                           05           10/01/97         30
    33700021                             O            09/01/27
    0


    1614745          A26/G02             F          142,200.00         ZZ
                                         360        142,122.32          3
    2236 LIGHT STREET                  9.000          1,144.18         90
                                       8.750          1,144.18      158,000.00
    BRONX            NY   10466          1            10/01/97         10
    0430437566                           05           11/01/97         35
    9247                                 N            10/01/27
    0


    1614788          808/G02             F          146,250.00         ZZ
                                         360        146,156.74          1
    11545 EAST CHERRYLEE DRIVE         8.250          1,098.73         75
                                       8.000          1,098.73      195,000.00
1


    EL MONTE         CA   91732          1            09/23/97         00
    0430434852                           05           11/01/97          0
    9302961                              O            10/01/27
    0


    1614799          225/225             F          234,000.00         ZZ
                                         360        233,872.18          3
    1739 WEST BEACH                    9.000          1,882.82         80
                                       8.750          1,882.82      292,500.00
    CHICAGO          IL   60622          1            09/10/97         00
    8059858                              05           11/01/97          0
    8059858                              N            10/01/27
    0


    1614831          B57/G02             F          150,000.00         ZZ
                                         360        149,911.44          1
    11316 MATTESON AVENUE              8.625          1,166.69         89
                                       8.375          1,166.69      170,000.00
    CULVER CITY      CA   90066          1            09/03/97         10
    0430429571                           05           11/01/97         25
    9711744                              N            10/01/27
    0


    1614840          590/G02             F          145,000.00         ZZ
                                         360        144,912.16          1
    11723 SW 95TH TERRACE              8.500          1,114.92         79
                                       8.250          1,114.92      185,000.00
    MIAMI            FL   33186          1            09/24/97         00
    0430430637                           05           11/01/97          0
    0501016548                           O            10/01/27
    0


    1614884          664/G02             F          171,950.00         ZZ
                                         360        171,586.94          1
    544 LAYTON DRIVE                   8.125          1,276.73         80
                                       7.875          1,276.73      214,943.00
    COPPELL          TX   75019          1            07/30/97         00
    0430423673                           03           09/01/97          0
    2313609                              O            08/01/27
    0


    1614965          B24/G02             F          153,000.00         ZZ
                                         360        152,481.65          1
    6 PALOMINO DRIVE                   8.750          1,203.65         90
                                       8.500          1,203.65      170,000.00
    NEW MILFORD      CT   06776          1            08/28/97         01
    0430343921                           05           10/01/97         25
    220750                               O            09/01/27
    0
1




    1614971          F03/G02             F          436,000.00         ZZ
                                         360        435,729.00          1
    31401 SHADOW MOUNTAIN DRIVE        8.375          3,313.92         72
                                       8.125          3,313.92      610,000.00
    CONIFER          CO   80433          2            09/19/97         00
    0430425942                           05           11/01/97          0
    DEN11290                             O            10/01/27
    0


    1615018          950/G02             F          102,600.00         ZZ
                                         360        102,481.51          1
    4100 LAKE WASHINGTON BOULEVARD     8.750            807.15         90
    NORTH #B102                        8.500            807.15      114,000.00
    RENTON           WA   98056          1            09/19/97         01
    0430436022                           01           10/01/97         25
    0217346                              O            09/01/27
    0


    1615022          A68/G02             F          106,000.00         ZZ
                                         360        106,000.00          1
    509 EAST PLEASANT RUN ROAD         7.875            768.57         80
                                       7.625            768.57      132,500.00
    WILMER           TX   75172          1            10/06/97         00
    0430443945                           05           12/01/97          0
    1615022                              O            11/01/27
    0


    1615046          828/G02             F          121,800.00         ZZ
                                         360        121,718.27          1
    3000 CHIMNEY HILL DRIVE            8.000            893.73         70
                                       7.750            893.73      174,000.00
    WACO             TX   76708          1            09/03/97         00
    0430379362                           05           11/01/97          0
    70010216                             O            10/01/27
    0


    1615063          F03/G02             F          107,250.00         ZZ
                                         360        107,126.12          1
    4821 EAST HARVARD LANE             8.750            843.74         65
                                       8.500            843.74      165,000.00
    DENVER           CO   80222          5            08/19/97         00
    0430414532                           05           10/01/97          0
    NET10335                             O            09/01/27
    0


    1615129          225/225             F          105,500.00         ZZ
                                         360        105,436.08          1
1


    4901 EDGEWORTH DRIVE               8.500            811.21         80
                                       8.250            811.21      133,000.00
    MANLIUS          NY   13104          1            09/02/97         00
    8058423                              05           11/01/97          0
    8058423                              O            10/01/27
    0


    1615156          637/G02             F           54,800.00         ZZ
                                         360         54,735.06          1
    8119 SHUBERT STREET                8.625            426.23         80
                                       8.375            426.23       68,500.00
    ORLANDO          FL   32818          2            08/25/97         00
    0430387712                           05           10/01/97          0
    8195299                              O            09/01/27
    0


    1615326          F25/G02             F          132,800.00         ZZ
                                         360        132,719.55          1
    7 ELLEN STREET                     8.500          1,021.12         80
                                       8.250          1,021.12      166,000.00
    NEW CITY         NY   10956          1            09/19/97         00
    0430425025                           05           11/01/97          0
    R9707081                             O            10/01/27
    0


    1615410          H99/G02             F          100,000.00         ZZ
                                         360         99,884.52          1
    715 NE 113 ST                      8.750            786.70         69
                                       8.500            786.70      145,000.00
    BISCAYNE PARK    FL   33161          1            08/22/97         00
    0430396218                           05           10/01/97          0
    0219095                              O            09/01/27
    0


    1615483          180/G02             F           42,300.00         ZZ
                                         360         42,276.28          1
    2345 WILSEY DRIVE                  8.875            336.56         90
                                       8.625            336.56       47,000.00
    REDDING          CA   96001          1            09/11/97         10
    0430442590                           05           11/01/97         25
    4778999                              N            10/01/27
    0


    1615485          638/G02             F           91,800.00         ZZ
                                         360         91,749.86          3
    38-40 EATON STREET                 9.000            738.64         90
                                       8.750            738.64      102,000.00
    PROVIDENCE       RI   02908          1            09/18/97         14
    0430423285                           05           11/01/97         25
1


    8652866                              N            10/01/27
    0


    1615492          638/G02             F          173,800.00         ZZ
                                         360        173,686.31          1
    525 EAST SEASIDE WAY               8.125          1,290.46         80
    #309                               7.875          1,290.46      217,300.00
    LONG BEACH       CA   90802          1            09/25/97         00
    0430436139                           06           11/01/97          0
    08668545                             O            10/01/27
    0


    1615715          J86/G02             F          216,000.00         ZZ
                                         360        216,000.00          3
    87-17 168TH PLACE                  8.500          1,660.85         80
                                       8.250          1,660.85      270,000.00
    JAMAICA HILLS    NY   11432          1            10/24/97         00
    0430449694                           05           12/01/97          0
    3204                                 O            11/01/27
    0


    1615735          B77/G02             F           62,100.00         ZZ
                                         360         62,033.65          1
    4 ERICK ROAD                       9.125            505.27         90
    UNIT #87                           8.875            505.27       69,000.00
    MANSFIELD        MA   02048          1            08/29/97         11
    0430437772                           01           10/01/97         25
    97001786                             O            09/01/27
    0


    1616059          180/G02             F          111,750.00         ZZ
                                         360        111,620.93          1
    28271 MEADOW RUE ROAD              8.750            879.14         85
                                       8.500            879.14      131,500.00
    EVERGREEN        CO   80439          1            08/22/97         10
    0430430942                           05           10/01/97         20
    12026696                             N            09/01/27
    0


    1616076          H13/G02             F           55,000.00         ZZ
                                         240         54,908.07          1
    5912 NORTHGLEN ROAD                8.125            464.33         58
                                       7.875            464.33       96,000.00
    CINCINNATI       OH   45248          2            09/03/97         00
    0430426551                           05           11/01/97          0
    10140371                             O            10/01/17
    0


1


    1616166          A80/G02             F          214,000.00         ZZ
                                         360        213,733.03          1
    5903 NW 122ND DRIVE                8.375          1,626.56         74
                                       8.125          1,626.56      290,000.00
    CORAL SPRINGS    FL   33076          1            08/29/97         00
    0430425991                           03           10/01/97          0
    9750885                              N            09/01/27
    0


    1616167          180/G02             F           96,300.00         ZZ
                                         360         96,179.87          1
    1662 SAUSALITO DRIVE               8.375            731.95         90
                                       8.125            731.95      107,000.00
    COLORADO SPRING  CO   80907          1            08/26/97         10
    0430435149                           05           10/01/97         25
    12026068                             N            09/01/27
    0


    1616191          F03/G02             F          189,600.00         ZZ
                                         360        189,369.47          1
    747 ADAMS STREET                   8.500          1,457.86         79
                                       8.250          1,457.86      240,000.00
    DENVER           CO   80206          5            08/22/97         00
    0430427526                           05           10/01/97          0
    DEN11280                             O            09/01/27
    0


    1616222          225/225             F          206,350.00         ZZ
                                         360        206,231.28          1
    815 BRAEMAN COURT                  8.750          1,623.36         80
                                       8.500          1,623.36      257,941.00
    LIBERTYVILLE     IL   60048          1            09/18/97         00
    8060429                              01           11/01/97          0
    8060429                              O            10/01/27
    0


    1616489          B81/G02             F          112,950.00         ZZ
                                         360        112,888.31          1
    939-941 WEST 4550 SOUTH            9.000            908.82         90
                                       8.750            908.82      125,500.00
    RIVERDALE        UT   84405          1            09/12/97         04
    0430432757                           05           11/01/97         30
    977560                               N            10/01/27
    0


    1616583          664/G02             F           80,850.00         ZZ
                                         360         80,371.55          1
    532 S. ALABAMA                     8.500            621.67         73
                                       8.250            621.67      112,000.00
1


    CELINA           TX   75009          2            08/04/97         00
    0430426544                           05           09/01/97          0
    2208304                              O            08/01/27
    0


    1617111          H51/G02             F           49,500.00         ZZ
                                         360         49,473.66          1
    126 BALDWIN                        9.125            402.75         90
                                       8.875            402.75       55,000.00
    ROYAL OAKS       MI   48067          1            09/11/97         10
    0430424309                           05           11/01/97         25
    NG                                   N            10/01/27
    0


    1617123          098/G02             F           49,500.00         ZZ
                                         360         49,472.24          2
    136 MAXWELL AVENUE                 8.875            393.85         90
                                       8.625            393.85       55,000.00
    NORTH SYRACUSE   NY   13212          1            09/19/97         01
    0430442574                           05           11/01/97         25
    670702306                            N            10/01/27
    0


    1617126          A02/G02             F          340,500.00         ZZ
                                         360        340,293.72          1
    434 W OAKDALE #3                   8.500          2,618.15         73
                                       8.250          2,618.15      470,000.00
    CHICAGO          IL   60657          2            09/26/97         00
    0430438309                           01           11/01/97          0
    NG                                   O            10/01/27
    0


    1617198          E22/G02             F          152,950.00         BB
                                         360        152,684.07          1
    15334 FOSTER SPRING LANE           8.750          1,203.26         95
                                       8.500          1,203.26      161,000.00
    HOUSTON          TX   77095          1            07/29/97         04
    0410465322                           03           09/01/97         30
    410465322                            O            08/01/27
    0


    1617247          E22/G02             F           71,600.00         ZZ
                                         360         71,462.08          1
    9358 PARKVIEW CIRCLE               8.250            537.91         85
                                       8.000            537.91       84,270.00
    GRAND BLANC      MI   48439          1            07/29/97         04
    0410419089                           01           09/01/97         12
    410419089                            O            08/01/27
    0
1




    1617626          F03/G02             F          336,000.00         ZZ
                                         360        335,547.60          1
    16 CORMORANT CIRCLE                8.000          2,465.45         80
                                       7.750          2,465.45      420,000.00
    NEWPORT BEACH    CA   92660          1            08/25/97         00
    0430427732                           03           10/01/97          0
    LAG10473                             O            09/01/27
    0


    1617629          B37/G02             F           39,000.00         ZZ
                                         360         38,956.12          1
    710 WASHINGTON AVE #301            8.875            310.30         65
                                       8.625            310.30       60,000.00
    MIAMI BEACH      FL   33139          5            08/20/97         00
    0430429522                           08           10/01/97          0
    1617629                              O            09/01/27
    0


    1617652          638/G02             F          126,000.00         ZZ
                                         360        125,929.36          2
    1923-1925 MAIN STREET              8.875          1,002.51         88
                                       8.625          1,002.51      144,300.00
    GLASTONBURY      CT   06033          1            09/17/97         14
    0430423699                           05           11/01/97         25
    8662224                              N            10/01/27
    0


    1617782          E26/G02             F           84,600.00         ZZ
                                         360         84,449.04          1
    232 JENKINS STREET                 8.625            658.02         90
    SOUTH                              8.375            658.02       94,050.00
    ALEXANDRIA       VA   22304          1            07/29/97         10
    0430339218                           05           09/01/97         25
    44700301                             N            08/01/27
    0


    1617911          686/G02             F          106,400.00         ZZ
                                         360        106,182.17          1
    2614 N.W. 68TH TERRACE             7.950            777.03         80
                                       7.700            777.03      133,000.00
    MARGATE          FL   33063          1            07/31/97         00
    0430346114                           03           09/01/97          0
    818382558                            O            08/01/27
    0


    1617941          G97/G02             F          152,000.00         ZZ
                                         360        151,907.92          1
1


    6860 BALMORAL TERRACE              8.500          1,168.75         80
                                       8.250          1,168.75      190,000.00
    INDEPENDENCE TW  MI   48346          5            09/03/97         00
    0430429514                           05           11/01/97          0
    10868                                O            10/01/27
    0


    1617948          229/G02             F           47,340.00         ZZ
                                         360         47,288.09          1
    2873 HANOVER STREET                9.000            380.91         90
                                       8.750            380.91       52,600.00
    OMAHA            NE   68112          1            08/22/97         04
    0430443010                           05           10/01/97         25
    0007517683                           N            09/01/27
    0


    1617998          637/G02             F           93,600.00         ZZ
                                         360         93,546.14          1
    5776 N BURRAGE AVENUE              8.750            736.36         80
                                       8.500            736.36      117,000.00
    PORTLAND         OR   97217          1            09/05/97         00
    0430425173                           05           11/01/97          0
    8069528                              N            10/01/27
    0


    1618000          637/G02             F           59,900.00         ZZ
                                         360         59,865.53          1
    8116 N SYRACUSE STREET             8.750            471.24         80
                                       8.500            471.24       74,900.00
    PORTLAND         OR   97203          1            09/05/97         00
    0430472746                           05           11/01/97          0
    8069510                              N            10/01/27
    0


    1618001          637/G02             F          102,400.00         ZZ
                                         360        102,341.08          1
    4865 N VANDERBILT STREET           8.750            805.59         80
                                       8.500            805.59      128,000.00
    PORTLAND         OR   97203          1            09/05/97         00
    0430431924                           05           11/01/97          0
    8069494                              N            10/01/27
    0


    1618014          B75/G02             F          117,000.00         ZZ
                                         360        116,857.74          2
    1519 A&B PERALTA STREET            8.500            899.63         78
                                       8.250            899.63      150,000.00
    OAKLAND          CA   94607          2            08/28/97         00
    0430414748                           05           10/01/97          0
1


    2985646                              N            09/01/27
    0


    1618017          B75/G02             F          162,000.00         ZZ
                                         360        161,899.31          1
    4246 SANTA RITA WAY                8.375          1,231.32         90
                                       8.125          1,231.32      180,000.00
    SAN JOSE         CA   95111          1            09/04/97         11
    0430428714                           05           11/01/97         25
    7091945                              N            10/01/27
    0


    1618022          638/G02             F          153,000.00         ZZ
                                         360        152,832.23          1
    642 SE 33RD COURT                  9.000          1,231.07         90
                                       8.750          1,231.07      170,000.00
    HILLSBORO        OR   97123          1            08/25/97         10
    0430432617                           05           10/01/97         25
    8657306                              N            09/01/27
    0


    1618289          K08/G02             F          133,500.00         ZZ
                                         360        132,932.05          2
    1220-1222 ENGLISHTOWN ROAD         9.375          1,110.39         88
                                       9.125          1,110.39      152,000.00
    OLD BRIDGE       NJ   08857          1            08/08/97         11
    0410434443                           05           10/01/97         25
    410434443                            N            09/01/27
    0


    1618371          637/G02             F           58,500.00         ZZ
                                         360         58,403.40          1
    1215 EAST LEMON ST #219            9.000            470.71         90
                                       8.750            470.71       65,000.00
    TEMPLE           AZ   85281          1            07/30/97         01
    0430474312                           01           09/01/97         25
    9799552                              N            08/01/27
    0


    1618404          638/G02             F           49,500.00         ZZ
                                         360         49,445.72          1
    1009 EAST PIERSON STREET           9.000            398.29         90
                                       8.750            398.29       55,000.00
    PHOENIX          AZ   85014          1            08/29/97         04
    0430431338                           09           10/01/97         25
    8663058                              N            09/01/27
    0


1


    1618414          229/G02             F          155,500.00         ZZ
                                         360        155,410.53          1
    266 JOE THOMPSON ROAD              8.750          1,223.32         74
                                       8.500          1,223.32      212,000.00
    WEST BARNSTABLE  MA   02668          2            09/15/97         00
    0430425249                           05           11/01/97          0
    7863182                              O            10/01/27
    0


    1618429          H34/G02             F           45,000.00         ZZ
                                         360         44,945.27          1
    HWY 127                            8.500            346.02         57
                                       8.250            346.02       79,720.00
    GARFIELD         AR   72732          5            08/26/97         00
    0430345256                           05           10/01/97          0
    220575                               O            09/01/27
    0


    1618446          604/G02             F          148,950.00         ZZ
                                         360        148,950.00          4
    779 SOUTH BLVD                     9.000          1,198.49         90
                                       8.750          1,198.49      165,500.00
    ALPHA            NJ   08865          1            10/06/97         01
    0430445007                           05           12/01/97         25
    44156656                             N            11/01/27
    0


    1618461          A19/G02             F           65,000.00         ZZ
                                         360         64,960.63          1
    10 OLD FARM ROAD                   8.500            499.79         38
                                       8.250            499.79      175,000.00
    BEVERLY          MA   01915          5            10/01/97         00
    0430394908                           05           11/01/97          0
    227255                               O            10/01/27
    0


    1618469          J33/G02             F           58,400.00         ZZ
                                         360         58,325.26          1
    9300 KNOLL COURT                   8.250            438.74         80
                                       8.000            438.74       73,000.00
    JONESBORO        GA   30236          1            08/27/97         00
    0430424796                           05           10/01/97          0
    970150030145                         N            09/01/27
    0


    1618561          225/225             F           81,200.00         ZZ
                                         360         81,146.88          1
    801 N HOWARD STREET #106           8.125            602.91         80
                                       7.875            602.91      101,500.00
1


    ALEXANDRIA       VA   22304          1            09/16/97         00
    8059140                              01           11/01/97          0
    8059140                              O            10/01/27
    0


    1618621          907/G02             F           67,500.00         ZZ
                                         360         67,500.00          1
    285 MARTIN LUTHER KING BLVD        8.750            531.02         90
                                       8.500            531.02       75,000.00
    NEWARK           NJ   07102          1            10/10/97         10
    0430443457                           05           12/01/97         30
    10001541                             N            11/01/27
    0


    1618688          E13/G02             F          129,600.00         ZZ
                                         360        129,434.13          1
    435 CRAVER POINTE DRIVE            8.250            973.65         80
                                       8.000            973.65      162,000.00
    CLEMMONS         NC   27012          1            09/02/97         00
    0430424713                           05           10/01/97          0
    217016                               O            09/01/27
    0


    1618778          A02/G02             F          133,250.00         ZZ
                                         360        133,169.27          1
    6219 NORTH ST LOUIS                8.500          1,024.58         65
                                       8.250          1,024.58      205,000.00
    CHICAGO          IL   60059          5            09/19/97         00
    0430433581                           05           11/01/97          0
    01970938                             O            10/01/27
    0


    1618837          229/G02             F           49,500.00         ZZ
                                         360         49,437.17          1
    1023 CARSON STREET                 9.000            398.29         90
                                       8.750            398.29       55,000.00
    GREENVILLE       TN   37743          1            08/25/97         10
    0430414946                           05           10/01/97         25
    0007592843                           N            09/01/27
    0


    1618838          129/G02             F           25,200.00         ZZ
                                         360         25,186.24          1
    529 N PINE                         9.000            202.76         80
                                       8.750            202.76       31,500.00
    LANSING          MI   48933          1            09/16/97         00
    0430434381                           05           11/01/97          0
    3500025876                           O            10/01/27
    0
1




    1618845          180/G02             F           67,500.00         ZZ
                                         360         67,462.16          1
    906 9TH STREET SOUTHWEST           8.875            537.06         90
                                       8.625            537.06       75,000.00
    ALBUQUERQUE      NM   87102          1            09/09/97         10
    0430423715                           05           11/01/97         25
    12027835                             N            10/01/27
    0


    1618872          637/G02             F           74,800.00         ZZ
                                         360         74,800.00          1
    2147 SOUTHWEST 29TH STREET         8.000            548.86         85
                                       7.750            548.86       88,000.00
    REDMOND          OR   97756          5            10/03/97         14
    0430440834                           05           12/01/97         12
    9970740                              O            11/01/27
    0


    1618904          A50/A50             F           55,000.00         ZZ
                                         360         54,927.81          1
    941 SHADOW TRAIL                   8.125            408.37         58
                                       7.875            408.37       95,000.00
    SUMTER           SC   29150          1            08/28/97         00
    7502812050                           05           10/01/97          0
    7502812050                           O            09/01/27
    0


    1618907          B75/G02             F          123,900.00         ZZ
                                         360        123,749.35          1
    17793 GALEWOOD DRIVE               8.500            952.68         80
                                       8.250            952.68      154,900.00
    SHERWOOD         OR   97140          1            08/26/97         00
    0430424051                           03           10/01/97          0
    NG                                   O            09/01/27
    0


    1618910          638/G02             F          131,400.00         ZZ
                                         360        131,255.92          2
    8585-8589 FAIRWAY TRAIL            9.000          1,057.27         90
                                       8.750          1,057.27      146,000.00
    INDIANAPOLIS     IN   46250          1            08/28/97         04
    0430429837                           05           10/01/97         25
    8664415                              N            09/01/27
    0


    1618953          E26/G02             F           62,500.00         ZZ
                                         360         62,464.04          1
1


    8750 MARSH AIRE LANE               8.750            491.69         50
                                       8.500            491.69      126,000.00
    EDISTO           SC   29438          2            09/10/97         00
    0430423442                           05           11/01/97          0
    33700034                             O            10/01/27
    0


    1618971          225/225             F           38,300.00         ZZ
                                         360         38,259.06          1
    2109 MANSFIELD ROAD                9.125            311.63         90
                                       8.875            311.63       42,625.00
    TOLEDO           OH   43613          1            09/04/97         12
    806024700                            05           10/01/97         25
    806024700                            N            09/01/27
    0


    1618972          A80/G02             F           54,000.00         T
                                         360         53,969.72          1
    6901 SW 147 AVENUE                 8.875            429.65         75
    UNIT 2A                            8.625            429.65       72,000.00
    MIAMI            FL   33193          1            09/15/97         00
    0430424242                           01           11/01/97          0
    9715661                              O            10/01/27
    0


    1618975          A80/G02             F          158,650.00         ZZ
                                         360        158,561.06          2
    3570-3572 SW 25 STREET             8.875          1,262.29         95
                                       8.625          1,262.29      167,000.00
    MIAMI            FL   33133          1            09/10/97         12
    0430426015                           05           11/01/97         30
    9715663                              O            10/01/27
    0


    1618984          E13/G02             F          133,000.00         ZZ
                                         360        132,912.99          1
    2224 NE 17 TERRACE                 8.125            987.53         69
                                       7.875            987.53      193,000.00
    FT LAUDERDALE    FL   33305          2            09/11/97         00
    0430425421                           05           11/01/97          0
    972023                               O            10/01/27
    0


    1618996          E26/G02             F          171,500.00         ZZ
                                         360        171,384.92          1
    1311 PADDOCK CIRCLE                8.000          1,258.41         66
                                       7.750          1,258.41      260,000.00
    CHARLOTTE        NC   28204          5            09/08/97         00
    0430431577                           05           11/01/97          0
1


    50700601                             O            10/01/27
    0


    1619043          A46/G02             F           48,950.00         ZZ
                                         360         48,896.33          1
    1009 N JANEWAY AVENUE              9.000            393.86         89
                                       8.750            393.86       55,000.00
    MOORE            OK   73160          2            08/28/97         10
    0430430082                           05           10/01/97         35
    0921173                              N            09/01/27
    0


    1619125          B75/G02             F          150,000.00         ZZ
                                         360        149,817.62          1
    3557 EAST UTOPIA ROAD              8.500          1,153.37         87
                                       8.250          1,153.37      174,000.00
    PHOENIX          AZ   85022          1            08/01/97         01
    0430426270                           03           10/01/97         25
    7144983                              N            09/01/27
    0


    1619207          229/G02             F           55,000.00         ZZ
                                         360         54,971.48          1
    12522 LOCUST                       9.250            452.48         59
                                       9.000            452.48       94,000.00
    OLATHE           KS   66062          5            09/09/97         00
    0430426353                           05           11/01/97          0
    7609761                              N            10/01/27
    0


    1619230          944/G02             F          175,000.00         ZZ
                                         360        174,752.18          1
    2924 COHANSEY DRIVE                7.750          1,253.72         75
                                       7.500          1,253.72      234,000.00
    SAN JOSE         CA   95123          5            08/25/97         00
    0430425082                           05           10/01/97          0
    219821                               O            09/01/27
    0


    1619237          F61/G02             F           88,000.00         ZZ
                                         360         87,887.39          1
    5995 NORTHEAST ELLIOTT CIRCLE      8.250            661.11         43
                                       8.000            661.11      205,000.00
    CORVALLIS        OR   97330          5            08/26/97         00
    0430384149                           05           10/01/97          0
    9705458                              O            09/01/27
    0


1


    1619309          180/G02             F           48,900.00         ZZ
                                         360         48,869.60          2
    817 LLOYD LANE                     8.375            371.68         70
                                       8.125            371.68       69,900.00
    ELGIN            TX   78621          1            09/01/97         00
    0430396614                           05           11/01/97          0
    4851572                              N            10/01/27
    0


    1619321          638/G02             F           67,450.00         ZZ
                                         360         67,413.16          1
    2662 EAST DRIVE                    9.000            542.72         90
                                       8.750            542.72       75,500.00
    RUNNING SPRINGS  CA   92382          1            09/02/97         04
    0430422485                           05           11/01/97         25
    8660649                              N            10/01/27
    0


    1619411          A46/G02             F          283,500.00         ZZ
                                         360        283,332.63          1
    13004 MADRONE TRAIL                8.625          2,205.03         79
                                       8.375          2,205.03      360,000.00
    AUSTIN           TX   78737          2            09/08/97         00
    0430432435                           05           11/01/97          0
    991887                               O            10/01/27
    0


    1619414          A46/G02             F          111,600.00         ZZ
                                         360        111,418.41          1
    4302 TRAVIS COUNTRY CIRCLE         8.000            818.88         80
                                       7.750            818.88      139,500.00
    AUSTIN           TX   78735          1            08/26/97         00
    0430379370                           05           10/01/97          0
    NG                                   O            09/01/27
    0


    1619428          286/286             F          239,350.00         ZZ
                                         360        238,763.79          1
    2320 BELSERA DRIVE                 8.500          1,840.40         80
                                       8.250          1,840.40      299,233.00
    OAKDALE          CA   95361          1            06/27/97         00
    9175314                              03           08/01/97          0
    9175314                              O            07/01/27
    0


    1620045          637/G02             F           83,000.00         ZZ
                                         360         82,893.77          1
    2 ARROWHEAD DRIVE #30              8.250            623.56         80
                                       8.000            623.56      105,000.00
1


    MAMMOTH LAKES    CA   93546          1            08/28/97         00
    0430425140                           01           10/01/97          0
    9985698                              N            09/01/27
    0


    1620153          A33/G02             F           38,500.00         ZZ
                                         360         38,479.51          1
    25077 STANFORD                     9.125            313.25         70
                                       8.875            313.25       55,000.00
    DEARBORN HEIGHT  MI   48125          5            09/05/97         00
    0430425975                           05           11/01/97          0
    0015041224                           N            10/01/27
    0


    1620173          637/G02             F          260,000.00         ZZ
                                         360        259,842.49          1
    4350 DUNCAN HILL ROAD              8.500          1,999.18         80
                                       8.250          1,999.18      325,000.00
    RESCUE           CA   95672          2            09/10/97         00
    0430434126                           05           11/01/97          0
    8116238                              O            10/01/27
    0


    1620273          G44/G02             F           48,750.00         ZZ
                                         360         48,722.67          1
    3160 NEW YORK STREET               8.875            387.88         75
                                       8.625            387.88       65,000.00
    MIAMI            FL   33133          1            09/19/97         00
    0430423988                           05           11/01/97          0
    0897002                              N            10/01/27
    0


    1620306          B99/G02             F          148,000.00         ZZ
                                         360        147,910.34          1
    20 CHESTNUT STREET #52             8.500          1,137.99         80
                                       8.250          1,137.99      185,000.00
    CAMBRIDGE        MA   02139          1            09/02/97         00
    0430345439                           06           11/01/97          0
    217262                               O            10/01/27
    0


    1620314          001/G02             F           64,750.00         T
                                         360         64,711.77          1
    30 PETERBOROUGH STREET #30-G       8.625            503.62         70
                                       8.375            503.62       92,500.00
    BOSTON           MA   02215          1            09/05/97         00
    0430393363                           01           11/01/97          0
    1518351                              O            10/01/27
    0
1




    1620392          180/G02             F           30,500.00         ZZ
                                         360         30,469.08          1
    11500 GARNET WAY                   9.375            253.68         90
    #4                                 9.125            253.68       33,900.00
    AUBURN           CA   95602          1            08/28/97         10
    0430428391                           05           10/01/97         25
    0004779484                           N            09/01/27
    0


    1620434          816/G02             F          112,000.00         ZZ
                                         360        111,883.42          1
    9765 SOUTH 3100 EAST               9.250            921.40         80
                                       9.000            921.40      140,000.00
    SANDY            UT   84092          1            08/04/97         00
    0430442236                           05           10/01/97          0
    217062                               O            09/01/27
    0


    1620483          B24/G02             F          120,000.00         ZZ
                                         360        119,857.79          1
    20 WEED HILL AVENUE UNIT #D        8.625            933.35         80
                                       8.375            933.35      150,000.00
    STAMFORD         CT   06906          1            08/29/97         00
    0430344580                           01           10/01/97          0
    220876                               O            09/01/27
    0


    1620492          A35/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
    19 SUFFOLK DOWN                    8.250          1,502.53         79
                                       8.000          1,502.53      254,000.00
    SHOREHAM         NY   11786          1            10/08/97         00
    0430445262                           05           12/01/97          0
    S7415                                O            11/01/27
    0


    1620539          637/G02             F           96,000.00         ZZ
                                         360         95,883.27          1
    8090 HUDSON BOULEVARD              8.500            738.16         77
                                       8.250            738.16      126,000.00
    OAKDALE          MN   55128          5            09/03/97         00
    0430444851                           05           10/01/97          0
    8050346                              O            09/01/27
    0


    1620578          A50/A50             F           63,900.00         ZZ
                                         360         63,818.22          1
1


    1501 S OCEAN BLVD UNIT 702         8.250            480.06         80
                                       8.000            480.06       79,900.00
    N MYRTLE BEACH   SC   29582          1            08/28/97         00
    102076                               06           10/01/97          0
    102076                               N            09/01/27
    0


    1620582          H35/G02             F           77,500.00         ZZ
                                         360         77,446.66          1
    7020 SW 16 STREET                  7.875            561.93         60
                                       7.625            561.93      130,000.00
    MIAMI            FL   33155          5            09/15/97         00
    0430435479                           05           11/01/97          0
    264234172                            O            10/01/27
    0


    1620587          G26/G02             F          169,000.00         ZZ
                                         360        168,900.22          1
    1047 SPRINGS FIREPLACE RD          8.625          1,314.47         80
                                       8.375          1,314.47      212,000.00
    EAST HAMPTON     NY   11937          1            09/05/97         00
    0430424002                           05           11/01/97          0
    7111C                                O            10/01/27
    0


    1620604          944/G02             F          300,000.00         ZZ
                                         360        299,662.40          1
    226 MODOC                          8.875          2,386.93         80
                                       8.625          2,386.93      375,000.00
    OAKLAND          CA   94618          1            08/27/97         00
    0430395277                           05           10/01/97          0
    0220732                              O            09/01/27
    0


    1620636          120/G02             F           72,000.00         ZZ
                                         360         71,958.58          1
    330 VINE STREET                    8.750            566.42         80
                                       8.500            566.42       90,000.00
    BOROUGH OF MUNH  PA   15120          5            09/16/97         00
    0430429472                           05           11/01/97          0
    7018062                              O            10/01/27
    0


    1620640          638/G02             F          190,000.00         ZZ
                                         360        189,875.72          1
    60 NONNEWAUG ROAD                  8.125          1,410.74         78
                                       7.875          1,410.74      245,000.00
    BETHLEHEM        CT   06751          2            09/09/97         00
    0430406553                           05           11/01/97          0
1


    8660919                              O            10/01/27
    0


    1620641          J86/G02             F          133,000.00         ZZ
                                         360        132,923.48          2
    991 NASSAU STREET                  8.750          1,046.31         90
                                       8.500          1,046.31      148,000.00
    NORTH BRUNSWICK  NJ   08902          1            09/30/97         01
    0430444968                           05           11/01/97         25
    0801973431                           N            10/01/27
    0


    1620647          514/G02             F          119,000.00         ZZ
                                         360        118,862.56          3
    205 N LIMIT STREET                 8.750            936.18         70
                                       8.500            936.18      170,000.00
    COLORADO SPRING  CO   80905          5            09/04/97         00
    0430474239                           05           10/01/97          0
    096837                               N            09/01/27
    0


    1620650          180/G02             F           63,600.00         ZZ
                                         360         63,533.81          1
    117 16TH ST                        9.250            523.22         80
                                       9.000            523.22       79,500.00
    ST AUGUSTINE     FL   32084          1            09/05/97         00
    0430406850                           05           10/01/97          0
    0012048252                           N            09/01/27
    0


    1620655          950/G02             F          216,000.00         ZZ
                                         360        215,872.47          1
    21 WEST RAYE STREET                8.625          1,680.03         80
                                       8.375          1,680.03      270,000.00
    SEATTLE          WA   98119          5            09/08/97         00
    0430414250                           05           11/01/97          0
    07149748                             O            10/01/27
    0


    1620752          688/G02             F          105,400.00         ZZ
                                         360        105,278.28          1
    2946 EAST ERIKA COURT              8.750            829.18         85
                                       8.500            829.18      124,000.00
    GRAND JUNCTION   CO   81504          5            08/11/97         11
    0430401158                           03           10/01/97         12
    49757                                O            09/01/27
    0


1


    1620792          J86/G02             F          104,000.00         ZZ
                                         360        103,940.16          1
    160 ELM STREET                     8.750            818.17         80
                                       8.500            818.17      130,000.00
    YONKERS          NY   10701          5            09/18/97         00
    0430429159                           05           11/01/97          0
    3295                                 O            10/01/27
    0


    1620912          638/G02             F           36,000.00         ZZ
                                         360         35,980.34          3
    3804 MILLER AVENUE                 9.000            289.66         90
                                       8.750            289.66       40,000.00
    WEST PALM BEACH  FL   33405          1            09/19/97         10
    0430422584                           05           11/01/97         25
    8664437                              N            10/01/27
    0


    1620936          B75/G02             F          116,000.00         ZZ
                                         360        115,927.90          1
    430 ROOSEVELT STREET               8.375            881.68         80
                                       8.125            881.68      145,000.00
    OREGON CITY      OR   97045          1            09/23/97         00
    0430430975                           05           11/01/97          0
    2942814                              N            10/01/27
    0


    1620942          638/G02             F           72,900.00         ZZ
                                         360         72,820.06          3
    21 PORTER STREET                   9.000            586.57         90
                                       8.750            586.57       81,000.00
    BROCKTON         MA   02401          1            09/05/97         14
    0430429464                           05           10/01/97         25
    8664582                              N            09/01/27
    0


    1620995          687/G02             F          216,600.00         ZZ
                                         360        216,475.39          1
    837 CHETLAND ROAD                  8.750          1,703.99         95
                                       8.500          1,703.99      228,000.00
    SAN LEANDRO      CA   94577          2            09/03/97         01
    0430415166                           05           11/01/97         30
    420547                               O            10/01/27
    0


    1621025          B24/G02             F           83,100.00         ZZ
                                         360         83,050.94          1
    61 CLINTON AVENUE                  8.625            646.34         80
                                       8.375            646.34      103,920.00
1


    STAMFORD         CT   06901          1            09/09/97         00
    0430356980                           01           11/01/97          0
    242588517                            O            10/01/27
    0


    1621040          687/G02             F           35,250.00         ZZ
                                         360         35,231.24          1
    7009 SW 15TH STREET                9.125            286.81         90
                                       8.875            286.81       39,200.00
    DES MOINES       IA   50315          1            09/17/97         04
    0430423004                           05           11/01/97         25
    1621653                              N            10/01/27
    0


    1621048          637/G02             F          300,000.00         ZZ
                                         360        299,813.53          1
    4038 TOWNSHIP AVENUE               8.375          2,280.22         80
                                       8.125          2,280.22      375,000.00
    SIMI VALLEY      CA   93065          2            09/09/97         00
    0430432633                           05           11/01/97          0
    NG                                   O            10/01/27
    0


    1621123          001/G02             F           74,000.00         ZZ
                                         360         73,952.81          1
    1429 SCITUATE AVE                  8.250            555.94         59
                                       8.000            555.94      126,000.00
    CRANSTON         RI   02921          1            09/19/97         00
    0430430306                           05           11/01/97          0
    1518718                              O            10/01/27
    0


    1621142          286/286             F          171,000.00         ZZ
                                         360        170,906.59          4
    7537 NW 44 CT                      9.000          1,375.91         90
                                       8.750          1,375.91      190,000.00
    CORAL SPRINGS    FL   33065          1            09/03/97         10
    0008644960                           05           11/01/97         30
    0008644960                           N            10/01/27
    0


    1621150          129/G02             F           31,500.00         T
                                         360         31,464.55          1
    138 VICTOR                         8.875            250.63         70
                                       8.625            250.63       45,000.00
    HOUGHTON LAKE    MI   48629          5            07/30/97         00
    0430424887                           05           10/01/97          0
    3826514                              O            09/01/27
    0
1




    1621157          E13/G02             F           36,900.00         ZZ
                                         360         36,879.31          1
    5415 PARK PLACE SOUTH              8.875            293.60         90
    UNIT 5415                          8.625            293.60       41,000.00
    COLLEGE PARK     GA   30349          1            09/08/97         10
    0430432955                           01           11/01/97         25
    222113                               N            10/01/27
    0


    1621164          E13/G02             F           61,200.00         ZZ
                                         360         61,162.92          1
    3609 MERESTONE DRIVE               8.500            470.58         80
                                       8.250            470.58       76,510.00
    WILMINGTON       NC   28412          1            09/18/97         00
    0430427609                           09           11/01/97          0
    1621164                              O            10/01/27
    0


    1621171          B75/G02             F           50,000.00         ZZ
                                         360         49,906.10          1
    18040 MIDWAY ROAD                  8.375            380.04         80
    UNIT #169                          8.125            380.04       63,000.00
    DALLAS           TX   75287          1            07/30/97         14
    0430414581                           01           09/01/97         12
    2946960                              O            08/01/27
    0


    1621179          E13/G02             F           97,900.00         ZZ
                                         360         97,837.57          1
    5 WEST BAYBERRY COURT              8.250            735.49         58
                                       8.000            735.49      170,000.00
    DURHAM           NC   27713          5            09/15/97         00
    0430428557                           05           11/01/97          0
    223245                               N            10/01/27
    0


    1621188          683/G02             F          148,500.00         T
                                         360        148,420.97          1
    63 NORTH ROAD                      9.125          1,208.25         90
                                       8.875          1,208.25      165,500.00
    NORTH YARMOUTH   ME   04097          1            09/02/97         04
    0430431676                           05           11/01/97         25
    20091                                O            10/01/27
    0


    1621550          637/G02             F           63,000.00         ZZ
                                         360         62,960.84          2
1


    631 NE 46 COURT                    8.375            478.85         90
                                       8.125            478.85       70,000.00
    OAKLAND PARK     FL   33334          1            09/12/97         01
    0430425132                           05           11/01/97         25
    8235137                              N            10/01/27
    0


    1621551          637/G02             F           68,400.00         ZZ
                                         360         68,356.38          1
    1604 EAST CONE BOULEVARD           8.250            513.87         90
                                       8.000            513.87       76,000.00
    GREENSBORO       NC   27405          1            09/26/97         12
    0430441550                           05           11/01/97         25
    9909110                              N            10/01/27
    0


    1621553          F42/G02             F           81,450.00         ZZ
                                         360         81,405.51          1
    137 BRUNSWICK AVENUE               9.000            655.37         90
                                       8.750            655.37       90,500.00
    LAMBERTVILLE     NJ   08530          1            09/24/97         01
    0430445346                           05           11/01/97         25
    55000669                             N            10/01/27
    0


    1621596          129/G02             F           62,900.00         ZZ
                                         360         62,865.64          1
    702 MT JOY ST                      9.000            506.11         90
                                       8.750            506.11       69,900.00
    SPRINGFIELD      OH   45505          1            09/05/97         01
    0430415026                           05           11/01/97         25
    UNKNOWN                              N            10/01/27
    0


    1621614          638/G02             F          109,800.00         ZZ
                                         360        109,740.02          1
    66 AUTUMN LANE                     9.000            883.48         90
                                       8.750            883.48      122,000.00
    YARMOUTH         ME   04096          1            09/30/97         14
    0430445692                           05           11/01/97         25
    8664799                              N            10/01/27
    0


    1621639          A46/G02             F           67,200.00         ZZ
                                         360         67,157.15          1
    1028 BROOKWOOD DRIVE               8.250            504.85         80
                                       8.000            504.85       84,000.00
    AUGUSTA          GA   30904          1            09/11/97         00
    0430432203                           05           11/01/97          0
1


    0820363                              N            10/01/27
    0


    1621680          705/G02             F          165,000.00         ZZ
                                         360        164,900.04          1
    93 GODFREY AVENUE                  8.500          1,268.71         78
                                       8.250          1,268.71      212,000.00
    BAYVILLE         NY   11709          5            09/23/97         00
    0430428383                           05           11/01/97          0
    97030259                             O            10/01/27
    0


    1621778          144/144             F          376,000.00         ZZ
                                         360        375,734.62          1
    17 WESTGATE ROAD                   7.750          2,693.71         80
                                       7.500          2,693.71      470,000.00
    RAMAPO           NY   10981          1            09/29/97         00
    1606004892                           05           11/01/97          0
    1606004892                           O            10/01/27
    0


    1621872          225/225             F          171,200.00         ZZ
                                         360        171,090.83          1
    8640 OVERHILL ROAD                 8.250          1,286.17         75
                                       8.000          1,286.17      230,000.00
    LEAWOOD          KS   66206          5            09/19/97         00
    8057380                              05           11/01/97          0
    8057380                              O            10/01/27
    0


    1621876          687/G02             F           32,300.00         ZZ
                                         360         32,300.00          1
    1729- 29A & 29B S 6TH STREET       9.000            259.89         90
                                       8.750            259.89       35,900.00
    MILWAUKEE        WI   53204          1            10/13/97         14
    0430445650                           05           12/01/97         25
    161292                               N            11/01/27
    0


    1622006          286/286             F           52,200.00         ZZ
                                         360         52,068.85          1
    13 PARK ST                         8.375            396.76         90
                                       8.125            396.76       58,000.00
    WEST PELZER      SC   29669          1            06/27/97         10
    0008601011                           05           08/01/97         25
    0008601011                           N            07/01/27
    0


1


    1622037          B24/G02             F          229,500.00         ZZ
                                         360        229,500.00          1
    111 WEBB AVENUE                    8.500          1,764.66         90
                                       8.250          1,764.66      255,000.00
    STAMFORD         CT   06902          1            10/06/97         11
    0430395012                           05           12/01/97         25
    592361773                            O            11/01/27
    0


    1622075          637/G02             F          104,750.00         ZZ
                                         360        104,689.73          1
    321 SE ORCHARD DR #22              8.750            824.07         90
                                       8.500            824.07      116,420.00
    NORTH BEND       WA   98045          1            09/18/97         01
    0430430926                           01           11/01/97         25
    NG                                   N            10/01/27
    0


    1622085          E15/G02             F          157,600.00         ZZ
                                         360        157,418.00          3
    5000 NORTH RIDGEWAY AVENUE         8.750          1,239.84         80
                                       8.500          1,239.84      197,000.00
    CHICAGO          IL   60625          1            08/29/97         00
    0430422261                           05           10/01/97          0
    51000931                             N            09/01/27
    0


    1622095          180/G02             F           82,350.00         ZZ
                                         360         82,307.31          4
    921 EAST 7TH STREET                9.250            677.47         90
                                       9.000            677.47       91,500.00
    GILLETTE         WY   82716          1            09/15/97         04
    0430445072                           05           11/01/97         25
    12028544                             N            10/01/27
    0


    1622102          B75/G02             F           80,500.00         ZZ
                                         360         80,451.23          1
    6511 OSBORN ROAD                   8.500            618.98         70
                                       8.250            618.98      115,000.00
    HYATTSVILLE      MD   20784          2            09/10/97         00
    0430413971                           05           11/01/97          0
    7091382                              N            10/01/27
    0


    1622104          B75/G02             F           59,150.00         ZZ
                                         360         59,116.84          1
    7202 GLENRIDGE DRIVE               8.875            470.62         65
                                       8.625            470.62       91,000.00
1


    HYATTSVILLE      MD   20784          5            09/11/97         00
    0430414839                           05           11/01/97          0
    7091390                              N            10/01/27
    0


    1622105          180/G02             F           35,550.00         ZZ
                                         360         35,530.07          1
    601 NORTH MAY STREET               8.875            282.85         90
    UNIT #1                            8.625            282.85       39,500.00
    MESA             AZ   85210          1            09/02/97         01
    0430434084                           05           11/01/97         25
    4918041                              N            10/01/27
    0


    1622116          638/G02             F          117,000.00         ZZ
                                         360        116,934.41          4
    106 HADLEY STREET                  8.875            930.90         90
                                       8.625            930.90      130,000.00
    NEW BEDFORD      MA   02745          2            10/03/97         14
    0430438465                           05           11/01/97         25
    08664847                             N            10/01/27
    0


    1622129          E53/G02             F           44,000.00         ZZ
                                         360         43,973.35          1
    6141 WILEY ST                      8.500            338.32         56
                                       8.250            338.32       79,000.00
    HOLLYWOOD        FL   33023          2            09/19/97         00
    0430424176                           05           11/01/97          0
    0011108580                           O            10/01/27
    0


    1622130          E13/G02             F          104,000.00         ZZ
                                         360        103,933.68          1
    1643 DENNIS AVE                    8.250            781.32         80
                                       8.000            781.32      130,000.00
    MILPITAS         CA   95035          1            09/03/97         00
    0430424739                           09           11/01/97          0
    81322                                O            10/01/27
    0


    1622445          E75/G02             F          238,500.00         ZZ
                                         360        238,500.00          4
    97-34 42ND AVENUE                  8.875          1,897.62         90
                                       8.625          1,897.62      265,000.00
    CORONA           NY   11368          1            10/09/97         11
    0430437681                           07           12/01/97         25
    C9701171                             O            11/01/27
    0
1




    1622446          E19/G02             F          200,000.00         ZZ
                                         360        199,750.50          1
    4189 CREST ROAD                    8.375          1,520.15         64
                                       8.125          1,520.15      312,500.00
    PEBBLE BEACH     CA   93953          1            08/19/97         00
    0430434373                           03           10/01/97          0
    200014667                            O            09/01/27
    0


    1622457          907/G02             F          176,000.00         ZZ
                                         360        175,890.60          1
    1203 RIVER ROAD 16E                8.375          1,337.73         80
                                       8.125          1,337.73      220,000.00
    EDGEWATER        NJ   07020          1            09/16/97         00
    0430445304                           06           11/01/97          0
    30001621                             O            10/01/27
    0


    1622491          G52/G02             F           83,250.00         ZZ
                                         360         83,200.85          4
    1003 EAST COMMONWEALTH PLACE       8.625            647.51         90
                                       8.375            647.51       92,500.00
    CHANDLER         AZ   85225          1            09/04/97         01
    0430424077                           05           11/01/97         25
    223161                               N            10/01/27
    0


    1622498          H99/G02             F           52,100.00         ZZ
                                         360         52,070.79          2
    441A 441B CLAY STREET              8.875            414.53         90
                                       8.625            414.53       57,900.00
    ORLANDO          FL   32806          1            09/16/97         01
    0430439901                           05           11/01/97         25
    222507                               N            10/01/27
    0


    1622502          E97/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
    1909 WISEMAN LANE                  8.250          2,253.80         75
                                       8.000          2,253.80      400,000.00
    GARDNERVILLE     NV   89410          5            10/07/97         00
    0430436766                           05           12/01/97          0
    973034                               O            11/01/27
    0


    1622560          229/G02             F           60,000.00         ZZ
                                         360         59,962.70          1
1


    1007 SOUTH HOLLY STREET            8.375            456.05         80
                                       8.125            456.05       75,000.00
    MEDFORD          OR   97501          1            09/10/97         00
    0430423723                           05           11/01/97          0
    7604499                              O            10/01/27
    0


    1622573          828/G02             F           46,150.00         ZZ
                                         360         46,150.00          1
    1321 CIRCLE PARK BOULEVARD         9.250            379.66         90
                                       9.000            379.66       51,300.00
    FORT WORTH       TX   76106          1            10/24/97         04
    0430474882                           05           12/01/97         30
    UNKNOWN                              N            11/01/27
    0


    1622587          904/G02             F           53,300.00         ZZ
                                         360         53,240.02          3
    151 EAST 200 NORTH                 8.875            424.08         40
                                       8.625            424.08      135,000.00
    LOGAN            UT   84321          2            08/25/97         00
    0430423459                           05           10/01/97          0
    219983                               O            09/01/27
    0


    1622602          A35/G02             F          106,000.00         ZZ
                                         360        106,000.00          1
    3913 AVENUE T                      8.500            815.05         80
                                       8.250            815.05      132,500.00
    BROOKLYN         NY   11234          1            10/03/97         00
    0430434134                           07           12/01/97          0
    7444                                 N            11/01/27
    0


    1622607          907/G02             F          100,000.00         ZZ
                                         360         99,931.18          1
    19B HERITAGE CREST                 7.875            725.07         52
                                       7.625            725.07      195,000.00
    SOUTHBURY        CT   06488          1            09/04/97         00
    0430446542                           01           11/01/97          0
    10001608                             O            10/01/27
    0


    1622618          992/G02             F          146,000.00         ZZ
                                         360        145,909.25          1
    1000 COLONIAL ROAD                 8.375          1,109.71         41
                                       8.125          1,109.71      360,000.00
    FRANKLIN LAKES   NJ   07417          2            09/26/97         00
    0430427054                           05           11/01/97          0
1


    342286                               O            10/01/27
    0


    1622648          131/G02             F          162,000.00         ZZ
                                         360        161,913.79          1
    1615 LOIS ANN LANE                 9.125          1,318.09         90
                                       8.875          1,318.09      180,000.00
    NAPERVILLE       IL   60563          1            09/17/97         10
    0430429803                           05           11/01/97         25
    1098412                              N            10/01/27
    0


    1622661          967/G02             F           59,800.00         ZZ
                                         360         59,730.93          1
    2625 13TH AVENUE WEST 304          8.750            470.45         65
                                       8.500            470.45       92,000.00
    SEATTLE          WA   98119          1            08/18/97         00
    0430348904                           01           10/01/97          0
    4250445                              N            09/01/27
    0


    1622671          225/225             F           35,900.00         ZZ
                                         360         35,880.39          1
    6912 AUTUMN ST                     9.000            288.86         90
                                       8.750            288.86       39,900.00
    BATON ROUGE      LA   70802          1            09/10/97         14
    8062385                              05           11/01/97         25
    8062385                              N            10/01/27
    0


    1622681          E13/G02             F          136,000.00         ZZ
                                         360        135,908.75          1
    11608 HARVESTDALE DRIVE            8.000            997.92         85
                                       7.750            997.92      160,000.00
    FREDERICKSBURG   VA   22407          5            09/19/97         11
    0430432237                           05           11/01/97         12
    225061                               O            10/01/27
    0


    1622683          H86/G02             F           88,000.00         ZZ
                                         360         87,898.37          1
    4912 W 61ST AVENUE                 8.750            692.30         80
                                       8.500            692.30      110,000.00
    ARVADA           CO   80003          1            08/22/97         00
    0430440131                           05           10/01/97          0
    972361                               O            09/01/27
    0


1


    1622686          180/G02             F           51,000.00         ZZ
                                         360         50,970.66          1
    383 ASHLEY AVENUE                  8.750            401.22         75
                                       8.500            401.22       68,000.00
    ATLANTA          GA   30322          2            09/26/97         00
    0430434415                           05           11/01/97          0
    4871877                              N            10/01/27
    0


    1622688          F03/G02             F          252,000.00         ZZ
                                         360        251,839.30          1
    676 LOOKOUT MOUNTAIN ROAD          8.250          1,893.20         80
                                       8.000          1,893.20      315,000.00
    GOLDEN           CO   80401          5            09/15/97         00
    0430400374                           05           11/01/97          0
    11368                                O            10/01/27
    0


    1622697          180/G02             F          176,000.00         ZZ
                                         360        175,896.09          1
    326 MEADOW COURT                   8.625          1,368.91         80
                                       8.375          1,368.91      220,000.00
    DAWSONVILLE      GA   30534          2            09/09/97         00
    0430426247                           05           11/01/97          0
    4871752                              O            10/01/27
    0


    1622719          G81/G02             F           57,400.00         ZZ
                                         360         57,366.97          1
    13553 SW 62 LANE                   8.750            451.57         70
                                       8.500            451.57       82,000.00
    MIAMI            FL   33183          1            09/05/97         00
    0430422444                           01           11/01/97          0
    9707004701                           O            10/01/27
    0


    1622758          003/G02             F           82,300.00         ZZ
                                         360         82,194.66          1
    1015 HILLARY LANE                  8.250            618.30         80
                                       8.000            618.30      102,900.00
    LAWRENCEVILLE    GA   30043          1            08/14/97         00
    0430433334                           05           10/01/97          0
    0010010726                           O            09/01/27
    0


    1622801          E26/G02             F          193,000.00         ZZ
                                         360        192,608.89          1
    5805 GREENLAWN DRIVE               8.000          1,416.17         77
                                       7.750          1,416.17      253,000.00
1


    BETHESDA         MD   20814          2            07/31/97         00
    0430348896                           05           09/01/97          0
    30700208                             O            08/01/27
    0


    1622888          A38/G02             F          111,150.00         ZZ
                                         360        111,087.69          2
    2103-2105 HIGH RIDGE               8.875            884.36         90
                                       8.625            884.36      123,500.00
    PLEASANT HILL    MO   64080          1            09/15/97         10
    0430412387                           05           11/01/97         25
    4610271                              N            10/01/27
    0


    1622893          B75/G02             F          104,000.00         ZZ
                                         360        103,941.70          1
    161 OSWEGO SUMMITT                 8.875            827.47         80
    UNIT #161                          8.625            827.47      130,000.00
    LAKE OSWEGO      OR   97035          5            09/19/97         00
    0430442368                           01           11/01/97          0
    2990133                              O            10/01/27
    0


    1622897          B75/G02             F          258,500.00         ZZ
                                         360        258,339.32          1
    #5 VISTA HERMONSA                  8.375          1,964.79         50
                                       8.125          1,964.79      525,000.00
    SANTA FE         NM   87504          2            09/17/97         00
    0430433698                           05           11/01/97          0
    2941060                              O            10/01/27
    0


    1622918          225/225             F           44,500.00         ZZ
                                         360         44,471.62          1
    4932 OLYMPIA ROAD NORTHWEST        8.250            334.32         65
                                       8.000            334.32       68,500.00
    ALBUQUERQUE      NM   87105          1            09/03/97         00
    806232300                            05           11/01/97          0
    806232300                            N            10/01/27
    0


    1623145          A26/G02             F           70,000.00         ZZ
                                         360         69,960.75          1
    542 A BUCHANAN AVENUE              8.875            556.96         94
    UNIT 27                            8.625            556.96       75,000.00
    STATEN ISLAND    NY   10314          1            10/01/97         12
    0430433938                           01           11/01/97         30
    8907                                 O            10/01/27
    0
1




    1623211          H99/G02             F          418,000.00         ZZ
                                         360        417,746.77          1
    2970 WESTBROOK                     8.500          3,214.06         73
                                       8.250          3,214.06      575,000.00
    FORT LAUDERDALE  FL   33332          2            09/12/97         00
    0430434464                           03           11/01/97          0
    223303                               O            10/01/27
    0


    1623290          910/G02             F          205,000.00         ZZ
                                         360        204,869.28          1
    1327 EAST 625 NORTH                8.250          1,540.10         79
                                       8.000          1,540.10      260,000.00
    LAYTON           UT   84040          4            09/11/97         00
    0430425116                           05           11/01/97          0
    270811                               O            10/01/27
    0


    1623337          074/G02             F          354,000.00         ZZ
                                         360        353,335.28          1
    11 W SHORE DR                      8.375          2,690.66         80
                                       8.125          2,690.66      442,500.00
    HOPEWELL         NJ   08560          1            07/30/97         00
    0430397539                           05           09/01/97          0
    1101213737                           O            08/01/27
    0


    1623338          074/G02             F           57,600.00         ZZ
                                         360         57,497.24          1
    324 SHORE DR E8                    8.625            448.01         80
                                       8.375            448.01       72,000.00
    HIGHLAND         NJ   07732          1            07/30/97         04
    0430401687                           01           09/01/97         12
    1101214263                           N            08/01/27
    0


    1623339          074/G02             F          150,000.00         ZZ
                                         360        149,725.46          4
    445 W 7TH ST                       8.500          1,153.37         90
                                       8.250          1,153.37      167,500.00
    PLAINFIELD       NJ   07060          1            07/30/97         21
    0430401695                           05           09/01/97         25
    1101215277                           N            08/01/27
    0


    1623340          074/G02             F           96,000.00         ZZ
                                         360         95,864.04          1
1


    12 FRIENDS AVE                     7.750            687.76         76
                                       7.500            687.76      127,900.00
    MEDFORD          NJ   08055          1            08/26/97         00
    0430401703                           05           10/01/97          0
    1101218800                           O            09/01/27
    0


    1623341          074/G02             F          260,000.00         ZZ
                                         360        259,675.66          1
    501 TOWNSHIP LINE RD               8.375          1,976.19         80
                                       8.125          1,976.19      325,000.00
    BELLE MEAD       NJ   08502          1            08/15/97         00
    0430401711                           05           10/01/97          0
    1101218901                           O            09/01/27
    0


    1623342          074/G02             F          161,200.00         ZZ
                                         360        160,993.69          1
    69 JEANETTE AVENUE                 8.250          1,211.05         65
                                       8.000          1,211.05      248,000.00
    STATEN ISLAND    NY   10312          5            08/15/97         00
    0430401729                           05           10/01/97          0
    1106059871                           O            09/01/27
    0


    1623344          074/G02             F           68,200.00         ZZ
                                         360         68,121.24          1
    393 WEST 49TH STREET, UNIT 2P      8.750            536.53         65
                                       8.500            536.53      105,000.00
    NEW YORK         NY   10016          1            08/14/97         00
    0430401737                           06           10/01/97          0
    1106068227                           N            09/01/27
    0


    1623346          074/G02             F          376,000.00         ZZ
                                         360        375,542.81          2
    368 BOSCOMBE AVENUE                8.500          2,891.12         80
                                       8.250          2,891.12      470,000.00
    STATEN ISLAND    NY   10307          1            08/11/97         00
    0430401745                           05           10/01/97          0
    1106082953                           O            09/01/27
    0


    1623347          074/G02             F           26,600.00         ZZ
                                         360         26,566.82          1
    106 LEE AVENUE                     8.375            202.18         75
                                       8.125            202.18       35,500.00
    HORSEHEADS       NY   14845          1            08/05/97         00
    0430401752                           05           10/01/97          0
1


    1107024282                           N            09/01/27
    0


    1623348          074/G02             F           60,000.00         ZZ
                                         360         59,919.21          1
    9 CLARET DRIVE                     8.000            440.26         23
                                       7.750            440.26      269,000.00
    FAIRPORT         NY   14450          1            08/08/97         00
    0430401760                           05           10/01/97          0
    1107025106                           O            09/01/27
    0


    1623349          074/G02             F           38,700.00         ZZ
                                         360         38,649.19          2
    122-124 ASBURY STREET              8.125            287.35         90
                                       7.875            287.35       43,000.00
    ROCHESTER        NY   14620          1            08/22/97         04
    0430401778                           05           10/01/97         25
    1107026211                           N            09/01/27
    0


    1623350          074/G02             F          310,000.00         ZZ
                                         360        309,560.99          1
    37 WHITESTONE LANE                 7.750          2,220.88         73
                                       7.500          2,220.88      430,000.00
    ROCHESTER        NY   14618          2            08/13/97         00
    0430401786                           05           10/01/97          0
    1107026619                           O            09/01/27
    0


    1623351          074/G02             F          155,000.00         ZZ
                                         360        154,811.53          1
    326 SHEAR HILL ROAD                8.500          1,191.82         55
                                       8.250          1,191.82      284,468.00
    MAHOPAC          NY   10541          1            08/15/97         00
    0430401794                           05           10/01/97          0
    1111106154                           O            09/01/27
    0


    1623352          074/G02             F          140,000.00         ZZ
                                         360        139,750.24          1
    34-47 HYLAN BOULEVARD              8.625          1,088.91         80
                                       8.375          1,088.91      175,000.00
    STATEN ISLAND    NY   10306          1            07/28/97         00
    0430401802                           07           09/01/97          0
    1111108513                           O            08/01/27
    0


1


    1623353          074/G02             F           80,050.00         ZZ
                                         360         79,959.90          1
    426 SADDLE RIVER ROAD              8.875            636.92         81
                                       8.625            636.92      100,000.00
    CHESTNUT RIDGE   NY   10977          1            08/07/97         01
    0430401810                           05           10/01/97         30
    1111110810                           N            09/01/27
    0


    1623354          074/G02             F           29,700.00         ZZ
                                         360         29,666.57          2
    13 DUANE STREET                    8.875            236.31         90
                                       8.625            236.31       33,000.00
    POUGHKEEPSIE     NY   12601          1            08/12/97         10
    0430401828                           05           10/01/97         25
    1111110843                           N            09/01/27
    0


    1623355          074/G02             F           58,500.00         ZZ
                                         360         58,430.67          2
    398 FOXHALL AVENUE                 8.625            455.01         90
                                       8.375            455.01       65,000.00
    KINGSTON         NY   12401          1            08/13/97         10
    0430401836                           05           10/01/97         25
    1111112340                           N            09/01/27
    0


    1623357          074/G02             F           54,900.00         ZZ
                                         360         54,842.86          1
    329 BEACH AVENUE                   9.250            451.65         90
                                       9.000            451.65       61,000.00
    ROCHESTER        NY   14612          1            08/05/97         01
    0430401851                           05           10/01/97         25
    1111113353                           N            09/01/27
    0


    1623359          074/G02             F          292,800.00         ZZ
                                         360        292,453.02          1
    6 VANDERBILT LANE                  8.625          2,277.37         80
                                       8.375          2,277.37      366,000.00
    OLD BETHPAGE     NY   11804          1            08/04/97         00
    0430401877                           05           10/01/97          0
    1111114447                           O            09/01/27
    0


    1623360          074/G02             F          131,400.00         ZZ
                                         360        131,159.48          3
    33 STEUBEN STREET                  8.500          1,010.36         90
                                       8.250          1,010.36      146,000.00
1


    STATEN ISLAND    NY   10301          1            07/28/97         01
    0430401885                           05           09/01/97         30
    1111115188                           N            08/01/27
    0


    1623361          074/G02             F          150,100.00         ZZ
                                         360        149,832.21          1
    44 BUTLER PLACE UNIT 5J            8.625          1,167.47         95
                                       8.375          1,167.47      158,000.00
    BROOKLYN         NY   11238          1            07/31/97         14
    0430401893                           08           09/01/97         30
    1111115494                           O            08/01/27
    0


    1623362          074/G02             F          129,200.00         ZZ
                                         360        129,042.90          1
    10 FREDERICK DRIVE                 8.500            993.44         80
                                       8.250            993.44      161,500.00
    POUGHKEEPSIE     NY   12603          1            08/13/97         00
    0430401901                           05           10/01/97          0
    1111116453                           O            09/01/27
    0


    1623363          074/G02             F          157,500.00         ZZ
                                         360        157,226.15          1
    360 E 88TH STREET                  8.750          1,239.06         70
    APT 5C                             8.500          1,239.06      225,000.00
    NEW YORK         NY   10021          1            07/31/97         00
    0430401919                           06           09/01/97          0
    1111116715                           N            08/01/27
    0


    1623364          074/G02             F           85,600.00         ZZ
                                         360         85,490.44          1
    418 CENTRAL PARK WEST              8.250            643.09         84
                                       8.000            643.09      102,000.00
    NEW YORK         NY   10025          1            08/06/97         10
    0430423921                           06           10/01/97         25
    1111116974                           O            09/01/27
    0


    1623366          074/G02             F          280,000.00         ZZ
                                         360        279,650.70          1
    107 HENDRICKSON AVENUE             8.375          2,128.21         80
                                       8.125          2,128.21      350,000.00
    ROCKVILLE CENTR  NY   11570          1            08/11/97         00
    0430401935                           05           10/01/97          0
    1111117219                           O            09/01/27
    0
1




    1623367          074/G02             F          224,950.00         ZZ
                                         360        224,703.32          3
    43 SOUNDVIEW STREET & 34           9.000          1,810.00         90
    SPRING STREET                      8.750          1,810.00      250,000.00
    PORT CHESTER     NY   10573          1            08/14/97         14
    0430423632                           05           10/01/97         25
    1111117310                           O            09/01/27
    0


    1623368          074/G02             F          232,000.00         ZZ
                                         360        231,745.59          3
    30-48 42ND STREET                  9.000          1,866.73         80
                                       8.750          1,866.73      290,000.00
    ASTORIA          NY   11103          1            08/13/97         00
    0430401943                           05           10/01/97          0
    1111117387                           O            09/01/27
    0


    1623369          074/G02             F          136,500.00         ZZ
                                         360        136,346.38          1
    59 PONDVIEW ROAD                   8.875          1,086.06         65
                                       8.625          1,086.06      210,000.00
    RYE              NY   10580          1            08/18/97         00
    0430401950                           05           10/01/97          0
    1111118142                           N            09/01/27
    0


    1623370          074/G02             F           76,000.00         ZZ
                                         360         75,907.58          1
    31 CULLENS RUN                     8.500            584.38         80
                                       8.250            584.38       96,000.00
    PITTSFORD        NY   14534          1            08/13/97         00
    0430401968                           05           10/01/97          0
    1111119101                           O            09/01/27
    0


    1623371          074/G02             F           57,900.00         ZZ
                                         360         57,834.84          2
    22 HUDSON STREET                   8.875            460.68         90
                                       8.625            460.68       64,350.00
    STATEN ISLAND    NY   10304          1            08/21/97         01
    0430401976                           05           10/01/97         25
    1111119393                           N            09/01/27
    0


    1623372          074/G02             F          188,000.00         ZZ
                                         360        186,653.80          1
1


    55 ADAMSON STREET                  8.625          1,462.25         80
                                       8.375          1,462.25      235,000.00
    SELDEN           NY   11784          1            07/31/97         00
    0430397562                           05           09/01/97          0
    1111119804                           O            08/01/27
    0


    1623373          074/G02             F           56,250.00         ZZ
                                         360         56,183.34          2
    126 GARFIELD STREET                8.625            437.51         90
                                       8.375            437.51       62,500.00
    HOLLAND          NY   14080          1            08/26/97         01
    0430401984                           05           10/01/97         25
    1111119961                           N            09/01/27
    0


    1623375          074/G02             F           30,000.00         ZZ
                                         360         29,966.22          1
    302 SANNITA DRIVE                  8.875            238.70         29
                                       8.625            238.70      103,500.00
    ROCHESTER        NY   14626          1            08/25/97         00
    0430397570                           05           10/01/97          0
    1111120268                           O            09/01/27
    0


    1623376          074/G02             F          100,000.00         ZZ
                                         360         99,861.91          1
    2057 ELLEN DRIVE                   7.875            725.07         32
                                       7.625            725.07      315,000.00
    MERRICK          NY   11566          1            08/22/97         00
    0430402008                           05           10/01/97          0
    1111120304                           O            09/01/27
    0


    1623377          074/G02             F          144,000.00         ZZ
                                         360        143,824.90          1
    60 LENOX AVENUE                    8.500          1,107.24         80
                                       8.250          1,107.24      180,000.00
    CONGERS          NY   10920          1            08/07/97         00
    0430402016                           05           10/01/97          0
    1111120949                           O            09/01/27
    0


    1623378          074/G02             F          428,000.00         ZZ
                                         360        427,452.26          1
    16 WINDERMERE WAY                  8.250          3,215.43         80
                                       8.000          3,215.43      535,000.00
    WOODBURY         NY   11797          1            08/05/97         00
    0430402024                           03           10/01/97          0
1


    1111121464                           O            09/01/27
    0


    1623379          074/G02             F          143,000.00         ZZ
                                         360        142,807.44          1
    450 PENNSYLVANIA AVENUE            8.000          1,049.29         63
                                       7.750          1,049.29      230,000.00
    FREEPORT         NY   11520          2            08/13/97         00
    0430402032                           05           10/01/97          0
    1111121555                           O            09/01/27
    0


    1623380          074/G02             F           80,550.00         ZZ
                                         360         80,461.67          2
    34 JANE STREET                     9.000            648.13         90
                                       8.750            648.13       89,500.00
    SAUGERTIES       NY   12477          1            08/12/97         01
    0430424036                           05           10/01/97         25
    1111121894                           N            09/01/27
    0


    1623381          074/G02             F          160,000.00         ZZ
                                         360        159,795.24          2
    143 NIPPON AVENUE                  8.250          1,202.03         48
                                       8.000          1,202.03      335,000.00
    STATEN ISLAND    NY   10312          1            08/25/97         00
    0430402040                           05           10/01/97          0
    1111122285                           O            09/01/27
    0


    1623382          074/G02             F          136,000.00         ZZ
                                         360        135,842.93          1
    135 EAST 54TH STREET               8.750          1,069.92         80
    UNIT 6G                            8.500          1,069.92      170,000.00
    NEW YORK         NY   10022          1            08/14/97         00
    0430402057                           06           10/01/97          0
    1111123211                           O            09/01/27
    0


    1623383          074/G02             F          224,900.00         ZZ
                                         360        224,597.18          1
    31 CENTER STREET                   8.000          1,650.24         79
                                       7.750          1,650.24      285,500.00
    RHINEBECK        NY   12572          1            08/15/97         00
    0430402065                           05           10/01/97          0
    1111123302                           O            09/01/27
    0


1


    1623384          074/G02             F          225,000.00         ZZ
                                         360        224,689.29          1
    73 SUMMIT ROAD                     7.875          1,631.41         43
                                       7.625          1,631.41      525,000.00
    PORT WASHINGTON  NY   11050          1            08/22/97         00
    0430402073                           05           10/01/97          0
    1111123335                           O            09/01/27
    0


    1623385          074/G02             F          180,000.00         ZZ
                                         360        179,751.43          1
    20 KNOTT DRIVE                     7.875          1,305.13         42
                                       7.625          1,305.13      430,000.00
    GLEN COVE        NY   11542          1            08/22/97         00
    0430402081                           05           10/01/97          0
    1111124688                           O            09/01/27
    0


    1623387          074/G02             F           50,400.00         ZZ
                                         360         50,341.79          1
    50 PHILLIPS ST                     8.750            396.50         80
                                       8.500            396.50       63,000.00
    AMSTERDAM        NY   12010          1            08/14/97         00
    0430402107                           05           10/01/97          0
    1111125374                           O            09/01/27
    0


    1623388          074/G02             F          126,000.00         ZZ
                                         360        125,846.78          1
    113 WEEKS AVENUE                   8.500            968.84         80
                                       8.250            968.84      157,600.00
    CORNWALL         NY   12520          1            08/21/97         00
    0430402115                           05           10/01/97          0
    1111125400                           O            09/01/27
    0


    1623389          074/G02             F          176,000.00         ZZ
                                         360        175,786.00          1
    34550 MILBURN TERRACE              8.500          1,353.29         75
                                       8.250          1,353.29      235,000.00
    FREMONT          CA   94555          2            08/15/97         00
    0430402123                           09           10/01/97          0
    1113052760                           N            09/01/27
    0


    1623391          074/G02             F          190,000.00         ZZ
                                         360        189,661.06          1
    7301 IDYLWOOD CT                   8.625          1,477.80         65
                                       8.375          1,477.80      295,000.00
1


    FALLS CHURCH     VA   22043          5            07/25/97         00
    0430402131                           05           09/01/97          0
    1113055495                           O            08/01/27
    0


    1623392          074/G02             F          152,350.00         T
                                         360        152,155.05          1
    15 CLASSIC OAKS PLACE              8.250          1,144.55         70
                                       8.000          1,144.55      217,700.00
    THE WOODLANDS    TX   77382          1            08/15/97         00
    0430402149                           05           10/01/97          0
    1114704196                           O            09/01/27
    0


    1623393          074/G02             F          146,300.00         ZZ
                                         360        146,122.11          1
    570 E GARFIELD AVE                 8.500          1,124.92         92
                                       8.250          1,124.92      160,000.00
    SOUDERTON        PA   18964          2            08/15/97         21
    0430402156                           05           10/01/97         30
    1172137526                           O            09/01/27
    0


    1623394          074/G02             F           34,200.00         ZZ
                                         360         34,158.41          1
    607 G EDISON AVE                   8.500            262.97         90
                                       8.250            262.97       38,000.00
    PHILADELPHIA     PA   19116          1            08/11/97         01
    0430402164                           01           10/01/97         30
    1175043531                           N            09/01/27
    0


    1623397          074/G02             F          108,700.00         ZZ
                                         360        108,564.40          1
    15550 N FRANK LLOYD WRIGHT         8.375            826.20         80
    #1037                              8.125            826.20      135,885.00
    SCOTTSDALE       AZ   85260          1            08/19/97         00
    0430402180                           01           10/01/97          0
    1203011440                           N            09/01/27
    0


    1623399          074/G02             F           43,800.00         ZZ
                                         360         43,721.87          1
    5303 W HEARN RD                    8.625            340.67         90
                                       8.375            340.67       48,700.00
    GLENDALE         AZ   85306          1            07/29/97         21
    0430402198                           09           09/01/97         25
    1203013548                           N            08/01/27
    0
1




    1623400          074/G02             F          131,200.00         ZZ
                                         360        130,940.77          1
    9657 E PERSHING AVE                8.125            974.16         80
                                       7.875            974.16      164,000.00
    SCOTTSDALE       AZ   85260          1            07/24/97         00
    0430402206                           09           09/01/97          0
    1203013628                           O            08/01/27
    0


    1623401          074/G02             F           50,000.00         T
                                         360         49,898.68          1
    6601 E KELTON LN                   8.000            366.88         41
                                       7.750            366.88      122,000.00
    SCOTTSDALE       AZ   85254          1            07/30/97         00
    0430402214                           09           09/01/97          0
    1203014857                           O            08/01/27
    0


    1623402          074/G02             F          117,750.00         ZZ
                                         360        117,505.29          1
    5725 E TIERRA BUENA LANE           7.875            853.77         75
                                       7.625            853.77      157,000.00
    SCOTTSDALE       AZ   85254          2            07/29/97         00
    0430402222                           05           09/01/97          0
    1203014926                           O            08/01/27
    0


    1623403          074/G02             F           86,100.00         ZZ
                                         360         85,995.32          1
    8401 E PLAZA AVE                   8.500            662.03         70
                                       8.250            662.03      123,000.00
    SCOTTSDALE       AZ   85250          5            08/08/97         00
    0430402230                           05           10/01/97          0
    1203015033                           N            09/01/27
    0


    1623404          074/G02             F           59,200.00         ZZ
                                         360         59,091.63          1
    7494 E EARLL DR UNIT 218           8.500            455.20         80
                                       8.250            455.20       74,000.00
    SCOTTSDALE       AZ   85251          2            07/29/97         00
    0430402248                           01           09/01/97          0
    1204006311                           N            08/01/27
    0


    1623405          074/G02             F          121,500.00         ZZ
                                         360        121,271.85          4
1


    1855 N SPRING ST                   8.375            923.49         90
                                       8.125            923.49      135,000.00
    MESA             AZ   85203          1            07/25/97         01
    0430402255                           03           09/01/97         25
    1207003852                           N            08/01/27
    0


    1623406          074/G02             F           54,000.00         ZZ
                                         360         53,932.64          1
    2015 E SOUTHERN AVE UNIT 13        8.375            410.44         90
                                       8.125            410.44       60,000.00
    TEMPE            AZ   85282          1            08/22/97         04
    0430402263                           01           10/01/97         25
    1207004629                           N            09/01/27
    0


    1623408          074/G02             F           47,900.00         ZZ
                                         360         47,838.69          1
    1971 N HARTFORD ST UNIT 21         8.250            359.86         90
                                       8.000            359.86       53,250.00
    CHANDLER         AZ   85224          1            08/12/97         04
    0430402271                           01           10/01/97         25
    1207005086                           N            09/01/27
    0


    1623409          074/G02             F           80,000.00         T
                                         360         79,853.58          1
    3230 TURKEY TRACK RD               8.500            615.13         64
                                       8.250            615.13      125,000.00
    PINETOP          AZ   85935          1            07/28/97         00
    0430402289                           05           09/01/97          0
    1209000731                           O            08/01/27
    0


    1623410          074/G02             F          117,000.00         ZZ
                                         360        116,857.74          4
    108 S RODEO DR                     8.500            899.63         65
                                       8.250            899.63      180,000.00
    LAKESIDE         AZ   85929          5            08/06/97         00
    0430402297                           05           10/01/97          0
    1209000753                           N            09/01/27
    0


    1623411          074/G02             F           36,500.00         ZZ
                                         360         36,414.74          2
    1808 S COLUMBUS BLVD               8.500            280.65         44
                                       8.250            280.65       84,000.00
    TUCSON           AZ   85711          5            07/22/97         00
    0430398479                           05           09/01/97          0
1


    1221168896                           N            08/01/27
    0


    1623412          074/G02             F           63,000.00         ZZ
                                         360         62,839.74          4
    211 W 2ND ST                       8.875            501.26         67
                                       8.625            501.26       95,000.00
    TUCSON           AZ   85705          5            07/30/97         00
    0430398495                           05           09/01/97          0
    1222004806                           N            08/01/27
    0


    1623413          074/G02             F          167,650.00         ZZ
                                         360        167,418.49          1
    154 SOUTH SWEET GUM LANE           7.875          1,215.58         80
                                       7.625          1,215.58      209,600.00
    BREA             CA   92821          1            08/05/97         00
    0430402305                           05           10/01/97          0
    1231007328                           O            09/01/27
    0


    1623415          074/G02             F           81,900.00         ZZ
                                         360         81,750.09          1
    5581 LEMON AVE                     8.500            629.74         90
                                       8.250            629.74       91,000.00
    LONG BEACH       CA   90805          1            07/28/97         10
    0430402313                           05           09/01/97         25
    1234007539                           N            08/01/27
    0


    1623416          074/G02             F           99,650.00         ZZ
                                         360         99,481.16          1
    4796 TOPANGA CANYON BLVD           8.875            792.86         90
                                       8.625            792.86      111,000.00
    WOODLAND HILLS   CA   91364          1            07/25/97         21
    0430402321                           05           09/01/97         25
    1234007798                           N            08/01/27
    0


    1623418          074/G02             F           50,200.00         ZZ
                                         360         50,142.03          1
    22121 SOUTH JOILET AVENUE          8.750            394.92         80
                                       8.500            394.92       62,850.00
    HAWAIIAN GARDEN  CA   90716          1            08/06/97         00
    0430402339                           05           10/01/97          0
    1234008112                           N            09/01/27
    0


1


    1623420          074/G02             F          143,100.00         ZZ
                                         360        142,921.50          1
    5802 MAGNOLIA AVENUE               8.375          1,087.66         90
                                       8.125          1,087.66      159,000.00
    WHITTIER         CA   90601          2            08/07/97         21
    0430402354                           05           10/01/97         25
    1243005421                           N            09/01/27
    0


    1623421          074/G02             F           38,150.00         ZZ
                                         360         38,082.82          1
    398 CALLE MONTECITO                8.125            283.26         85
                                       7.875            283.26       44,900.00
    OCEANSIDE        CA   92057          1            08/15/97         21
    0430397638                           05           10/01/97         20
    1243007289                           N            09/01/27
    0


    1623422          074/G02             F           82,000.00         ZZ
                                         360         80,022.42          1
    517 PLEASAMT AVENUE                7.875            594.56         34
                                       7.625            594.56      242,000.00
    OJAI             CA   93023          1            07/30/97         00
    0430402362                           05           09/01/97          0
    1246021832                           O            08/01/27
    0


    1623423          074/G02             F          121,500.00         ZZ
                                         360        121,277.61          2
    426 / 428 ROBERTS STREET           8.500            934.23         90
                                       8.250            934.23      135,000.00
    RENO             NV   89502          1            07/21/97         04
    0430397646                           05           09/01/97         25
    1253047530                           N            08/01/27
    0


    1623425          074/G02             F           76,000.00         ZZ
                                         360         75,853.62          1
    2600 NORTH MOUNTAIN STREET         8.250            570.96         60
                                       8.000            570.96      127,000.00
    CARSON CITY      NV   89703          2            07/24/97         00
    0430402370                           05           09/01/97          0
    1253048169                           O            08/01/27
    0


    1623426          074/G02             F           47,000.00         ZZ
                                         360         46,840.68          1
    1535 D DELUCCHI LANE               8.375            357.23         95
                                       8.125            357.23       49,500.00
1


    RENO             NV   89502          1            08/01/97         11
    0430397661                           01           10/01/97         30
    1253048351                           O            09/01/27
    0


    1623427          074/G02             F          188,000.00         ZZ
                                         360        187,655.90          1
    8704 GREENARBOR ROAD NE            8.500          1,445.56         80
                                       8.250          1,445.56      235,000.00
    ALBUQUERQUE      NM   87111          1            08/01/97         00
    0430402388                           05           09/01/97          0
    1256002812                           O            08/01/27
    0


    1623428          074/G02             F           96,000.00         ZZ
                                         360         95,795.40          1
    1222 JACKSON STREET S E            7.750            687.76         80
                                       7.500            687.76      120,000.00
    ALBUQUERQUE      NM   87108          1            07/30/97         00
    0430402396                           05           09/01/97          0
    1256002980                           O            08/01/27
    0


    1623430          074/G02             F          145,000.00         ZZ
                                         360        144,799.77          1
    4862 EARLE CIR                     7.875          1,051.35         62
                                       7.625          1,051.35      235,000.00
    BOULDER          CO   80301          1            08/06/97         00
    0430402404                           05           10/01/97          0
    1272087226                           O            09/01/27
    0


    1623431          074/G02             F          127,500.00         ZZ
                                         360        127,340.95          1
    1251 VAIL LN                       8.375            969.09         85
                                       8.125            969.09      150,000.00
    LONGMONT         CO   80503          1            08/21/97         21
    0430402412                           05           10/01/97         20
    1272088127                           N            09/01/27
    0


    1623433          074/G02             F           65,000.00         ZZ
                                         360         64,912.47          1
    7506 SW 26 CT                      8.000            476.95         61
                                       7.750            476.95      107,000.00
    DAVIE            FL   33314          1            08/06/97         00
    0430402438                           01           10/01/97          0
    1302024926                           O            09/01/27
    0
1




    1623437          074/G02             F          107,000.00         ZZ
                                         360        106,604.06          3
    3960 SW 51 STREET                  8.500            822.74         90
                                       8.250            822.74      118,900.00
    FT LAUDERDALE    FL   33312          1            04/16/97         21
    0430402453                           05           06/01/97         25
    1311291162                           O            05/01/27
    0


    1623438          074/G02             F           98,350.00         ZZ
                                         360         98,224.15          1
    1724 SW 110 TERRACE                8.250            738.87         80
                                       8.000            738.87      124,000.00
    DAVIE            FL   33324          1            08/15/97         00
    0430402461                           07           10/01/97          0
    1311295618                           O            09/01/27
    0


    1623439          074/G02             F           80,000.00         ZZ
                                         360         79,833.73          1
    2820 SW 22 AVENUE                  7.875            580.06         45
                                       7.625            580.06      180,000.00
    MIAMI            FL   33133          1            07/29/97         00
    0430402479                           05           09/01/97          0
    1311297090                           O            08/01/27
    0


    1623441          074/G02             F           46,700.00         ZZ
                                         360         46,643.22          1
    8600 SW 133 AVE RD UNIT 103        8.500            359.08         90
                                       8.250            359.08       51,900.00
    MIAMI            FL   33183          1            08/14/97         21
    0430402495                           08           10/01/97         25
    1311298183                           N            09/01/27
    0


    1623442          074/G02             F          106,800.00         ZZ
                                         360        106,670.14          1
    923 OPAL TERR                      8.500            821.20         80
                                       8.250            821.20      133,500.00
    WESTON           FL   33326          1            08/26/97         00
    0430402503                           03           10/01/97          0
    1311299685                           O            09/01/27
    0


    1623443          074/G02             F          102,600.00         ZZ
                                         360        102,412.19          4
1


    3631 SW 28TH TERR                  8.500            788.91         90
                                       8.250            788.91      114,000.00
    GAINESVILLE      FL   32608          1            07/30/97         01
    0430397687                           05           09/01/97         25
    1322021556                           N            08/01/27
    0


    1623444          074/G02             F           87,750.00         ZZ
                                         360         87,646.01          1
    109 NW 20TH STREET                 8.625            682.51         90
                                       8.375            682.51       97,500.00
    GAINESVILLE      FL   32603          1            08/05/97         01
    0430402511                           05           10/01/97         25
    1322021884                           N            09/01/27
    0


    1623445          074/G02             F           62,100.00         ZZ
                                         360         62,018.48          1
    1315 NW 39TH DR                    8.125            461.09         90
                                       7.875            461.09       69,000.00
    GAINESVILLE      FL   32605          1            08/11/97         01
    0430402529                           05           10/01/97         25
    1322022377                           N            09/01/27
    0


    1623446          074/G02             F           23,200.00         ZZ
                                         360         21,711.88          1
    777 W LANCASTER RD UN 27           8.875            184.59         80
                                       8.625            184.59       29,000.00
    ORLANDO          FL   32809          5            07/28/97         00
    0430402537                           01           09/01/97          0
    1331160360                           O            08/01/27
    0


    1623448          074/G02             F           41,400.00         ZZ
                                         360         41,349.66          1
    241 MAYPORT AVE NW                 8.500            318.33         90
                                       8.250            318.33       46,000.00
    PALM BAY         FL   32907          1            08/22/97         21
    0430402545                           05           10/01/97         25
    1331161658                           N            09/01/27
    0


    1623449          074/G02             F           58,400.00         ZZ
                                         360         58,328.99          1
    4705 ROCKLEDGE ROAD                8.500            449.05         80
                                       8.250            449.05       73,000.00
    ORLANDO          FL   32807          1            08/22/97         00
    0430402552                           05           10/01/97          0
1


    1331162923                           N            09/01/27
    0


    1623450          074/G02             F          128,000.00         ZZ
                                         360        127,710.68          1
    641 OLD HICKORY BLVD UNIT 13       8.375            972.89         80
                                       8.125            972.89      160,010.00
    BRENTWOOD        TN   37027          1            07/30/97         00
    0430397695                           07           09/01/97          0
    1341027538                           O            08/01/27
    0


    1623451          074/G02             F          122,600.00         ZZ
                                         360        122,338.73          1
    6133 BRESSLYN ROAD                 7.750            878.32         50
                                       7.500            878.32      248,000.00
    NASHVILLE        TN   37205          1            08/01/97         00
    0430402560                           05           09/01/97          0
    1341029420                           O            08/01/27
    0


    1623454          074/G02             F           82,450.00         ZZ
                                         360         82,347.14          1
    6712 GRAND BAHAMA DR               8.375            626.68         90
                                       8.125            626.68       91,660.00
    TAMPA            FL   33615          1            08/22/97         01
    0430402586                           05           10/01/97         25
    1361083407                           N            09/01/27
    0


    1623455          074/G02             F           51,200.00         ZZ
                                         360         51,136.12          2
    3708 WHITTIER STREET               8.375            389.16         90
                                       8.125            389.16       56,900.00
    TAMPA            FL   33605          1            08/20/97         01
    0430402594                           05           10/01/97         25
    1361083429                           N            09/01/27
    0


    1623456          074/G02             F          147,000.00         ZZ
                                         360        146,816.62          1
    2459 WEDGEWOOD DRIVE               8.375          1,117.31         59
                                       8.125          1,117.31      252,000.00
    BIG CANOE        GA   30143          2            08/21/97         00
    0430402602                           03           10/01/97          0
    1371124760                           O            09/01/27
    0


1


    1623457          074/G02             F           42,150.00         ZZ
                                         360         42,100.04          1
    3908 25TH ST W                     8.625            327.84         59
                                       8.375            327.84       71,500.00
    BRADENTON        FL   34205          1            08/22/97         00
    0430402610                           05           10/01/97          0
    1381072866                           N            09/01/27
    0


    1623458          074/G02             F          110,000.00         ZZ
                                         360        109,803.77          1
    411 PICASSO DR                     8.625            855.57         67
                                       8.375            855.57      165,000.00
    NOKOMIS          FL   34275          1            07/31/97         00
    0430402628                           03           09/01/97          0
    1381079468                           O            08/01/27
    0


    1623459          074/G02             F          154,000.00         ZZ
                                         360        153,802.92          1
    6485 GULF OF MEXICO DR             8.250          1,156.95         65
                                       8.000          1,156.95      237,500.00
    LONGBOAT KEY     FL   34228          1            08/11/97         00
    0430402636                           05           10/01/97          0
    1381079548                           N            09/01/27
    0


    1623460          074/G02             F           41,600.00         ZZ
                                         360         41,543.98          1
    1202 YALE LANE                     8.000            305.25         80
                                       7.750            305.25       52,000.00
    COCOA            FL   32922          1            08/22/97         00
    0430402644                           05           10/01/97          0
    1391048201                           N            09/01/27
    0


    1623462          074/G02             F           37,800.00         ZZ
                                         360         37,723.41          1
    16285 EASTBURN                     8.000            277.36         90
                                       7.750            277.36       42,000.00
    DETROIT          MI   48205          1            07/30/97         21
    0430402651                           05           09/01/97         25
    1412016711                           N            08/01/27
    0


    1623463          074/G02             F          120,250.00         ZZ
                                         360        120,029.87          2
    2236-2238 JEFFERSON AVENUE         8.500            924.62         65
                                       8.250            924.62      185,000.00
1


    NEW ORLEANS      LA   70115          1            07/31/97         00
    0430397703                           05           09/01/97          0
    1435009307                           N            08/01/27
    0


    1623464          074/G02             F           26,800.00         ZZ
                                         360         26,763.92          1
    2245 COUNTY ROAD 398               8.000            196.65         80
                                       7.750            196.65       33,500.00
    CULLMAN          AL   35057          1            08/13/97         00
    0430402669                           05           10/01/97          0
    1445005460                           N            09/01/27
    0


    1623465          074/G02             F           28,500.00         ZZ
                                         360         28,465.35          1
    7510 PENNSYLVANIA                  8.500            219.14         90
                                       8.250            219.14       31,667.00
    KANSAS CITY      MO   64114          1            08/19/97         14
    0430402677                           05           10/01/97         25
    1456006952                           N            09/01/27
    0


    1623469          074/G02             F           66,300.00         ZZ
                                         360         66,175.50          2
    9158-60 W 78TH TERRACE             8.375            503.93         65
                                       8.125            503.93      102,000.00
    OVERLAND PARK    KS   66204          1            07/30/97         00
    0430402685                           05           09/01/97          0
    1456007037                           N            08/01/27
    0


    1623470          074/G02             F           81,200.00         ZZ
                                         360         80,993.60          2
    8509-8511 ROBINSON                 8.250            610.03         70
                                       8.000            610.03      116,000.00
    OVERLAND PARK    KS   66213          1            07/31/97         00
    0430397711                           05           09/01/97          0
    1456008109                           O            08/01/27
    0


    1623471          074/G02             F           61,200.00         ZZ
                                         360         61,093.59          1
    1913 WEST 3RD STREET               8.750            481.46         90
                                       8.500            481.46       68,000.00
    LAWRENCE         KS   66049          1            07/25/97         10
    0430402693                           07           09/01/97         25
    1456008540                           N            08/01/27
    0
1




    1623472          074/G02             F           73,800.00         ZZ
                                         360         73,681.29          2
    10318-10320 E 39TH TERRACE         9.125            600.46         90
                                       8.875            600.46       82,000.00
    KANSAS CITY      MO   64133          1            08/04/97         14
    0430402701                           05           09/01/97         25
    1456008594                           N            08/01/27
    0


    1623474          074/G02             F           73,800.00         ZZ
                                         360         73,681.29          2
    10312-14 E 39TH TERRACE            9.125            600.46         90
                                       8.875            600.46       82,000.00
    KANSAS CITY      MO   64133          1            08/04/97         11
    0430412353                           05           09/01/97         25
    1456008619                           N            08/01/27
    0


    1623475          074/G02             F           97,850.00         ZZ
                                         360         97,666.25          2
    12912-12914 S BLACKFOOT            8.375            743.73         90
                                       8.125            743.73      108,760.00
    OLATHE           KS   66062          1            07/31/97         10
    0430397729                           05           09/01/97         25
    1456008641                           N            08/01/27
    0


    1623476          074/G02             F           17,450.00         ZZ
                                         360         17,422.64          1
    2020 BRIGHTON                      9.250            143.56         90
                                       9.000            143.56       19,400.00
    KANSAS CITY      MO   64127          1            07/30/97         11
    0430402719                           05           09/01/97         30
    1456008674                           N            08/01/27
    0


    1623477          074/G02             F           18,000.00         ZZ
                                         360         17,978.10          1
    3344 CYPRESS                       8.500            138.40         89
                                       8.250            138.40       20,350.00
    KANSAS CITY      MO   64128          1            08/15/97         11
    0430397737                           05           10/01/97         25
    1456008823                           N            09/01/27
    0


    1623478          074/G02             F           38,200.00         ZZ
                                         360         38,153.56          1
1


    8525 N MAIN                        8.500            293.72         80
                                       8.250            293.72       47,750.00
    KANSAS CITY      MO   64155          1            08/25/97         00
    0430402727                           01           10/01/97          0
    1456009790                           N            09/01/27
    0


    1623479          074/G02             F           17,100.00         ZZ
                                         360         17,067.09          1
    2509 WASHINGTON AVE                8.375            129.97         90
                                       8.125            129.97       19,000.00
    KANSAS CITY      KS   66104          1            08/01/97         11
    0430397745                           05           09/01/97         25
    1456010712                           N            08/01/27
    0


    1623480          074/G02             F          100,800.00         ZZ
                                         360        100,674.26          1
    3502 NE BEECHWOOD CIRCLE           8.375            766.15         80
                                       8.125            766.15      126,000.00
    LEES SUMMIT      MO   64063          1            08/15/97         00
    0430402735                           03           10/01/97          0
    1456010767                           N            09/01/27
    0


    1623481          074/G02             F          130,000.00         ZZ
                                         360        129,595.96          1
    4408 CTY RD 331                    8.000            953.89         65
                                       7.750            953.89      200,000.00
    SILT             CO   81652          5            07/25/97         00
    0430397752                           05           09/01/97          0
    1461110782                           O            08/01/27
    0


    1623482          074/G02             F          123,900.00         ZZ
                                         360        123,733.19          1
    758 MCKINLEY AVENUE                8.000            909.13         80
                                       7.750            909.13      155,000.00
    OAKLAND          CA   94610          1            08/01/97         00
    0430402743                           05           10/01/97          0
    1470006908                           O            09/01/27
    0


    1623483          074/G02             F          112,000.00         ZZ
                                         360        111,805.29          1
    208 NORTH 51ST STREET              8.750            881.10         90
                                       8.500            881.10      125,000.00
    SEATTLE          WA   98103          1            07/18/97         01
    0430402750                           05           09/01/97         25
1


    1471010219                           N            08/01/27
    0


    1623484          074/G02             F          148,900.00         ZZ
                                         360        148,620.40          1
    8729 HOLLY LEAF DRIVE              8.375          1,131.75         75
                                       8.125          1,131.75      200,000.00
    WINDSOR          CA   95492          5            07/23/97         00
    0430402768                           05           09/01/97          0
    1476000711                           O            08/01/27
    0


    1623485          074/G02             F          162,000.00         ZZ
                                         360        161,797.91          2
    118 CUYAMA AVENUE                  8.375          1,231.32         90
                                       8.125          1,231.32      180,000.00
    PISMO BEACH      CA   93449          1            08/21/97         21
    0430397760                           05           10/01/97         25
    1480003622                           N            09/01/27
    0


    1623486          074/G02             F          135,000.00         ZZ
                                         360        134,835.63          1
    312 LADERA ST UNIT 3               8.625          1,050.02         90
                                       8.375          1,050.02      150,000.00
    SANTA BARBARA    CA   93101          1            08/15/97         21
    0430397778                           01           10/01/97         25
    1484007556                           N            09/01/27
    0


    1623487          074/G02             F          132,000.00         ZZ
                                         360        131,732.52          1
    591 SHIRLEY LANE                   8.000            968.57         80
                                       7.750            968.57      165,000.00
    SANTA MARIA      CA   93455          2            07/24/97         00
    0430402776                           05           09/01/97          0
    1485003357                           O            08/01/27
    0


    1623488          074/G02             F           40,000.00         ZZ
                                         360         39,916.04          1
    9 STANFORD DRIVE                   9.250            329.08         72
                                       9.000            329.08       56,000.00
    BRIDGEWATER      NJ   08807          1            06/30/97         00
    0430402784                           01           08/01/97          0
    1500325798                           N            07/01/27
    0


1


    1623489          074/G02             F           82,000.00         ZZ
                                         360         81,864.60          3
    312 LIBERTY AVENUE                 9.000            659.79         75
                                       8.750            659.79      110,000.00
    JERSEY CITY      NJ   07307          2            07/16/97         00
    0430402792                           05           09/01/97          0
    1500336295                           O            08/01/27
    0


    1623490          074/G02             F          204,300.00         ZZ
                                         360        203,864.63          1
    5 S POINT TERRACE                  7.750          1,463.63         75
                                       7.500          1,463.63      272,500.00
    KINNELON         NJ   07405          1            07/28/97         00
    0430402800                           03           09/01/97          0
    1500339158                           O            08/01/27
    0


    1623491          074/G02             F          170,000.00         ZZ
                                         360        169,711.96          2
    812 EAST 165TH STREET              8.875          1,352.60         85
                                       8.625          1,352.60      200,000.00
    BRONX            NY   10459          5            07/16/97         11
    0430402818                           05           09/01/97         12
    1500341896                           O            08/01/27
    0


    1623492          074/G02             F          525,000.00         ZZ
                                         360        523,908.67          1
    RIVER BRIDGE TRAIL                 8.875          4,177.14         75
                                       8.625          4,177.14      700,000.00
    SAUTEE           GA   30571          2            07/14/97         00
    0430397786                           05           09/01/97          0
    1500345219                           O            08/01/27
    0


    1623493          074/G02             F          144,500.00         ZZ
                                         360        144,261.43          1
    94-11 213TH STREET                 9.000          1,162.68         85
                                       8.750          1,162.68      170,000.00
    QUEENS VILLAGE   NY   11428          5            07/02/97         11
    0430402826                           05           09/01/97         12
    1500345332                           O            08/01/27
    0


    1623494          074/G02             F          300,000.00         ZZ
                                         360        299,653.54          1
    18 RONNIE ROAD                     8.750          2,360.10         72
                                       8.500          2,360.10      422,250.00
1


    WAYNE            NJ   07470          1            08/06/97         00
    0430402834                           05           10/01/97          0
    1500347065                           O            09/01/27
    0


    1623495          074/G02             F           68,000.00         ZZ
                                         360         67,878.68          1
    68 CONSTITUTION WAY UNIT 5         8.625            528.90         76
                                       8.375            528.90       90,000.00
    FRANKLIN         NJ   07416          2            07/25/97         00
    0430402842                           01           09/01/97          0
    1500351506                           O            08/01/27
    0


    1623496          074/G02             F          136,800.00         ZZ
                                         360        136,549.62          1
    31 HYLAN BLVD UNIT #10A            8.500          1,051.87         90
                                       8.250          1,051.87      152,000.00
    STATEN ISLAND    NY   10305          1            07/25/97         10
    0430402859                           06           09/01/97         25
    1500351620                           O            08/01/27
    0


    1623497          074/G02             F          260,000.00         ZZ
                                         360        259,445.93          1
    17 ROCK CLIFF PLACE                7.750          1,862.67         80
                                       7.500          1,862.67      325,000.00
    WHITE PLAINS     NY   10603          1            08/01/97         00
    0430402867                           05           09/01/97          0
    1500364100                           O            08/01/27
    0


    1623499          074/G02             F           46,100.00         ZZ
                                         360         45,992.74          2
    1316 YORK STREET                   8.750            362.67         65
                                       8.500            362.67       71,000.00
    DES MOINES       IA   50316          2            06/04/97         00
    0430402883                           05           08/01/97          0
    1504141210                           N            07/01/27
    0


    1623500          074/G02             F          101,000.00         ZZ
                                         360        100,819.82          1
    86 PEBBLEBROOK LANE                8.625            785.57         85
                                       8.375            785.57      120,000.00
    ST LOUIS         MO   63146          5            07/18/97         01
    0430402891                           05           09/01/97         12
    1504149653                           O            08/01/27
    0
1




    1623502          074/G02             F           83,000.00         ZZ
                                         360         82,825.17          1
    4944 HOLCOMB AVENUE                7.875            601.81         85
                                       7.625            601.81       98,000.00
    DES MOINES       IA   50310          5            07/25/97         04
    0430402909                           05           09/01/97         12
    1504156852                           O            08/01/27
    0


    1623503          074/G02             F          106,250.00         ZZ
                                         360        105,983.47          1
    9706 188TH STREET NORTHWEST        8.500            816.97         85
                                       8.250            816.97      125,000.00
    STANWOOD         WA   98292          5            06/11/97         11
    0430397794                           05           08/01/97         12
    1506253747                           O            07/01/27
    0


    1623506          074/G02             F          232,500.00         T
                                         360        232,116.14          1
    4531 LOWER HONOAPIILANI            9.000          1,870.75         75
    ROAD #26/LEGAL #5A-2               8.750          1,870.75      310,000.00
    LAHAINA          HI   96761          1            07/07/97         00
    0430402917                           01           09/01/97          0
    1506275580                           O            08/01/27
    0


    1623507          074/G02             F          139,000.00         ZZ
                                         360        138,752.02          1
    1111 PLYMOUTH AVENUE               8.625          1,081.13         78
                                       8.375          1,081.13      180,000.00
    SAN FRANCISCO    CA   94112          2            07/21/97         00
    0430402925                           05           09/01/97          0
    1506283497                           O            08/01/27
    0


    1623508          074/G02             F          106,000.00         ZZ
                                         360        105,815.71          1
    13531 GILMORE STREET               8.750            833.90         80
                                       8.500            833.90      132,500.00
    VAN NUYS AREA    CA   91401          1            07/23/97         04
    0430402933                           05           09/01/97         12
    1506284172                           N            08/01/27
    0


    1623509          074/G02             F          216,000.00         ZZ
                                         360        215,643.40          4
1


    919-921 3/4 SOUTH CURSON           9.000          1,737.98         90
    AVENUE                             8.750          1,737.98      240,000.00
    LOS ANGELES      CA   90036          1            07/16/97         04
    0430402941                           05           09/01/97         25
    1506286542                           O            08/01/27
    0


    1623511          074/G02             F           33,600.00         ZZ
                                         360         33,543.06          1
    2611 TILLER AVENUE                 8.875            267.34         47
                                       8.625            267.34       72,000.00
    PORT HUENEME     CA   93041          5            07/16/97         00
    0430402958                           01           09/01/97          0
    1506286994                           N            08/01/27
    0


    1623512          074/G02             F           54,000.00         ZZ
                                         360         53,908.50          1
    2615 YARDARM AVENUE UNIT #2        8.875            429.65         75
                                       8.625            429.65       72,000.00
    PORT HUENEME     CA   93041          1            07/16/97         00
    0430402966                           01           09/01/97          0
    1506287534                           N            08/01/27
    0


    1623514          074/G02             F          193,600.00         ZZ
                                         360        193,254.63          1
    24 PARKSIDE CIRCLE                 8.625          1,505.80         80
                                       8.375          1,505.80      242,000.00
    MARIETTA         GA   30068          1            07/15/97         00
    0430402974                           03           09/01/97          0
    1507270479                           O            08/01/27
    0


    1623515          074/G02             F          105,100.00         ZZ
                                         360        104,855.47          1
    3989 TOMAHAWK DRIVE                8.750            826.82         83
                                       8.500            826.82      128,000.00
    MEDWAY           OH   45341          5            06/23/97         11
    0430402982                           05           08/01/97         12
    1507271777                           O            07/01/27
    0


    1623516          074/G02             F          120,000.00         ZZ
                                         360        119,796.69          1
    2780 OLD ORCHARD LN                8.875            954.77         80
                                       8.625            954.77      150,000.00
    MONTGOMERY       AL   36116          2            07/09/97         00
    0430402990                           05           09/01/97          0
1


    1507274120                           O            08/01/27
    0


    1623517          074/G02             F           89,250.00         ZZ
                                         360         89,086.63          1
    520 WILDER STREET                  8.500            686.26         85
                                       8.250            686.26      105,000.00
    HELENA           MT   59601          5            07/21/97         14
    0430403006                           05           09/01/97         25
    1507276034                           O            08/01/27
    0


    1623519          074/G02             F          130,900.00         ZZ
                                         360        130,634.74          1
    1042 WILDWOOD WAKE BE              8.000            960.50         85
                                       7.750            960.50      154,000.00
    DACULA           GA   30211          5            07/23/97         14
    0430403022                           05           09/01/97         12
    1507283517                           O            08/01/27
    0


    1623520          074/G02             F          188,000.00         ZZ
                                         360        187,646.98          1
    8050 C FINNIE ROAD                 8.375          1,428.94         69
                                       8.125          1,428.94      275,000.00
    NEWARK           IL   60541          2            07/25/97         00
    0430403030                           05           09/01/97          0
    1507283721                           O            08/01/27
    0


    1623521          074/G02             F           73,500.00         ZZ
                                         360         73,358.43          1
    1015 ULTRA WAY                     8.250            552.18         80
                                       8.000            552.18       91,900.00
    KNOXVILLE        TN   37909          1            07/11/97         00
    0430403048                           05           09/01/97          0
    1507285160                           O            08/01/27
    0


    1623523          074/G02             F          199,900.00         ZZ
                                         360        199,473.99          1
    731 SUMMIT LAKE COURT              7.750          1,432.11         80
                                       7.500          1,432.11      249,900.00
    KNOXVILLE        TN   37922          1            08/01/97         00
    0430403055                           05           09/01/97          0
    1507287154                           O            08/01/27
    0


1


    1623524          074/G02             F          180,000.00         ZZ
                                         360        179,678.87          1
    2212 ADMIRAL DRIVE                 8.625          1,400.03         80
                                       8.375          1,400.03      225,000.00
    VIRGINIA BEACH   VA   23451          1            07/30/97         00
    0430403063                           05           09/01/97          0
    1507291774                           N            08/01/27
    0


    1623525          074/G02             F          120,000.00         ZZ
                                         360        119,780.36          1
    50 STEVE FREE ROAD                 8.500            922.70         80
                                       8.250            922.70      150,000.00
    CHAPIN           SC   29036          2            07/25/97         00
    0430403071                           05           09/01/97          0
    1511141855                           O            08/01/27
    0


    1623526          074/G02             F          131,900.00         ZZ
                                         360        131,560.08          1
    117 CANNONGATE CIRCLE              8.250            990.92         80
                                       8.000            990.92      164,900.00
    SHARPSBURG       GA   30277          1            06/26/97         00
    0430403089                           05           08/01/97          0
    1511147909                           O            07/01/27
    0


    1623527          074/G02             F           60,300.00         ZZ
                                         360         60,201.02          2
    2007 QUEENS ROAD                   9.125            490.62         90
                                       8.875            490.62       67,000.00
    KINSTON          NC   28501          1            07/21/97         01
    0430397836                           05           09/01/97         25
    1511148060                           N            08/01/27
    0


    1623528          074/G02             F          156,000.00         ZZ
                                         360        155,824.43          1
    4036 BROKEN ARROW COURT            8.875          1,241.21         80
                                       8.625          1,241.21      195,000.00
    DESTIN           FL   32541          1            08/08/97         00
    0430403097                           03           10/01/97          0
    1511148945                           O            09/01/27
    0


    1623529          074/G02             F          155,900.00         ZZ
                                         360        155,614.64          1
    4038 BROKEN ARROW COURT            8.500          1,198.74         80
                                       8.250          1,198.74      194,900.00
1


    DESTIN           FL   32541          1            07/16/97         00
    0430403105                           05           09/01/97          0
    1511153388                           O            08/01/27
    0


    1623530          074/G02             F           74,900.00         ZZ
                                         360         74,766.37          1
    13108 CLEAR RIDGE ROAD             8.625            582.57         51
                                       8.375            582.57      148,700.00
    KNOXVILLE        TN   37922          1            07/25/97         00
    0430403113                           05           09/01/97          0
    1511154904                           O            08/01/27
    0


    1623532          074/G02             F           50,000.00         ZZ
                                         360         49,910.79          1
    12209 SW 6TH STREET                8.625            388.90         64
                                       8.375            388.90       78,507.00
    PEMBROKE PINES   FL   33025          1            07/10/97         00
    0430403139                           09           09/01/97          0
    1511159395                           O            08/01/27
    0


    1623533          074/G02             F           97,600.00         ZZ
                                         360         97,425.90          1
    102 TRISTA TERRACE COURT           8.625            759.12         80
                                       8.375            759.12      122,000.00
    DESTIN           FL   32541          1            07/25/97         00
    0430403147                           05           09/01/97          0
    1511159420                           O            08/01/27
    0


    1623534          074/G02             F           81,000.00         ZZ
                                         360         80,851.74          1
    425 FAIRWAY DRIVE                  8.500            622.82         70
                                       8.250            622.82      116,000.00
    LOUDON           TN   37774          1            07/11/97         00
    0430403154                           05           09/01/97          0
    1511159781                           O            08/01/27
    0


    1623536          074/G02             F           32,850.00         ZZ
                                         360         32,792.88          1
    301 CROTON AVENUE UNIT # 208       8.750            258.43         90
                                       8.500            258.43       36,500.00
    LANTANA          FL   33462          1            07/23/97         11
    0430403170                           08           09/01/97         25
    1511163348                           N            08/01/27
    0
1




    1623537          074/G02             F           77,000.00         ZZ
                                         360         76,901.46          1
    1036 FITZPATRICK ROAD              8.250            578.48         64
                                       8.000            578.48      122,000.00
    NASHVILLE        TN   37214          1            08/06/97         00
    0430403188                           05           10/01/97          0
    1511163825                           O            09/01/27
    0


    1623538          074/G02             F           90,000.00         ZZ
                                         360         89,878.82          1
    2065 SEALOFT  UNIT NO              8.000            660.39         64
                                       7.750            660.39      141,000.00
    HILTON HEAD ISL  SC   29928          1            08/08/97         00
    0430403196                           03           10/01/97          0
    1511164952                           O            09/01/27
    0


    1623539          074/G02             F          187,500.00         ZZ
                                         360        187,100.43          1
    200 EAST GORRIE DRIVE              7.750          1,343.27         75
                                       7.500          1,343.27      250,000.00
    ST GEORGE ISLAN  FL   32328          1            07/23/97         00
    0430403204                           05           09/01/97          0
    1511166550                           N            08/01/27
    0


    1623540          074/G02             F           91,900.00         ZZ
                                         360         91,731.80          1
    6265 ASHRIDGE COURT                8.500            706.63         90
                                       8.250            706.63      102,120.00
    COLORADO SPRING  CO   80922          1            07/29/97         01
    0430403212                           05           09/01/97         25
    1511167484                           N            08/01/27
    0


    1623541          074/G02             F           99,200.00         ZZ
                                         360         99,008.92          1
    225 LITTLEBROOK ROAD               8.250            745.26         80
                                       8.000            745.26      124,000.00
    JOSHUA           TX   76058          1            07/08/97         00
    0430403220                           05           09/01/97          0
    1512130719                           O            08/01/27
    0


    1623542          074/G02             F          141,100.00         ZZ
                                         360        140,828.20          1
1


    3707 EAST LIZARD ROCK              8.250          1,060.04         85
                                       8.000          1,060.04      166,000.00
    TUCSON           AZ   85718          5            07/09/97         04
    0430403238                           03           09/01/97         12
    1512131234                           O            08/01/27
    0


    1623543          074/G02             F          160,950.00         ZZ
                                         360        160,640.00          1
    10131 SOUTH 92ND EAST AVENUE       8.250          1,209.16         80
                                       8.000          1,209.16      201,243.00
    BIXBY            OK   74008          1            07/25/97         00
    0430403246                           05           09/01/97          0
    1512132893                           O            08/01/27
    0


    1623544          074/G02             F           92,800.00         ZZ
                                         360         92,638.66          1
    2001 COUNTY ROAD 913               8.750            730.06         80
                                       8.500            730.06      116,000.00
    JOSHUA           TX   76058          1            07/28/97         00
    0430403253                           05           09/01/97          0
    1512134979                           O            08/01/27
    0


    1623545          074/G02             F          166,400.00         ZZ
                                         360        166,054.18          1
    2517 LANDS END DRIVE               7.875          1,206.52         80
                                       7.625          1,206.52      208,000.00
    CARROLLTON       TX   75006          1            07/30/97         00
    0430403261                           05           09/01/97          0
    1512141602                           O            08/01/27
    0


    1623546          074/G02             F          132,100.00         ZZ
                                         360        131,851.94          1
    5921 WEST CALLE LEJOS              8.375          1,004.06         94
                                       8.125          1,004.06      141,000.00
    PHOENIX          AZ   85310          2            07/21/97         01
    0430403279                           03           09/01/97         30
    1512141840                           O            08/01/27
    0


    1623547          074/G02             F           80,000.00         ZZ
                                         360         79,853.58          1
    ROUTE 1BOX 139B                    8.500            615.13         72
                                       8.250            615.13      112,095.00
    WHITNEY          TX   76692          1            07/24/97         00
    0430403287                           05           09/01/97          0
1


    1512146720                           O            08/01/27
    0


    1623548          074/G02             F           62,700.00         ZZ
                                         360         62,569.70          1
    625 NW 139TH STREET                7.875            454.62         81
                                       7.625            454.62       78,000.00
    OKLAHOMA CITY    OK   73013          2            08/04/97         04
    0430403295                           05           09/01/97         20
    1512147085                           N            08/01/27
    0


    1623549          074/G02             F           90,000.00         ZZ
                                         360         89,884.83          1
    6157 W 127TH STREET                8.250            676.14         53
                                       8.000            676.14      172,500.00
    OVERLAND PARK    KS   66209          1            08/14/97         00
    0430403303                           05           10/01/97          0
    1512148871                           O            09/01/27
    0


    1623550          074/G02             F          116,910.00         ZZ
                                         360        116,690.48          1
    642 NORTH 200 EAST                 8.375            888.60         90
    #220                               8.125            888.60      129,900.00
    PROVO            UT   84606          1            07/10/97         01
    0430403311                           01           09/01/97         25
    1513159035                           N            08/01/27
    0


    1623551          074/G02             F           94,500.00         ZZ
                                         360         94,167.64          1
    90 SOUTH 700 EAST                  8.000            693.41         90
                                       7.750            693.41      105,000.00
    PROVO            UT   84606          1            07/15/97         01
    0430397851                           05           09/01/97         25
    1513163961                           N            08/01/27
    0


    1623553          074/G02             F           60,300.00         ZZ
                                         360         60,030.03          1
    2930 NORTHVIEW DRIVE #D            8.125            447.73         95
                                       7.875            447.73       63,500.00
    GRAND JUNCTION   CO   81504          1            07/31/97         10
    0430397877                           01           09/01/97         30
    1513169899                           O            08/01/27
    0


1


    1623554          074/G02             F          348,000.00         ZZ
                                         360        347,056.62          1
    2241 VIA ANACAPA                   8.000          2,553.50         80
                                       7.750          2,553.50      435,000.00
    PALOS VERDES ES  CA   90274          1            06/13/97         00
    0430403329                           05           08/01/97          0
    1513170774                           O            07/01/27
    0


    1623555          074/G02             F          107,000.00         ZZ
                                         360        106,702.52          1
    15 SENDA CORVO                     7.875            775.83         80
                                       7.625            775.83      134,000.00
    SANTE FE         NM   87505          5            06/23/97         00
    0430403337                           05           08/01/97          0
    1513171347                           O            07/01/27
    0


    1623556          074/G02             F          120,000.00         ZZ
                                         360        119,768.85          1
    19449 RENTON MAPLE VALLEY ROAD     8.250            901.52         75
    SOUTHEAST                          8.000            901.52      160,000.00
    MAPLE VALLEY     WA   98038          1            07/28/97         00
    0430403345                           05           09/01/97          0
    1513171722                           O            08/01/27
    0


    1623557          074/G02             F          131,400.00         ZZ
                                         360        131,140.37          1
    5235 NORTH RAVEN WOOD AVE #26      8.125            975.65         90
                                       7.875            975.65      146,000.00
    CHICAGO          IL   60640          1            08/26/97         10
    0430403352                           01           09/01/97         25
    1513172500                           O            08/01/27
    0


    1623558          074/G02             F          362,350.00         ZZ
                                         360        361,862.12          1
    27131 SOUTHEAST 25TH PLACE         8.000          2,658.80         80
                                       7.750          2,658.80      455,990.00
    ISSAQUAH         WA   98029          1            08/07/97         00
    0430403360                           03           10/01/97          0
    1513174651                           O            09/01/27
    0


    1623559          074/G02             F           86,400.00         ZZ
                                         360         86,292.23          2
    603 & 607 EAST SMELTER ROAD        8.375            656.70         80
                                       8.125            656.70      108,000.00
1


    TOOELE           UT   84074          1            08/07/97         00
    0430403378                           05           10/01/97          0
    1513176588                           N            09/01/27
    0


    1623560          074/G02             F          110,610.00         ZZ
                                         360        110,482.26          2
    2757 SOUTH 2805 WEST               8.750            870.17         90
                                       8.500            870.17      122,900.00
    WEST VALLEY CIT  UT   84119          1            08/08/97         01
    0430403386                           05           10/01/97         25
    1513176781                           N            09/01/27
    0


    1623561          074/G02             F          168,000.00         ZZ
                                         360        167,773.81          1
    1011 NORTHEAST 120TH STREET        8.000          1,232.72         80
                                       7.750          1,232.72      210,000.00
    SEATTLE          WA   98125          1            08/12/97         00
    0430403394                           05           10/01/97          0
    1513177015                           O            09/01/27
    0


    1623562          074/G02             F          142,000.00         T
                                         360        141,709.59          1
    1020 15TH STREET UNIT 31N          8.000          1,041.95         90
                                       7.750          1,041.95      157,900.00
    DENVER           CO   80202          1            07/15/97         04
    0430403402                           01           09/01/97         25
    1513177365                           O            08/01/27
    0


    1623565          074/G02             F          118,500.00         T
                                         360        118,359.58          1
    3012 BURKS LANE                    8.625            921.68         65
                                       8.375            921.68      182,310.00
    AUSTIN           TX   78732          1            08/12/97         00
    0430403428                           05           10/01/97          0
    1520009418                           O            09/01/27
    0


    1623566          074/G02             F          135,000.00         ZZ
                                         360        134,808.81          1
    1003 DORAL COURT                   7.750            967.16         66
                                       7.500            967.16      205,000.00
    ROUND ROCK       TX   78664          1            08/14/97         00
    0430398529                           05           10/01/97          0
    1520010541                           O            09/01/27
    0
1




    1623567          074/G02             F          174,650.00         ZZ
                                         360        174,414.84          1
    11300 PACHEA TRAIL                 8.000          1,281.52         69
                                       7.750          1,281.52      253,550.00
    AUSTIN           TX   78726          1            08/21/97         00
    0430403436                           03           10/01/97          0
    1520013109                           O            09/01/27
    0


    1623568          074/G02             F           90,400.00         ZZ
                                         360         90,284.30          1
    1100 DOVER PASS                    8.250            679.15         80
                                       8.000            679.15      113,000.00
    CEDAR PARK       TX   78613          1            08/15/97         00
    0430403444                           05           10/01/97          0
    1520013357                           O            09/01/27
    0


    1623569          074/G02             F           57,600.00         ZZ
                                         360         57,278.32          1
    3718 KINGSTON VALE DRIVE           7.875            417.64         80
                                       7.625            417.64       72,000.00
    HOUSTON          TX   77082          1            07/31/97         00
    0430397901                           03           09/01/97          0
    1521037350                           O            08/01/27
    0


    1623570          074/G02             F           73,600.00         ZZ
                                         360         73,409.80          1
    11415 BRIAR FOREST DRIVE           8.500            565.92         80
                                       8.250            565.92       92,000.00
    HOUSTON          TX   77077          1            08/18/97         00
    0430397919                           03           10/01/97          0
    1521038397                           N            09/01/27
    0


    1623571          074/G02             F           75,000.00         ZZ
                                         360         74,829.43          1
    121 EAST 4TH AVENUE                8.000            550.32         75
                                       7.750            550.32      100,000.00
    HOUSTON          TX   77007          1            08/15/97         00
    0430397927                           05           10/01/97          0
    1521039538                           O            09/01/27
    0


    1623572          074/G02             F           35,550.00         ZZ
                                         360         35,484.93          1
1


    1402 GREAT DOVER CIRCLE            8.500            273.35         90
                                       8.250            273.35       39,500.00
    CHANNELVIEW      TX   77530          1            07/31/97         11
    0430403451                           03           09/01/97         25
    1521039549                           N            08/01/27
    0


    1623574          074/G02             F          232,100.00         ZZ
                                         360        231,652.94          1
    740 NORTHSHORE COURT               8.250          1,743.69         75
                                       8.000          1,743.69      310,000.00
    COPPELL          TX   75019          1            07/31/97         00
    0430403469                           03           09/01/97          0
    1524006149                           O            08/01/27
    0


    1623575          074/G02             F          172,000.00         ZZ
                                         360        171,051.03          1
    2113 GLENDALE DRIVE                8.000          1,262.08         80
                                       7.750          1,262.08      215,000.00
    PLANO            TX   75023          2            08/02/97         00
    0430398545                           05           09/01/97          0
    1524009657                           O            08/01/27
    0


    1623576          074/G02             F          141,550.00         ZZ
                                         360        141,349.55          1
    9717 CLIFFSIDE DRIVE               7.750          1,014.08         80
                                       7.500          1,014.08      176,990.00
    IRVING           TX   75063          1            08/27/97         00
    0430403477                           03           10/01/97          0
    1524010667                           O            09/01/27
    0


    1623577          074/G02             F          218,800.00         ZZ
                                         360        218,540.72          1
    3600 - 3602 GRANADA AVENUE         8.625          1,701.80         80
                                       8.375          1,701.80      273,500.00
    UNIVERSITY PARK  TX   75205          1            08/15/97         00
    0430403485                           05           10/01/97          0
    1524012968                           N            09/01/27
    0


    1623578          074/G02             F           72,900.00         ZZ
                                         360         72,763.13          2
    14429-31 HEREFORD                  8.375            554.09         90
                                       8.125            554.09       81,000.00
    SAN ANTONIO      TX   78217          1            07/28/97         11
    0430403493                           05           09/01/97         25
1


    1526007652                           N            08/01/27
    0


    1623579          074/G02             F           66,000.00         ZZ
                                         360         65,908.86          1
    5011 KENTON TRACE                  7.875            478.55         80
                                       7.625            478.55       82,558.00
    SAN ANTONIO      TX   78240          1            08/25/97         00
    0430403501                           03           10/01/97          0
    1526008779                           O            09/01/27
    0


    1623580          074/G02             F           67,200.00         ZZ
                                         360         67,109.52          1
    2325 CRESCENT PARK DRIVE           8.000            493.09         80
                                       7.750            493.09       84,000.00
    HOUSTON          TX   77077          1            08/04/97         00
    0430403519                           09           10/01/97          0
    1532009051                           O            09/01/27
    0


    1623581          074/G02             F          300,000.00         T
                                         360        299,464.81          1
    826 ELLEN COURT                    8.625          2,333.37         63
                                       8.375          2,333.37      483,500.00
    INCLINE VILLAGE  NV   89451          1            07/09/97         00
    0430403527                           05           09/01/97          0
    1550003750                           O            08/01/27
    0


    1623582          074/G02             F          240,000.00         ZZ
                                         360        239,700.62          1
    15048 RIO CIRCLE                   8.375          1,824.17         80
                                       8.125          1,824.17      300,000.00
    RANCHO MURIETA   CA   95683          5            08/01/97         00
    0430403535                           03           10/01/97          0
    1550006281                           O            09/01/27
    0


    1623583          074/G02             F          214,000.00         ZZ
                                         360        213,598.18          1
    5315 SOUTH TOMAHAWK LANE           8.375          1,626.55         79
                                       8.125          1,626.55      272,000.00
    OGDEN            UT   84403          5            07/21/97         00
    0430403543                           05           09/01/97          0
    1552006001                           O            08/01/27
    0


1


    1623585          074/G02             F          500,000.00         ZZ
                                         360        498,986.82          1
    10810 BAILE AVENUE                 8.000          3,668.82         75
                                       7.750          3,668.82      670,000.00
    LOS ANGELES      CA   91311          1            07/24/97         00
    0430403568                           05           09/01/97          0
    1553005300                           O            08/01/27
    0


    1623586          074/G02             F          124,000.00         ZZ
                                         360        123,840.88          1
    3294 NORTH ALICIA AVENUE           8.250            931.57         80
                                       8.000            931.57      155,000.00
    ALTADENA         CA   91001          2            08/14/97         00
    0430397943                           05           10/01/97          0
    1553005365                           O            09/01/27
    0


    1623587          074/G02             F          212,000.00         ZZ
                                         360        211,707.24          1
    125 WEST AVENIDA SANTIAGO          7.875          1,537.15         80
                                       7.625          1,537.15      265,000.00
    SAN CLEMENTE     CA   92672          1            08/06/97         00
    0430403576                           05           10/01/97          0
    1553006460                           O            09/01/27
    0


    1623588          074/G02             F          138,000.00         ZZ
                                         360        137,809.43          1
    95 NORTH SANTA CRUZ STREET         7.875          1,000.60         80
                                       7.625          1,000.60      172,500.00
    VENTURA          CA   93001          1            08/12/97         00
    0430398552                           05           10/01/97          0
    1553006583                           O            09/01/27
    0


    1623589          074/G02             F          180,000.00         ZZ
                                         360        179,792.10          1
    18023 RAYMER STREET                8.750          1,416.07         80
                                       8.500          1,416.07      225,000.00
    NORTHRIDGE       CA   91325          2            08/13/97         00
    0430403584                           05           10/01/97          0
    1561365162                           O            09/01/27
    0


    1623590          074/G02             F           85,000.00         ZZ
                                         360         84,891.22          1
    2719 OTTOWA AVENUE                 8.250            638.58         46
                                       8.000            638.58      185,000.00
1


    DAVIS            CA   95616          1            08/18/97         00
    0430403592                           05           10/01/97          0
    1561368455                           O            09/01/27
    0


    1623591          074/G02             F          118,000.00         ZZ
                                         360        117,766.86          1
    6603 ASHWOOD DRIVE                 8.125            876.15         80
                                       7.875            876.15      147,500.00
    ARLINGTON        TX   76016          1            07/24/97         00
    0430403600                           05           09/01/97          0
    1563152720                           O            08/01/27
    0


    1623592          074/G02             F           55,500.00         ZZ
                                         360         55,137.43          1
    2829 TIMMONS LANE #222             8.500            426.75         75
                                       8.250            426.75       74,000.00
    HOUSTON          TX   77027          1            07/30/97         00
    0430397968                           01           09/01/97          0
    1563155841                           O            08/01/27
    0


    1623593          074/G02             F           58,400.00         ZZ
                                         360         58,330.79          1
    300 WOODWARD DRIVE                 8.625            454.23         80
                                       8.375            454.23       73,000.00
    OCEAN SPRINGS    MS   39564          1            08/08/97         01
    0430403618                           05           10/01/97         12
    1563158410                           N            09/01/27
    0


    1623595          074/G02             F           34,000.00         ZZ
                                         360         33,958.64          1
    6111 BEVERLY HILL DRIVE            8.500            261.44         80
    #75                                8.250            261.44       42,500.00
    HOUSTON          TX   77057          1            08/11/97         00
    0430403634                           01           10/01/97          0
    1563160411                           O            09/01/27
    0


    1623596          074/G02             F           88,000.00         ZZ
                                         360         87,838.92          2
    1713-1715 ELBERT DRIVE SW          8.500            676.65         80
                                       8.250            676.65      110,000.00
    ROANOKE          VA   24018          1            07/31/97         04
    0430403642                           05           09/01/97         12
    1563160874                           N            08/01/27
    0
1




    1623597          074/G02             F           71,750.00         ZZ
                                         360         71,667.14          4
    4202 HESSMER AVENUE                8.750            564.46         70
                                       8.500            564.46      102,500.00
    METAIRIE         LA   70002          1            08/07/97         00
    0430403659                           05           10/01/97          0
    1563161221                           N            09/01/27
    0


    1623598          074/G02             F           55,800.00         ZZ
                                         360         55,700.45          1
    11807 EAST 81ST STREET NORTH       8.625            434.01         90
                                       8.375            434.01       62,000.00
    OWASSO           OK   74055          1            07/31/97         04
    0430403667                           05           09/01/97         25
    1563161662                           N            08/01/27
    0


    1623599          074/G02             F           50,400.00         T
                                         360         50,307.73          1
    3925 E INWOOD ROAD                 8.500            387.54         80
    UNIT 2020                          8.250            387.54       63,000.00
    DALLAS           TX   75248          1            07/25/97         00
    0430403675                           01           09/01/97          0
    1563162155                           O            08/01/27
    0


    1623600          074/G02             F          123,600.00         ZZ
                                         360        123,424.96          1
    703 NORTH WATERVIEW DRIVE          7.750            885.49         80
                                       7.500            885.49      154,500.00
    RICHARDSON       TX   75080          1            08/15/97         00
    0430403683                           05           10/01/97          0
    1563162257                           O            09/01/27
    0


    1623601          074/G02             F           36,000.00         ZZ
                                         360         35,856.64          1
    9809 RICHMOND UNIT J-13            8.625            280.01         90
                                       8.375            280.01       40,000.00
    HOUSTON          TX   77042          1            07/29/97         11
    0430397984                           01           09/01/97         25
    1563163464                           O            08/01/27
    0


    1623602          074/G02             F          117,300.00         ZZ
                                         360        117,079.73          1
1


    74 COUNTRY CLUB DRI                8.375            891.57         85
                                       8.125            891.57      138,000.00
    LA PLACE         LA   70068          5            07/30/97         10
    0430403691                           05           09/01/97         12
    1563163624                           O            08/01/27
    0


    1623603          074/G02             F           36,100.00         ZZ
                                         360         36,038.83          1
    5524 HARVARD STREET                8.875            287.23         65
                                       8.625            287.23       55,600.00
    LUBBOCK          TX   79416          1            08/01/97         00
    0430403709                           05           09/01/97          0
    1563163872                           N            08/01/27
    0


    1623605          074/G02             F          280,000.00         ZZ
                                         360        279,616.44          2
    933-37 ORLEANS AVENUE              8.625          2,177.82         70
                                       8.375          2,177.82      400,000.00
    NEW ORLEANS      LA   70116          5            08/25/97         00
    0430397992                           05           10/01/97          0
    1563164569                           N            09/01/27
    0


    1623608          074/G02             F           31,050.00         ZZ
                                         360         30,940.00          1
    9809 RICHMOND G-12                 8.500            238.75         90
                                       8.250            238.75       34,500.00
    HOUSTON          TX   77042          1            08/18/97         12
    0430398008                           01           10/01/97         25
    1563166134                           O            09/01/27
    0


    1623609          074/G02             F          144,000.00         ZZ
                                         360        143,465.98          4
    1320 SOUTH PEACH STREET            8.875          1,145.73         80
                                       8.625          1,145.73      180,000.00
    MEDFORD          OR   97501          1            07/31/97         11
    0430398016                           05           09/01/97         12
    1565162270                           N            08/01/27
    0


    1623610          074/G02             F           78,750.00         ZZ
                                         360         78,656.68          1
    7064 35TH AVE NE #1                8.625            612.51         75
                                       8.375            612.51      105,000.00
    SEATTLE          WA   98115          1            08/06/97         10
    0430403733                           01           10/01/97         17
1


    1565164140                           N            09/01/27
    0


    1623611          074/G02             F          164,000.00         ZZ
                                         360        163,684.10          2
    1412-1414 32ND AVE                 8.250          1,232.08         73
                                       8.000          1,232.08      225,000.00
    SEATTLE          WA   98122          5            07/28/97         00
    0430403741                           05           09/01/97          0
    1565165915                           O            08/01/27
    0


    1623612          074/G02             F          209,250.00         ZZ
                                         360        209,002.02          2
    769 ARGONNE AVENUE                 8.625          1,627.53         90
                                       8.375          1,627.53      232,500.00
    ATLANTA          GA   30308          1            08/12/97         04
    0430403758                           05           10/01/97         25
    1566104144                           O            09/01/27
    0


    1623613          074/G02             F           83,700.00         ZZ
                                         360         83,355.19          2
    615 &  617 JACKSON PARK LANE       8.875            665.96         90
                                       8.625            665.96       93,000.00
    SUWANEE          GA   30174          1            07/29/97         01
    0430398024                           05           09/01/97         25
    1566104155                           N            08/01/27
    0


    1623614          074/G02             F          130,950.00         ZZ
                                         360        130,722.30          1
    125 HENDERSON AVENUE               8.750          1,030.19         90
                                       8.500          1,030.19      147,000.00
    ATHENS           GA   30606          1            07/31/97         04
    0430403766                           05           09/01/97         25
    1566104520                           N            08/01/27
    0


    1623615          074/G02             F           77,400.00         ZZ
                                         360         77,254.65          1
    3762 SANDY PLAINS ROAD             8.375            588.30         90
                                       8.125            588.30       86,000.00
    MARIETTA         GA   30062          1            07/31/97         01
    0430403774                           05           09/01/97         25
    1566104858                           N            08/01/27
    0


1


    1623617          074/G02             F           68,000.00         ZZ
                                         360         67,872.31          1
    3616 CLAIRMONT ROAD                8.375            516.85         80
                                       8.125            516.85       85,000.00
    ATLANTA          GA   30319          1            07/30/97         00
    0430403790                           05           09/01/97          0
    1566105500                           O            08/01/27
    0


    1623618          074/G02             F          172,550.00         ZZ
                                         360        172,355.81          4
    6375 MCEACHERN WAY                 8.875          1,372.89         85
                                       8.625          1,372.89      203,000.00
    NORCROSS         GA   30092          1            08/11/97         01
    0430403808                           05           10/01/97         20
    1566105522                           N            09/01/27
    0


    1623619          074/G02             F           41,850.00         ZZ
                                         360         41,799.10          1
    3044 EAST POINT STREET             8.500            321.80         90
                                       8.250            321.80       46,500.00
    EAST POINT       GA   30344          1            08/08/97         01
    0430403816                           05           10/01/97         25
    1566105861                           N            09/01/27
    0


    1623621          074/G02             F          448,000.00         ZZ
                                         360        447,381.34          1
    2325 EDGEMERE LAKE CI              7.875          3,248.32         80
                                       7.625          3,248.32      560,000.00
    MARIETTA         GA   30062          2            08/06/97         00
    0430403832                           09           10/01/97          0
    1566106048                           O            09/01/27
    0


    1623622          074/G02             F          199,200.00         ZZ
                                         360        198,796.34          1
    1590 KINGS CROSSING                8.000          1,461.66         80
                                       7.750          1,461.66      249,000.00
    STONE MOUNTAIN   GA   30087          1            08/05/97         00
    0430403840                           05           09/01/97          0
    1566106194                           O            08/01/27
    0


    1623623          074/G02             F          114,750.00         ZZ
                                         360        114,591.54          1
    2631 LAKE ERIN DRIVE               7.875            832.02         75
                                       7.625            832.02      153,000.00
1


    TUCKER           GA   30084          1            08/14/97         00
    0430403857                           05           10/01/97          0
    1566106230                           O            09/01/27
    0


    1623624          074/G02             F           48,150.00         ZZ
                                         360         48,068.40          1
    1693 CONDORD DRIVE                 8.875            383.11         90
                                       8.625            383.11       53,500.00
    MARIETTA         GA   30060          1            08/06/97         01
    0430403865                           05           09/01/97         25
    1566106401                           N            08/01/27
    0


    1623625          074/G02             F           52,500.00         ZZ
                                         360         52,439.36          1
    705 FRANCIS AVENUE S.E.            8.750            413.02         89
                                       8.500            413.02       59,200.00
    ATLANTA          GA   30312          1            08/11/97         04
    0430403873                           05           10/01/97         25
    1566106853                           N            09/01/27
    0


    1623626          074/G02             F           87,300.00         ZZ
                                         360         87,204.26          2
    497 & 499 CHARLESTON LANE          9.000            702.44         90
                                       8.750            702.44       97,000.00
    LAWRENCEVILLE    GA   30245          1            08/14/97         01
    0430403881                           05           10/01/97         25
    1566107448                           N            09/01/27
    0


    1623627          074/G02             F           79,900.00         ZZ
                                         360         79,791.69          1
    897 EAST DRIVE                     8.000            586.28         85
                                       7.750            586.28       94,000.00
    MEMPHIS          TN   38108          5            08/21/97         01
    0430398032                           05           10/01/97         12
    1566107460                           O            09/01/27
    0


    1623628          074/G02             F          122,400.00         ZZ
                                         360        121,731.86          1
    2439 GENEVA DRIVE                  8.000            898.13         85
                                       7.750            898.13      144,000.00
    NESBIT           MS   38651          5            08/21/97         01
    0430398040                           05           10/01/97         12
    1566107481                           O            09/01/27
    0
1




    1623629          074/G02             F           73,800.00         ZZ
                                         360         73,721.14          1
    1123 REDAN WAY                     9.125            600.47         90
                                       8.875            600.47       82,000.00
    STONE MOUNTAIN   GA   30088          1            08/19/97         01
    0430403899                           05           10/01/97         25
    1566107685                           N            09/01/27
    0


    1623630          074/G02             F          246,500.00         ZZ
                                         360        246,200.26          1
    1009 KHISH LANE                    8.500          1,895.38         85
                                       8.250          1,895.38      290,000.00
    ALPINE           CA   91901          2            08/11/97         10
    0430403907                           05           10/01/97         12
    1567198744                           O            09/01/27
    0


    1623631          074/G02             F          131,950.00         ZZ
                                         360        131,763.14          1
    10120 ALTABRISA WAY                7.750            945.31         80
                                       7.500            945.31      164,990.00
    MORENO VALLEY    CA   92557          1            08/12/97         00
    0430403915                           05           10/01/97          0
    1567199565                           O            09/01/27
    0


    1623632          074/G02             F          123,300.00         ZZ
                                         360        123,146.19          1
    501 EMERALD DRIVE                  8.375            937.17         90
                                       8.125            937.17      137,000.00
    VISTA            CA   92083          1            08/21/97         14
    0430403923                           05           10/01/97         25
    1567199850                           N            09/01/27
    0


    1623633          074/G02             F          126,350.00         ZZ
                                         360        125,074.24          1
    6816 WEST AMIGO DRIVE              7.875            916.13         80
                                       7.625            916.13      157,990.00
    GLENDALE         AZ   85308          1            07/30/97         00
    0430398065                           03           09/01/97          0
    1569161600                           O            08/01/27
    0


    1623634          074/G02             F          135,000.00         ZZ
                                         360        134,759.15          1
1


    1618 NORTH EL CAMINO DRIVE         8.625          1,050.02         90
                                       8.375          1,050.02      151,200.00
    TEMPE            AZ   85281          1            07/30/97         01
    0430403931                           03           09/01/97         25
    1569171873                           N            08/01/27
    0


    1623635          074/G02             F           95,000.00         ZZ
                                         360         94,817.00          1
    2181 POINT MALLARD DRIVE           8.250            713.71         80
                                       8.000            713.71      119,000.00
    HENDERSON        NV   89012          1            07/21/97         00
    0430403949                           03           09/01/97          0
    1569172719                           O            08/01/27
    0


    1623636          074/G02             F           92,250.00         ZZ
                                         360         92,089.59          1
    83340 SPRUCE LANE                  8.750            725.74         75
                                       8.500            725.74      123,000.00
    FLORENCE         OR   97439          1            07/24/97         00
    0430403956                           05           09/01/97          0
    1569173711                           N            08/01/27
    0


    1623637          074/G02             F           45,200.00         ZZ
                                         360         45,101.85          3
    901,903,905 EAST ADAMS STREET      8.750            355.59         80
                                       8.500            355.59       56,500.00
    TUCSON           AZ   85719          1            08/08/97         10
    0430398073                           05           10/01/97         12
    1569173755                           N            09/01/27
    0


    1623639          074/G02             F           22,400.00         ZZ
                                         360         21,928.03          1
    700 WEST UNIVERSITY DRIVE #238     8.375            170.26         80
                                       8.125            170.26       28,000.00
    TEMPE            AZ   85281          1            07/25/97         10
    0430398099                           01           09/01/97         12
    1569174383                           O            08/01/27
    0


    1623640          074/G02             F          120,000.00         ZZ
                                         360        119,768.85          1
    2119 POPPYWOOD AVENUE              8.250            901.52         76
                                       8.000            901.52      158,276.00
    HENDERSON        NV   89012          1            07/24/97         00
    0430403964                           03           09/01/97          0
1


    1569174554                           O            08/01/27
    0


    1623641          074/G02             F           40,500.00         T
                                         360         40,408.14          1
    7620 EAST CHAPARRAL ROAD           8.875            322.24         50
                                       8.625            322.24       81,000.00
    SCOTTSDALE       AZ   85250          1            07/29/97         00
    0430398107                           09           09/01/97          0
    1569174645                           O            08/01/27
    0


    1623642          074/G02             F          117,000.00         ZZ
                                         360        116,868.32          1
    1751 EAST FOLLEY COURT             8.875            930.91         90
                                       8.625            930.91      130,000.00
    CHANDLER         AZ   85225          1            08/13/97         01
    0430403972                           05           10/01/97         25
    1569174689                           N            09/01/27
    0


    1623645          074/G02             F           52,500.00         ZZ
                                         360         52,398.49          1
    1402 SOUTH JENTILLY LANE # 203     8.750            413.02         70
                                       8.500            413.02       75,000.00
    TEMPE            AZ   85281          5            08/18/97         00
    0430398115                           01           10/01/97          0
    1569174849                           N            09/01/27
    0


    1623646          074/G02             F           64,800.00         ZZ
                                         360         64,723.21          4
    4920 EAST CULVER STREET            8.625            504.01         90
                                       8.375            504.01       72,000.00
    PHOENIX          AZ   85008          1            08/19/97         01
    0430403998                           05           10/01/97         25
    1569174995                           N            09/01/27
    0


    1623649          074/G02             F           68,300.00         ZZ
                                         360         68,208.02          1
    3635 EAST FRIESS DRIVE             8.000            501.17         90
                                       7.750            501.17       75,900.00
    PHOENIX          AZ   85032          1            08/22/97         01
    0430404004                           05           10/01/97         25
    1569177010                           N            09/01/27
    0


1


    1623650          074/G02             F           57,000.00         T
                                         360         56,935.85          1
    12438 NORTH SAGUARO BOULEVARD      8.875            453.52         70
    #209                               8.625            453.52       81,500.00
    FOUNTAIN HILLS   AZ   85268          1            08/25/97         00
    0430404012                           01           10/01/97          0
    1569177290                           O            09/01/27
    0


    1623651          074/G02             F           24,450.00         ZZ
                                         360         24,410.67          1
    452 RACINE DRIVE UNIT F110         9.125            198.93         75
                                       8.875            198.93       32,600.00
    WILMINGTON       NC   28403          1            07/31/97         00
    0430404020                           01           09/01/97          0
    1577077735                           N            08/01/27
    0


    1623654          074/G02             F           73,950.00         ZZ
                                         360         73,855.35          1
    405 E MAIN STREET                  8.250            555.57         85
                                       8.000            555.57       87,000.00
    HARLEYVILLE      SC   29448          5            08/01/97         01
    0430404053                           05           10/01/97         12
    1577085450                           O            09/01/27
    0


    1623656          074/G02             F          133,400.00         ZZ
                                         360        132,953.64          1
    464 SUNNYSIDE DRIVE                8.125            990.50         85
                                       7.875            990.50      157,000.00
    CONCORD          NC   28025          5            07/25/97         11
    0430398123                           05           09/01/97         12
    1577087003                           O            08/01/27
    0


    1623657          074/G02             F           99,000.00         ZZ
                                         360         98,876.49          1
    7 MAYBURY CT                       8.375            752.48         75
                                       8.125            752.48      132,000.00
    ARDEN            NC   28704          1            08/08/97         00
    0430404079                           05           10/01/97          0
    1577087047                           O            09/01/27
    0


    1623659          074/G02             F           81,300.00         ZZ
                                         360         80,375.79          1
    7505 OLD HUNDRED ROAD              8.625            632.35         57
                                       8.375            632.35      143,000.00
1


    RALEIGH          NC   27613          2            07/25/97         00
    0430398131                           05           09/01/97          0
    1577087852                           O            08/01/27
    0


    1623660          074/G02             F           46,800.00         ZZ
                                         360         46,718.62          2
    151 151 1/2 DELMONT DRIVE          8.750            368.18         90
                                       8.500            368.18       52,000.00
    LEXINGTON        KY   40504          1            07/31/97         11
    0430404087                           05           09/01/97         25
    1577087885                           N            08/01/27
    0


    1623661          074/G02             F           48,450.00         ZZ
                                         360         48,359.01          1
    411 PERRY ROAD                     8.375            368.26         85
                                       8.125            368.26       57,000.00
    GREENVILLE       SC   29609          5            07/25/97         04
    0430404095                           05           09/01/97         12
    1577088039                           O            08/01/27
    0


    1623663          074/G02             F           58,500.00         ZZ
                                         360         58,398.29          1
    108 NORTH OLD STATESVILLE ROAD     8.750            460.22         90
                                       8.500            460.22       65,000.00
    HUNTERSVILLE     NC   28078          1            07/30/97         01
    0430404111                           05           09/01/97         25
    1577088356                           N            08/01/27
    0


    1623664          074/G02             F           44,000.00         ZZ
                                         360         43,917.35          1
    932 MCBRAYER LANE                  8.375            334.44         80
                                       8.125            334.44       55,000.00
    MARYVILLE        TN   37801          1            07/31/97         04
    0430404129                           05           09/01/97         12
    1577088651                           N            08/01/27
    0


    1623665          074/G02             F           81,000.00         ZZ
                                         360         80,866.25          1
    107 COVEY RUN                      9.000            651.75         90
                                       8.750            651.75       90,000.00
    LYMAN            SC   29365          1            08/01/97         04
    0430404137                           05           10/01/97         25
    1577089359                           N            09/01/27
    0
1




    1623666          074/G02             F           67,050.00         ZZ
                                         360         66,933.40          2
    701-3 LINDEN GREEN                 8.750            527.49         90
                                       8.500            527.49       74,500.00
    HERMITAGE        TN   37076          1            07/30/97         11
    0430404145                           05           09/01/97         25
    1577089360                           N            08/01/27
    0


    1623667          074/G02             F           60,800.00         ZZ
                                         360         60,726.08          1
    501 A-6 GOOSENECK DRIVE            8.500            467.50         80
                                       8.250            467.50       76,000.00
    CARY             NC   27513          1            08/07/97         10
    0430404152                           01           10/01/97         12
    1577089600                           O            09/01/27
    0


    1623668          074/G02             F           85,500.00         ZZ
                                         360         85,343.48          2
    216-218 DEVONWOOD COURT            8.500            657.43         90
                                       8.250            657.43       95,000.00
    TAYLORS          SC   29687          1            07/31/97         04
    0430398149                           05           09/01/97         25
    1577090143                           N            08/01/27
    0


    1623669          074/G02             F           64,400.00         ZZ
                                         360         64,319.66          1
    1041 CHINOE ROAD                   8.375            489.49         80
                                       8.125            489.49       81,000.00
    LEXINGTON        KY   40502          2            08/08/97         10
    0430404160                           07           10/01/97         12
    1577090267                           N            09/01/27
    0


    1623670          074/G02             F           69,600.00         ZZ
                                         360         69,465.91          1
    903 HARRIS WILSON ROAD             8.250            522.89         80
                                       8.000            522.89       87,000.00
    WENDELL          NC   27591          1            08/01/97         00
    0430404178                           05           09/01/97          0
    1577090303                           O            08/01/27
    0


    1623671          074/G02             F           99,950.00         ZZ
                                         360         99,834.56          1
1


    3505 HUNTLEIGH DRIVE               8.750            786.31         75
                                       8.500            786.31      133,300.00
    RALEIGH          NC   27604          5            08/20/97         00
    0430404186                           05           10/01/97          0
    1577090493                           O            09/01/27
    0


    1623672          074/G02             F           86,500.00         ZZ
                                         360         86,392.08          1
    103 MILLSTONE DRIVE                8.375            657.47         92
                                       8.125            657.47       94,500.00
    MYRTLE BEACH     SC   29577          2            08/13/97         11
    0430404194                           05           10/01/97         30
    1577090573                           O            09/01/27
    0


    1623673          074/G02             F           51,300.00         ZZ
                                         360         51,208.47          1
    214 W UNAKA AVENUE                 8.625            399.01         90
                                       8.375            399.01       57,000.00
    JOHNSON CITY     TN   37604          1            07/28/97         14
    0430404202                           05           09/01/97         25
    1577090711                           N            08/01/27
    0


    1623674          074/G02             F           97,350.00         ZZ
                                         360         97,212.13          1
    7602 DALTONSHIRE COURT             7.750            697.43         80
                                       7.500            697.43      121,700.00
    OAK RIDGE        NC   27310          1            08/15/97         00
    0430404210                           05           10/01/97          0
    1577091077                           O            09/01/27
    0


    1623675          074/G02             F          232,000.00         ZZ
                                         360        231,710.59          1
    142 HICKORY HILL                   8.375          1,763.37         80
                                       8.125          1,763.37      290,000.00
    MOORESVILLE      NC   28115          1            08/06/97         00
    0430404228                           05           10/01/97          0
    1577091317                           O            09/01/27
    0


    1623676          074/G02             F           52,550.00         ZZ
                                         360         52,490.84          1
    1240 CURTIS STREET                 8.875            418.12         85
                                       8.625            418.12       62,300.00
    ROCK HILL        SC   29730          1            08/18/97         11
    0430404236                           05           10/01/97         25
1


    1577091420                           N            09/01/27
    0


    1623677          074/G02             F           85,850.00         ZZ
                                         360         85,740.12          1
    212 SOUTH 6TH STREET               8.250            644.97         85
                                       8.000            644.97      101,000.00
    WILMINGTON       NC   28401          5            08/15/97         01
    0430404244                           05           10/01/97         12
    1577091463                           O            09/01/27
    0


    1623678          074/G02             F           79,650.00         ZZ
                                         360         79,553.16          1
    1813 KENWOOD AVENUE                8.500            612.44         90
                                       8.250            612.44       88,500.00
    CHARLOTTE        NC   28205          1            08/11/97         11
    0430404251                           05           10/01/97         25
    1577091510                           N            09/01/27
    0


    1623679          074/G02             F           32,150.00         ZZ
                                         360         32,112.86          1
    418 HOLLINGSWORTH CIRCLE           8.750            252.93         90
                                       8.500            252.93       35,750.00
    CLINTON          TN   37716          1            08/15/97         04
    0430404269                           05           10/01/97         25
    1577092660                           N            09/01/27
    0


    1623681          074/G02             F           47,400.00         ZZ
                                         360         47,346.65          1
    103 SWEETBRIAR CIRCLE              8.875            377.14         90
                                       8.625            377.14       52,680.00
    ANDERSON         SC   29624          1            08/08/97         01
    0430404277                           05           10/01/97         25
    1577092896                           N            09/01/27
    0


    1623682          074/G02             F          192,000.00         ZZ
                                         360        191,754.28          1
    133 CUMBERLAND SHORES DRIVE        8.250          1,442.44         80
                                       8.000          1,442.44      240,000.00
    HENDERSONVILLE   TN   37075          1            08/19/97         00
    0430404285                           05           10/01/97          0
    1577093390                           O            09/01/27
    0


1


    1623683          074/G02             F           75,650.00         ZZ
                                         360         75,553.17          1
    4515 ANTIQUE LANE                  8.250            568.34         85
                                       8.000            568.34       89,000.00
    RALEIGH          NC   27616          5            08/21/97         01
    0430404293                           05           10/01/97         25
    1577094213                           O            09/01/27
    0


    1623684          074/G02             F          101,650.00         ZZ
                                         360        101,526.38          1
    445 COUNTY ROAD 41                 8.500            781.61         95
                                       8.250            781.61      107,000.00
    CALHOUN          TN   37309          2            08/22/97         11
    0430404301                           05           10/01/97         30
    1577094993                           O            09/01/27
    0


    1623685          074/G02             F           90,800.00         ZZ
                                         360         90,534.25          1
    650 SOUTH MAIN STREET              9.000            730.60         80
    #1301                              8.750            730.60      113,500.00
    BOUNTIFUL        UT   84010          1            07/24/97         00
    0430398156                           01           09/01/97          0
    1579050988                           O            08/01/27
    0


    1623688          074/G02             F           55,000.00         ZZ
                                         360         54,929.61          1
    17 DAWN HEATH DRIVE                8.250            413.20         32
                                       8.000            413.20      175,000.00
    LITTLETON        CO   80127          5            08/08/97         00
    0430398164                           03           10/01/97          0
    1579055711                           O            09/01/27
    0


    1623689          074/G02             F           89,250.00         ZZ
                                         360         89,126.74          1
    3300 W FLORIDA AVENUE              7.875            647.13         85
    #22                                7.625            647.13      105,000.00
    DENVER           CO   80219          5            08/14/97         04
    0430404335                           09           10/01/97         12
    1579055904                           O            09/01/27
    0


    1623692          074/G02             F           96,000.00         ZZ
                                         360         95,873.97          1
    416 N EIGHTEENTH STREET            8.125            712.80         80
                                       7.875            712.80      120,000.00
1


    CANON CITY       CO   81212          1            08/11/97         00
    0430404368                           05           10/01/97          0
    1579057262                           O            09/01/27
    0


    1623693          074/G02             F          166,400.00         ZZ
                                         360        166,095.41          1
    3 DAWN'S ROAD                      8.500          1,279.48         80
                                       8.250          1,279.48      208,000.00
    NEW MILFORD      CT   06776          1            08/01/97         00
    0430404376                           05           09/01/97          0
    1580046955                           O            08/01/27
    0


    1623694          074/G02             F           64,800.00         ZZ
                                         360         64,727.07          1
    31 BETTS PLACE  UNIT 8             8.875            515.58         90
                                       8.625            515.58       72,500.00
    NORWALK          CT   06811          1            08/21/97         01
    0430404384                           01           10/01/97         25
    1580049750                           N            09/01/27
    0


    1623695          074/G02             F           22,400.00         ZZ
                                         360         22,377.86          1
    6D MAPLECREST CIRCLE               9.500            188.36         90
                                       9.250            188.36       24,900.00
    HOLYOKE          MA   01040          1            08/21/97         01
    0430404392                           01           10/01/97         25
    1580052878                           O            09/01/27
    0


    1623696          074/G02             F          108,000.00         ZZ
                                         360        107,811.82          3
    97 WARNER STREET                   8.750            849.64         90
                                       8.500            849.64      120,000.00
    NEWPORT          RI   02840          1            07/28/97         01
    0430398180                           05           09/01/97         25
    1580054385                           N            08/01/27
    0


    1623697          074/G02             F          264,000.00         ZZ
                                         360        263,710.50          1
    120 ORANGE STREET                  9.000          2,124.21         80
                                       8.750          2,124.21      330,000.00
    DOUGLAS          MA   01516          1            08/15/97         00
    0430404400                           05           10/01/97          0
    1580054920                           O            09/01/27
    0
1




    1623698          074/G02             F           52,000.00         ZZ
                                         360         51,911.01          1
    19 FULLERTON STREET                9.000            418.41         86
                                       8.750            418.41       61,000.00
    SPRINGFIELD      MA   01151          2            07/25/97         01
    0430404418                           05           09/01/97         25
    1580055016                           N            08/01/27
    0


    1623699          074/G02             F           57,000.00         ZZ
                                         360         56,899.01          1
    25 CANAL STREET                    8.875            453.52         95
    UNIT #D-4                          8.625            453.52       60,000.00
    BOURNE           MA   02649          1            07/28/97         01
    0430398198                           01           09/01/97         30
    1580055184                           O            08/01/27
    0


    1623700          074/G02             F          121,500.00         ZZ
                                         360        121,366.76          3
    2833-2837 MAIN STREET              9.000            977.62         90
                                       8.750            977.62      135,000.00
    GLASTONBURY      CT   06033          1            08/07/97         01
    0430404426                           05           10/01/97         25
    1580056008                           O            09/01/27
    0


    1623701          074/G02             F          100,000.00         ZZ
                                         360         99,872.02          3
    110 READ AVENUE                    8.250            751.27         80
                                       8.000            751.27      125,000.00
    COVENTRY         RI   02816          1            08/13/97         00
    0430404434                           05           10/01/97          0
    1580056369                           N            09/01/27
    0


    1623702          074/G02             F           71,250.00         ZZ
                                         360         71,132.35          3
    295 NOBLE STREET                   9.000            573.30         75
                                       8.750            573.30       95,000.00
    WEST HAVEN       CT   06516          1            07/31/97         00
    0430404442                           05           09/01/97          0
    1580056370                           N            08/01/27
    0


    1623703          074/G02             F          172,800.00         ZZ
                                         360        172,481.24          4
1


    212-214 WILLIAMS STREET            8.500          1,328.69         80
                                       8.250          1,328.69      216,000.00
    PROVIDENCE       RI   02906          1            08/01/97         00
    0430398206                           05           09/01/97          0
    1580056391                           N            08/01/27
    0


    1623704          074/G02             F           51,300.00         ZZ
                                         360         51,206.07          1
    49 SOUTH STREET #13                8.500            394.46         90
                                       8.250            394.46       57,000.00
    JAMAICA PLAIN    MA   02130          1            08/01/97         01
    0430404459                           01           09/01/97         25
    1580056405                           O            08/01/27
    0


    1623705          074/G02             F           61,600.00         ZZ
                                         360         61,492.90          1
    LITTLE ASCUTNEY ROAD               8.750            484.61         80
                                       8.500            484.61       77,000.00
    WEATHERSFIELD    VT   05151          1            08/01/97         00
    0430404467                           05           09/01/97          0
    1580056438                           O            08/01/27
    0


    1623706          074/G02             F           90,000.00         ZZ
                                         360         89,843.49          2
    412-414STEVENS STREET              8.750            708.04         90
                                       8.500            708.04      100,000.00
    LOWELL           MA   01851          1            07/29/97         01
    0430404475                           05           09/01/97         25
    1580056471                           N            08/01/27
    0


    1623707          074/G02             F          119,250.00         ZZ
                                         360        119,122.59          2
    28 TAFT HILL                       9.125            970.26         90
                                       8.875            970.26      132,500.00
    ROSLINDALE       MA   02131          1            08/18/97         11
    0430404483                           05           10/01/97         25
    1580056700                           N            09/01/27
    0


    1623708          074/G02             F          152,000.00         ZZ
                                         360        151,837.59          1
    31 DREADNAUGHT AVENUE              9.125          1,236.73         80
                                       8.875          1,236.73      190,000.00
    BRISTOL          RI   02809          5            08/20/97         00
    0430404491                           05           10/01/97          0
1


    1580056857                           O            09/01/27
    0


    1623709          074/G02             F          110,000.00         ZZ
                                         360        109,808.72          3
    115 CENTRAL STREET                 8.750            865.38         59
                                       8.500            865.38      189,000.00
    PEABODY          MA   01960          5            07/28/97         00
    0430404509                           05           09/01/97          0
    1580056926                           O            08/01/27
    0


    1623710          074/G02             F           41,250.00         ZZ
                                         360         41,083.18          1
    8 RANSOM ROAD #15                  9.125            335.63         75
                                       8.875            335.63       55,000.00
    BRIGHTON         MA   02135          1            08/05/97         00
    0430398214                           01           09/01/97          0
    1580056937                           N            08/01/27
    0


    1623711          074/G02             F           40,500.00         ZZ
                                         360         40,329.59          1
    1625 COMMONWEALTH AVENUE #22       9.125            329.53         75
                                       8.875            329.53       54,000.00
    BOSTON           MA   02135          1            08/05/97         00
    0430398222                           01           09/01/97          0
    1580056948                           N            08/01/27
    0


    1623712          074/G02             F           41,250.00         ZZ
                                         360         41,083.83          1
    1625 COMMONWEALTH AVENUE #12       9.125            335.63         75
                                       8.875            335.63       55,000.00
    BRIGHTON         MA   02135          1            08/05/97         00
    0430398230                           01           09/01/97          0
    1580056959                           N            08/01/27
    0


    1623713          074/G02             F           41,850.00         ZZ
                                         360         41,674.85          1
    9 COLBOURNE ROAD #10               9.125            340.51         75
                                       8.875            340.51       55,800.00
    BRIGHTON         MA   02135          1            08/05/97         00
    0430398248                           01           09/01/97          0
    1580056960                           N            08/01/27
    0


1


    1623715          074/G02             F           41,400.00         ZZ
                                         360         41,309.29          1
    217 KILLINGLY STREET               9.000            333.12         90
                                       8.750            333.12       46,000.00
    PROVIDENCE       RI   02909          1            07/30/97         01
    0430398263                           05           09/01/97         25
    1580057215                           N            08/01/27
    0


    1623716          074/G02             F           65,600.00         ZZ
                                         360         65,526.16          1
    49 MAIN STREET  UNIT 4             8.875            521.95         80
                                       8.625            521.95       82,000.00
    ROCKPORT         MA   01966          1            08/07/97         00
    0430404517                           01           10/01/97          0
    1580057270                           O            09/01/27
    0


    1623717          074/G02             F          104,000.00         ZZ
                                         360        103,786.75          1
    1834 BEACON STREET #12             8.750            818.17         75
                                       8.500            818.17      139,900.00
    BROOKLINE        MA   02146          1            08/26/97         00
    0430398271                           01           10/01/97          0
    1580057496                           N            09/01/27
    0


    1623718          074/G02             F          103,950.00         ZZ
                                         360        103,748.68          2
    122 SCHOOL STREET                  8.875            827.08         90
                                       8.625            827.08      115,500.00
    WHITMAN          MA   02382          1            07/31/97         01
    0430398289                           05           09/01/97         25
    1580058207                           N            08/01/27
    0


    1623719          074/G02             F           30,600.00         ZZ
                                         360         30,565.56          1
    279 REDSTONE HILL ROAD UNIT 61     8.875            243.47         90
                                       8.625            243.47       34,000.00
    BRISTOL          CT   06010          1            08/08/97         01
    0430404525                           01           10/01/97         25
    1580058580                           O            09/01/27
    0


    1623720          074/G02             F          144,000.00         ZZ
                                         360        143,722.61          1
    15 MACKINTOSH STREET               8.250          1,081.83         80
                                       8.000          1,081.83      180,000.00
1


    FRANKLIN         MA   02038          1            07/30/97         00
    0430404533                           05           09/01/97          0
    1580058783                           O            08/01/27
    0


    1623721          074/G02             F          154,800.00         ZZ
                                         360        154,516.67          1
    1465 EAST PUTNAM AVENUE            8.500          1,190.28         90
    UNIT 206                           8.250          1,190.28      172,000.00
    OLD GREENWICH    CT   06870          1            08/04/97         11
    0430404541                           01           09/01/97         25
    1580058830                           O            08/01/27
    0


    1623723          074/G02             F          224,950.00         ZZ
                                         360        224,662.12          2
    59 CONGREVE STREET                 8.250          1,689.98         80
                                       8.000          1,689.98      282,000.00
    ROSLINDALE       MA   02131          1            08/27/97         00
    0430404558                           05           10/01/97          0
    1580059312                           O            09/01/27
    0


    1623724          074/G02             F           68,400.00         ZZ
                                         360         68,316.83          2
    92 WARNER STREET                   8.500            525.94         90
                                       8.250            525.94       76,000.00
    NEWPORT          RI   02840          1            08/22/97         01
    0430404566                           05           10/01/97         25
    1580059389                           N            09/01/27
    0


    1623725          074/G02             F          127,100.00         ZZ
                                         360        126,949.36          1
    221 HAVERHILL STREET               8.625            988.58         90
                                       8.375            988.58      141,250.00
    NORTH READING    MA   01864          1            08/22/97         01
    0430404574                           05           10/01/97         25
    1580059855                           N            09/01/27
    0


    1623726          074/G02             F          300,550.00         ZZ
                                         360        300,202.90          1
    18 COLLEGE HILL ROAD               8.750          2,364.43         71
                                       8.500          2,364.43      425,000.00
    WOODSTOCK        VT   05091          2            08/22/97         00
    0430404582                           05           10/01/97          0
    1580060355                           O            09/01/27
    0
1




    1623728          074/G02             F           78,000.00         ZZ
                                         360         77,864.37          1
    8551 MCKEAN                        8.750            613.63         76
                                       8.500            613.63      103,500.00
    AUGUSTA TOWNSHI  MI   48191          1            08/06/97         00
    0430404608                           05           09/01/97          0
    1581102563                           O            08/01/27
    0


    1623729          074/G02             F           19,600.00         ZZ
                                         360         19,578.50          1
    719 ROSELAWN AVENUE                9.000            157.71         80
                                       8.750            157.71       24,500.00
    AKRON            OH   44306          1            08/15/97         14
    0430404616                           05           10/01/97         12
    1581102643                           N            09/01/27
    0


    1623730          074/G02             F           49,550.00         ZZ
                                         360         49,474.35          2
    1297 - 1299 FILLMORE CI            9.375            412.13         90
                                       9.125            412.13       55,100.00
    LORAIN           OH   44052          1            07/25/97         14
    0430404624                           05           09/01/97         25
    1581103238                           N            08/01/27
    0


    1623731          074/G02             F           22,500.00         ZZ
                                         360         22,474.66          2
    312 LAKE STREET                    8.875            179.03         90
                                       8.625            179.03       25,000.00
    AKRON            OH   44301          1            08/26/97         14
    0430404632                           05           10/01/97         25
    1581103318                           N            09/01/27
    0


    1623732          074/G02             F          165,750.00         ZZ
                                         360        165,553.57          1
    7846 STARK                         8.625          1,289.19         84
                                       8.375          1,289.19      197,500.00
    CLAY TOWNSHIP    MI   48023          5            08/15/97         01
    0430404640                           05           10/01/97         12
    1581105721                           O            09/01/27
    0


    1623733          074/G02             F           28,000.00         ZZ
                                         360         27,969.29          1
1


    5 CENTENIAL AVE                    9.000            225.30         80
                                       8.750            225.30       35,000.00
    MOUNT VERNON     OH   43050          1            08/07/97         10
    0430404657                           05           10/01/97         12
    1581105834                           N            09/01/27
    0


    1623734          074/G02             F           20,250.00         ZZ
                                         360         20,226.61          1
    1229 EAST JEFFERSON STREET         8.750            159.31         90
                                       8.500            159.31       22,500.00
    KOKOMO           IN   46901          1            08/13/97         14
    0430404665                           05           10/01/97         25
    1581107115                           N            09/01/27
    0


    1623735          074/G02             F           41,400.00         ZZ
                                         360         41,348.36          1
    4620 SOUTH STANSIFER LANE          8.375            314.67         90
                                       8.125            314.67       46,000.00
    BLOOMINGTON      IN   47403          1            08/12/97         14
    0430404673                           05           10/01/97         25
    1581107705                           N            09/01/27
    0


    1623736          074/G02             F           32,200.00         ZZ
                                         360         32,141.04          1
    18352 GREYDALE                     8.500            247.60         70
                                       8.250            247.60       46,500.00
    DETROIT          MI   48219          5            08/01/97         00
    0430404681                           05           09/01/97          0
    1581108661                           N            08/01/27
    0


    1623737          074/G02             F           19,100.00         ZZ
                                         360         19,069.25          2
    925 EAST 5TH STREET                9.125            155.41         90
                                       8.875            155.41       21,250.00
    ERIE             PA   16507          1            08/04/97         01
    0430404699                           05           09/01/97         25
    1581108901                           N            08/01/27
    0


    1623738          074/G02             F           19,100.00         ZZ
                                         360         19,069.25          2
    917 EAST 5TH STREET                9.125            155.41         90
                                       8.875            155.41       21,250.00
    ERIE             PA   16507          1            07/31/97         01
    0430404707                           05           09/01/97         25
1


    1581108912                           N            08/01/27
    0


    1623739          074/G02             F           50,000.00         ZZ
                                         360         49,942.23          1
    605 MORNINGVIEW AVENUE             8.750            393.36         80
                                       8.500            393.36       62,500.00
    AKRON            OH   44305          1            08/15/97         14
    0430404723                           05           10/01/97         12
    1581110492                           N            09/01/27
    0


    1623741          074/G02             F           66,500.00         ZZ
                                         360         66,381.34          1
    3014 COLUMBUS AVENUE               8.625            517.24         90
                                       8.375            517.24       74,160.00
    ASHTABULA        OH   44004          1            07/30/97         01
    0430404731                           05           09/01/97         25
    1581110583                           N            08/01/27
    0


    1623743          074/G02             F           38,200.00         ZZ
                                         360         38,160.23          2
    1920 WEST 50TH STREET              9.250            314.27         89
                                       9.000            314.27       43,000.00
    CLEVELAND        OH   44102          1            08/12/97         14
    0430404749                           05           10/01/97         25
    1581110620                           N            09/01/27
    0


    1623744          074/G02             F          111,600.00         T
                                         360        111,395.73          1
    6835 EAST 236TH STREET             8.500            858.11         80
                                       8.250            858.11      139,500.00
    CICERO           IN   46034          1            07/30/97         14
    0430404756                           05           09/01/97         12
    1581110812                           O            08/01/27
    0


    1623747          074/G02             F           36,000.00         ZZ
                                         360         35,937.39          2
    638 ATHERTON ROAD                  8.750            283.22         90
                                       8.500            283.22       40,000.00
    FLINT            MI   48507          1            07/31/97         01
    0430404780                           05           09/01/97         25
    1581110980                           N            08/01/27
    0


1


    1623748          074/G02             F           30,100.00         ZZ
                                         360         30,047.66          1
    927 MAJOR STREET                   8.750            236.80         70
                                       8.500            236.80       43,000.00
    FLINT            MI   48507          5            07/29/97         00
    0430404798                           05           09/01/97          0
    1581111032                           N            08/01/27
    0


    1623749          074/G02             F           37,050.00         ZZ
                                         360         37,006.08          1
    2221 CHARLOTTE AVENUE              8.625            288.18         67
                                       8.375            288.18       56,000.00
    FORT WAYNE       IN   46805          2            08/13/97         00
    0430404806                           05           10/01/97          0
    1581111270                           N            09/01/27
    0


    1623751          074/G02             F           46,500.00         ZZ
                                         360         46,444.88          1
    1910 VERMONT AVENUE                8.625            361.68         69
                                       8.375            361.68       68,000.00
    FORT WAYNE       IN   46805          2            08/13/97         00
    0430404814                           05           10/01/97          0
    1581111291                           N            09/01/27
    0


    1623752          074/G02             F           72,500.00         ZZ
                                         360         72,407.22          1
    1065 GARDEN ROAD                   8.250            544.67         90
                                       8.000            544.67       80,600.00
    WILLOUGHBY       OH   44094          1            08/08/97         10
    0430404822                           05           10/01/97         25
    1581111553                           N            09/01/27
    0


    1623753          074/G02             F          110,000.00         ZZ
                                         360        109,808.72          1
    3180 HIGHLAND                      8.750            865.38         58
                                       8.500            865.38      192,000.00
    OCEOLA TOWNSHIP  MI   48843          1            08/01/97         00
    0430404830                           05           09/01/97          0
    1581112374                           O            08/01/27
    0


    1623754          074/G02             F           41,300.00         ZZ
                                         360         41,226.31          1
    8675 REPUBLIC                      8.625            321.23         90
                                       8.375            321.23       45,900.00
1


    WARREN           MI   48089          1            08/01/97         01
    0430404848                           05           09/01/97         25
    1581112818                           N            08/01/27
    0


    1623755          074/G02             F           38,700.00         ZZ
                                         360         38,656.46          1
    6044 HARDY AVE                     8.875            307.91         90
                                       8.625            307.91       43,000.00
    EAST LANSING     MI   48823          1            08/21/97         14
    0430398313                           05           10/01/97         25
    1581112873                           N            09/01/27
    0


    1623757          074/G02             F           74,150.00         ZZ
                                         360         74,062.11          1
    21542 WOODBRIGDE                   8.625            576.74         75
                                       8.375            576.74       98,900.00
    SAINT CLAIR SHO  MI   48080          1            08/07/97         00
    0430404855                           05           10/01/97          0
    1581113480                           O            09/01/27
    0


    1623758          074/G02             F           49,200.00         ZZ
                                         360         49,098.64          2
    954 BERTRAM AVENUE                 8.750            387.06         80
                                       8.500            387.06       61,500.00
    DAYTON           OH   45406          1            07/31/97         14
    0430404863                           05           09/01/97         12
    1581113504                           N            08/01/27
    0


    1623759          074/G02             F           41,600.00         ZZ
                                         360         41,551.95          1
    4358 SPANN AVENUE                  8.750            327.27         90
                                       8.500            327.27       46,250.00
    INDIANAPOLIS     IN   46203          1            08/19/97         14
    0430404871                           05           10/01/97         25
    1581113810                           N            09/01/27
    0


    1623760          074/G02             F           82,350.00         ZZ
                                         360         82,254.89          1
    8216 IVANNALE AVENUE               8.750            647.85         90
                                       8.500            647.85       91,500.00
    PARMA            OH   44129          1            08/20/97         01
    0430404889                           05           10/01/97         25
    1581113832                           N            09/01/27
    0
1




    1623761          074/G02             F           27,000.00         ZZ
                                         360         26,968.82          1
    11750 SOBIESKI                     8.750            212.41         90
                                       8.500            212.41       30,000.00
    HAMTRAMCK        MI   48212          1            08/11/97         14
    0430398321                           05           10/01/97         25
    1581114256                           N            09/01/27
    0


    1623762          074/G02             F           58,500.00         ZZ
                                         360         58,423.18          1
    315 NORTH RATH AVENUE              8.125            434.37         90
                                       7.875            434.37       65,000.00
    LUDINGTON        MI   49431          1            08/21/97         14
    0430404897                           05           10/01/97         25
    1581114686                           N            09/01/27
    0


    1623763          074/G02             F           55,800.00         ZZ
                                         360         55,722.95          1
    2436 STEGNER ROAD                  7.875            404.59         90
                                       7.625            404.59       62,000.00
    COLUMBUS         OH   43207          1            08/11/97         11
    0430404905                           05           10/01/97         25
    1581114904                           N            09/01/27
    0


    1623764          074/G02             F           46,800.00         ZZ
                                         360         46,747.32          1
    1215 WALSH STREET                  8.875            372.36         90
                                       8.625            372.36       52,000.00
    LANSING          MI   48912          1            08/21/97         14
    0430404913                           05           10/01/97         25
    1581114937                           N            09/01/27
    0


    1623765          074/G02             F           63,650.00         ZZ
                                         360         63,572.59          4
    212 MAPLEWOOD                      8.500            489.42         85
                                       8.250            489.42       74,900.00
    DAYTON           OH   45405          1            08/18/97         01
    0430404921                           05           10/01/97         20
    1581115157                           N            09/01/27
    0


    1623766          074/G02             F           79,200.00         ZZ
                                         360         79,110.85          2
1


    1231 AMANDA PLACE                  8.875            630.16         90
                                       8.625            630.16       88,000.00
    CINCINNATI       OH   45205          1            08/15/97         14
    0430404939                           05           10/01/97         25
    1581115248                           N            09/01/27
    0


    1623767          074/G02             F           22,500.00         ZZ
                                         360         22,459.84          1
    1167 EAST INDIANA STREET           8.625            175.01         90
                                       8.375            175.01       25,000.00
    SOUTH BEND       IN   46613          1            07/29/97         12
    0430404947                           05           09/01/97         25
    1581115350                           N            08/01/27
    0


    1623768          074/G02             F           76,500.00         ZZ
                                         360         76,366.98          1
    931 SOUTH CANAL STREET             8.750            601.83         90
                                       8.500            601.83       85,000.00
    CANAL FULTON     OH   44614          1            07/29/97         10
    0430404954                           05           09/01/97         25
    1581115383                           N            08/01/27
    0


    1623769          074/G02             F          102,000.00         ZZ
                                         360        101,707.05          1
    1419 SUNSET DRIVE                  8.375            775.28         85
                                       8.125            775.28      120,000.00
    WALLED LAKE      MI   48390          5            07/24/97         10
    0430398339                           05           09/01/97         12
    1581115973                           O            08/01/27
    0


    1623770          074/G02             F           29,700.00         ZZ
                                         360         29,666.57          2
    830 AVON STREET                    8.875            236.31         90
                                       8.625            236.31       33,000.00
    AKRON            OH   44310          1            08/06/97         01
    0430404962                           05           10/01/97         25
    1581116003                           N            09/01/27
    0


    1623773          074/G02             F           59,400.00         ZZ
                                         360         59,296.70          2
    1135 E PEARL                       8.750            467.30         90
                                       8.500            467.30       66,000.00
    HAZEL PARK       MI   48030          1            07/31/97         14
    0430404988                           05           09/01/97         25
1


    1581116626                           N            08/01/27
    0


    1623774          074/G02             F           40,400.00         ZZ
                                         360         40,353.33          1
    849 GENEVA                         8.750            317.83         90
                                       8.500            317.83       44,900.00
    TOLEDO           OH   43609          1            08/14/97         14
    0430404996                           05           10/01/97         25
    1581117367                           N            09/01/27
    0


    1623775          074/G02             F          105,300.00         ZZ
                                         360        105,181.48          4
    2645-2651 CHRISTINE BOULEVARD      8.875            837.82         90
                                       8.625            837.82      117,000.00
    COLUMBUS         OH   43231          1            08/08/97         10
    0430405001                           05           10/01/97         25
    1581117549                           N            09/01/27
    0


    1623776          074/G02             F           67,000.00         ZZ
                                         360         66,922.62          1
    26701 GROVELAND                    8.750            527.09         85
                                       8.500            527.09       79,000.00
    MADISON HEIGHTS  MI   48071          1            08/07/97         14
    0430405019                           05           10/01/97         25
    1581117662                           N            09/01/27
    0


    1623777          074/G02             F           57,600.00         ZZ
                                         360         57,529.95          1
    22021 FRANCIS                      8.500            442.90         90
                                       8.250            442.90       64,000.00
    SAINT CLAIR SHO  MI   48081          1            08/15/97         10
    0430405027                           05           10/01/97         25
    1581118574                           N            09/01/27
    0


    1623778          074/G02             F           49,500.00         ZZ
                                         360         49,429.93          2
    839-41 SOUTH OGDEN AVENUE          8.875            393.85         90
                                       8.625            393.85       55,500.00
    COLUMBUS         OH   43204          1            08/18/97         14
    0430398347                           05           10/01/97         25
    1581118789                           N            09/01/27
    0


1


    1623780          074/G02             F           53,550.00         ZZ
                                         360         53,488.15          1
    1614 WASHTENAW AVENUE              8.750            421.28         90
                                       8.500            421.28       59,500.00
    YPSILANTI        MI   48197          1            08/13/97         14
    0430405035                           01           10/01/97         25
    1581119078                           N            09/01/27
    0


    1623781          074/G02             F           26,550.00         ZZ
                                         360         26,219.69          2
    764 ROSELAWN AVE                   8.625            206.51         90
                                       8.375            206.51       29,500.00
    AKRON            OH   44306          1            08/01/97         14
    0430398370                           05           10/01/97         25
    1581119089                           N            09/01/27
    0


    1623782          074/G02             F           80,100.00         ZZ
                                         360         80,007.49          2
    652-654 FRANKLIN STREET            8.750            630.15         90
                                       8.500            630.15       89,000.00
    LINDEN           MI   48451          1            08/25/97         14
    0430405043                           05           10/01/97         25
    1581119330                           N            09/01/27
    0


    1623783          074/G02             F           49,700.00         ZZ
                                         360         49,642.34          2
    16641 STEPHENS                     9.000            399.90         70
                                       8.750            399.90       71,000.00
    EAST POINTE      MI   48021          1            08/15/97         00
    0430398388                           05           10/01/97          0
    1581119726                           N            09/01/27
    0


    1623784          074/G02             F          107,900.00         ZZ
                                         360        107,772.12          1
    10033 ALEXIA DRIVE                 8.625            839.24         90
                                       8.375            839.24      119,900.00
    INDIANAPOLIS     IN   46236          1            08/06/97         14
    0430405050                           03           10/01/97         25
    1581120168                           N            09/01/27
    0


    1623785          074/G02             F           53,250.00         ZZ
                                         360         53,183.57          1
    8221 THOMAS ROAD                   8.375            404.74         75
                                       8.125            404.74       71,000.00
1


    MIDDLETOWN       OH   45042          5            08/21/97         00
    0430405068                           05           10/01/97          0
    1581120180                           O            09/01/27
    0


    1623786          074/G02             F          204,850.00         ZZ
                                         360        204,613.42          1
    34385 THORNBROOK DRIVE             8.750          1,611.56         85
                                       8.500          1,611.56      241,000.00
    FARMINGTON HILL  MI   48335          5            08/21/97         14
    0430405076                           05           10/01/97         25
    1581120226                           O            09/01/27
    0


    1623787          074/G02             F           24,750.00         ZZ
                                         360         24,722.85          1
    5708 WALNUT STREET UN              9.000            199.15         90
                                       8.750            199.15       27,550.00
    PITTSBURGH       PA   15232          1            08/14/97         14
    0430405084                           01           10/01/97         25
    1581120306                           N            09/01/27
    0


    1623788          074/G02             F           41,300.00         ZZ
                                         360         41,248.48          1
    8211 THOMAS ROAD                   8.375            313.91         70
                                       8.125            313.91       59,000.00
    MIDDLETOWN       OH   45042          5            08/21/97         00
    0430405092                           05           10/01/97          0
    1581120419                           N            09/01/27
    0


    1623789          074/G02             F           22,500.00         ZZ
                                         360         22,474.01          1
    1214 GORDON STREET                 8.750            177.01         90
                                       8.500            177.01       25,000.00
    TOLEDO           OH   43609          1            08/20/97         14
    0430405100                           05           10/01/97         25
    1581120838                           N            09/01/27
    0


    1623790          074/G02             F           43,200.00         ZZ
                                         360         43,150.10          1
    6407 MEADOWLARK DRIVE              8.750            339.86         90
                                       8.500            339.86       48,000.00
    INDIANAPOLIS     IN   46226          1            08/21/97         10
    0430405118                           05           10/01/97         25
    1581120918                           N            09/01/27
    0
1




    1623792          074/G02             F           51,100.00         ZZ
                                         360         51,042.49          2
    634 FULLER ST SE                   8.875            406.58         70
                                       8.625            406.58       73,000.00
    GRAND RAPIDS     MI   49507          5            08/21/97         00
    0430405134                           05           10/01/97          0
    1581121900                           N            09/01/27
    0


    1623793          074/G02             F           42,300.00         ZZ
                                         360         42,249.86          2
    2502 LYNN AVENUE                   8.625            329.01         90
                                       8.375            329.01       47,000.00
    FORT WAYNE       IN   46805          1            08/21/97         14
    0430405142                           05           10/01/97         25
    1581122017                           N            09/01/27
    0


    1623794          074/G02             F           43,650.00         ZZ
                                         360         43,596.91          1
    1233 EAST BISSELL STREET           8.500            335.64         90
                                       8.250            335.64       48,500.00
    SOUTH BEND       IN   46617          1            08/22/97         12
    0430405159                           05           10/01/97         25
    1581123971                           N            09/01/27
    0


    1623795          074/G02             F          135,200.00         ZZ
                                         360        134,976.79          2
    4200-4212 TEAKWOOD COURT           9.000          1,087.85         80
                                       8.750          1,087.85      169,000.00
    GREENDALE        WI   53129          1            08/01/97         10
    0430405167                           05           09/01/97         12
    1583054472                           N            08/01/27
    0


    1623796          074/G02             F           54,900.00         ZZ
                                         360         54,802.05          1
    822 MOUNDALE DRIVE                 8.625            427.01         90
                                       8.375            427.01       61,000.00
    FERGUSON         MO   63135          1            07/30/97         14
    0430405175                           05           09/01/97         25
    1583055249                           N            08/01/27
    0


    1623798          074/G02             F           45,000.00         ZZ
                                         360         44,925.68          4
1


    4709 ALASKA AVENUE                 9.000            362.09         90
                                       8.750            362.09       50,000.00
    SAINT LOUIS      MO   63111          1            08/01/97         14
    0430405183                           05           09/01/97         25
    1583056230                           N            08/01/27
    0


    1623799          074/G02             F          189,600.00         ZZ
                                         360        189,338.16          1
    16851 CRYSTAL SPRINGS              7.875          1,374.74         80
                                       7.625          1,374.74      237,000.00
    CHESTERFIELD     MO   63005          1            08/22/97         00
    0430405191                           05           10/01/97          0
    1583056343                           O            09/01/27
    0


    1623800          074/G02             F           64,400.00         ZZ
                                         360         64,160.82          1
    3120 AINSWORTH COURT               8.750            506.64         90
                                       8.500            506.64       71,600.00
    SAINT CHARLES    MO   63301          1            08/01/97         12
    0430398586                           05           09/01/97         25
    1583056944                           N            08/01/27
    0


    1623801          074/G02             F           71,000.00         ZZ
                                         360         70,909.14          1
    525 RITSHER                        8.250            533.40         83
                                       8.000            533.40       86,000.00
    BELOIT           WI   53511          2            08/08/97         01
    0430405209                           05           10/01/97         20
    1583057302                           O            09/01/27
    0


    1623802          074/G02             F          109,800.00         ZZ
                                         360        109,669.87          2
    8200-02 WOODSON DRIVE              8.625            854.02         90
                                       8.375            854.02      122,000.00
    KANSAS CITY      MO   64133          1            08/22/97         14
    0430405217                           05           10/01/97         25
    1583057506                           N            09/01/27
    0


    1623803          074/G02             F           81,600.00         ZZ
                                         360         81,505.76          1
    217 WEST HONEYTREE DRIVE           8.750            641.95         80
                                       8.500            641.95      102,000.00
    DELANO           MN   55328          1            08/25/97         00
    0430405225                           05           10/01/97          0
1


    1583057594                           O            09/01/27
    0


    1623806          074/G02             F          117,200.00         ZZ
                                         360        117,050.01          1
    9810 WEST GOOD HOPE ROAD           8.250            880.49         85
                                       8.000            880.49      137,900.00
    MILWAUKEE        WI   53224          1            08/25/97         14
    0430405241                           05           10/01/97         20
    1583058586                           N            09/01/27
    0


    1623807          074/G02             F           43,650.00         ZZ
                                         360         43,574.09          4
    4403 PENNSYLVANIA AVE              8.750            343.40         90
                                       8.500            343.40       48,500.00
    SAINT LOUIS      MO   63111          1            07/31/97         12
    0430405258                           05           09/01/97         25
    1583059330                           N            08/01/27
    0


    1623808          074/G02             F           96,000.00         ZZ
                                         360         95,880.24          1
    2735 NORTH NORDICA AVENUE          8.375            729.67         80
                                       8.125            729.67      120,000.00
    CHICAGO          IL   60607          1            08/15/97         00
    0430405266                           05           10/01/97          0
    1583060216                           O            09/01/27
    0


    1623809          074/G02             F           66,000.00         ZZ
                                         360         65,923.76          1
    9618 WEST HIGGINS #3C              8.750            519.23         80
                                       8.500            519.23       82,500.00
    ROSEMONT         IL   60018          1            08/18/97         14
    0430405274                           01           10/01/97         12
    1583061387                           N            09/01/27
    0


    1623811          074/G02             F           99,000.00         ZZ
                                         360         98,885.66          4
    6057-59 POTOMAC                    8.750            778.84         90
                                       8.500            778.84      110,000.00
    SAINT LOUIS      MO   63139          1            08/15/97         12
    0430405282                           05           10/01/97         25
    1583062368                           N            09/01/27
    0


1


    1623812          074/G02             F          138,000.00         ZZ
                                         360        137,827.85          1
    94 JEFFERSON LANE                  8.375          1,048.90         73
                                       8.125          1,048.90      190,000.00
    STREAMWOOD       IL   60107          1            08/22/97         00
    0430405290                           05           10/01/97          0
    1583062448                           O            09/01/27
    0


    1623813          074/G02             F          106,750.00         ZZ
                                         360        106,638.88          4
    805 6TH AVENUE                     9.250            878.21         95
                                       9.000            878.21      112,500.00
    ASBURY PARK      NJ   07712          1            08/20/97         01
    0430405308                           05           10/01/97         30
    1587067090                           O            09/01/27
    0


    1623814          074/G02             F          211,800.00         ZZ
                                         360        211,238.47          1
    224 CAROL JEAN WAY                 8.875          1,685.18         80
                                       8.625          1,685.18      264,800.00
    BRANCHBURG       NJ   08876          1            07/31/97         00
    0430398602                           05           09/01/97          0
    1587071112                           O            08/01/27
    0


    1623815          074/G02             F           47,400.00         ZZ
                                         360         47,345.25          2
    99 NORTH 2ND STREET                8.750            372.90         80
                                       8.500            372.90       59,250.00
    STROUDSBURG      PA   18360          1            08/20/97         04
    0430405316                           05           10/01/97         12
    1587071291                           N            09/01/27
    0


    1623816          074/G02             F           72,000.00         ZZ
                                         360         71,916.84          2
    301 WEST 1ST AVENUE                8.750            566.43         80
                                       8.500            566.43       90,000.00
    ROSELLE          NJ   07203          1            08/13/97         00
    0430405324                           05           10/01/97          0
    1587071870                           O            09/01/27
    0


    1623817          074/G02             F          174,400.00         ZZ
                                         360        174,080.77          1
    59 SPRUCE STREET                   8.500          1,340.99         80
                                       8.250          1,340.99      218,000.00
1


    CRANFORD TWP     NJ   07016          1            08/06/97         00
    0430405332                           05           09/01/97          0
    1587073173                           O            08/01/27
    0


    1623818          074/G02             F           76,500.00         ZZ
                                         360         76,413.90          1
    41 NORTHSIDE AVENUE                8.875            608.67         90
                                       8.625            608.67       85,000.00
    SOUTH RIVER      NJ   08882          1            08/08/97         01
    0430405340                           05           10/01/97         25
    1587073537                           N            09/01/27
    0


    1623819          074/G02             F          182,500.00         ZZ
                                         360        182,120.71          1
    13625 SOUTH SPRINGS DR             7.875          1,323.26         79
                                       7.625          1,323.26      232,500.00
    CLIFTON          VA   22024          1            07/28/97         00
    0430405357                           03           09/01/97          0
    1587073923                           O            08/01/27
    0


    1623820          074/G02             F           52,200.00         ZZ
                                         360         52,104.44          1
    19410 BRASSIE PLACE                8.500            401.38         90
                                       8.250            401.38       58,000.00
    GAITHERSBURG     MD   20879          1            08/01/97         01
    0430405365                           09           09/01/97         25
    1587074245                           N            08/01/27
    0


    1623822          074/G02             F          148,000.00         ZZ
                                         360        147,795.61          1
    252 IRON HILL ROAD                 7.875          1,073.11         80
                                       7.625          1,073.11      185,000.00
    DOYLESTOWN       PA   18901          1            08/22/97         00
    0430405381                           05           10/01/97          0
    1587074347                           O            09/01/27
    0


    1623823          074/G02             F          124,000.00         ZZ
                                         360        123,860.45          4
    9 SOMERSET STREET                  8.875            986.60         80
                                       8.625            986.60      155,000.00
    GARFIELD         NJ   07026          1            08/07/97         10
    0430405399                           05           10/01/97         12
    1587074358                           N            09/01/27
    0
1




    1623824          074/G02             F           89,150.00         ZZ
                                         360         89,041.60          1
    12628 FARNELL DRIVE                8.500            685.49         90
                                       8.250            685.49       99,100.00
    SILVER SPRING    MD   20906          1            08/15/97         21
    0430405407                           05           10/01/97         25
    1587074369                           N            09/01/27
    0


    1623825          074/G02             F           80,000.00         ZZ
                                         360         79,860.88          1
    13 SEASIDE ROAD                    8.750            629.37         75
                                       8.500            629.37      108,000.00
    BRIGANTINE       NJ   08203          1            07/30/97         00
    0430405415                           07           09/01/97          0
    1587074620                           O            08/01/27
    0


    1623826          074/G02             F           32,000.00         ZZ
                                         360         31,941.41          1
    1222 FITZGERALD STREET             8.500            246.06         80
                                       8.250            246.06       40,000.00
    PHILADELPHIA     PA   19148          1            07/29/97         00
    0430405423                           05           09/01/97          0
    1587074664                           N            08/01/27
    0


    1623827          074/G02             F          330,000.00         ZZ
                                         360        329,296.72          1
    10808 GLEN ROAD SOUTH              7.750          2,364.17         53
                                       7.500          2,364.17      630,000.00
    POTOMAC          MD   20854          1            08/05/97         00
    0430405431                           05           09/01/97          0
    1587074813                           O            08/01/27
    0


    1623828          074/G02             F           25,000.00         ZZ
                                         360         24,552.78          1
    1060 DICKS HOLLOW ROAD             8.750            196.68         36
                                       8.500            196.68       70,000.00
    WINCHESTER       VA   22603          5            08/01/97         00
    0430398610                           05           09/01/97          0
    1587074846                           O            08/01/27
    0


    1623829          074/G02             F           89,000.00         ZZ
                                         360         88,813.25          1
1


    21 GIBSON BOULEVARD                8.875            708.13         90
                                       8.625            708.13       99,000.00
    CLARK            NJ   07066          1            07/31/97         01
    0430398636                           05           09/01/97         25
    1587074890                           N            08/01/27
    0


    1623830          074/G02             F          104,100.00         ZZ
                                         360        103,889.05          1
    1415 DILSTON ROAD                  8.000            763.85         64
                                       7.750            763.85      165,000.00
    SILVER SPRING    MD   20903          2            07/24/97         00
    0430405449                           05           09/01/97          0
    1587076080                           O            08/01/27
    0


    1623831          074/G02             F          164,800.00         ZZ
                                         360        164,589.10          1
    17712 SMOKEWOOD TERRACE            8.250          1,238.09         80
                                       8.000          1,238.09      206,000.00
    GERMANTOWN       MD   20874          1            08/07/97         00
    0430405456                           09           10/01/97          0
    1587077582                           O            09/01/27
    0


    1623835          074/G02             F          152,050.00         ZZ
                                         360        151,711.82          1
    150 GOLF CLUB DRIVE                8.000          1,115.69         80
                                       7.750          1,115.69      190,070.00
    KEY WEST         FL   33040          1            07/31/97         00
    0430398644                           09           09/01/97          0
    1589117280                           N            08/01/27
    0


    1623836          074/G02             F           38,400.00         ZZ
                                         360         38,358.96          1
    2757 S OAKLAND FOREST DRIVE        9.125            312.44         80
                                       8.875            312.44       48,000.00
    OAKLAND PARK     FL   33309          1            08/22/97         12
    0430405480                           01           10/01/97         12
    1589118931                           N            09/01/27
    0


    1623837          074/G02             F           90,000.00         ZZ
                                         360         89,843.49          1
    3725 S OCEAN DRIVE #624            8.750            708.04         70
                                       8.500            708.04      128,600.00
    HOLLYWOOD        FL   33019          1            07/31/97         00
    0430405498                           06           09/01/97          0
1


    1589120649                           O            08/01/27
    0


    1623838          074/G02             F          116,350.00         ZZ
                                         360        116,219.05          1
    19353 SW 5TH ST                    8.875            925.74         80
                                       8.625            925.74      145,490.00
    PEMBROKE PINES   FL   33029          1            08/27/97         00
    0430405506                           03           10/01/97          0
    1589120718                           O            09/01/27
    0


    1623839          074/G02             F           38,000.00         T
                                         360         37,933.91          1
    12419 BERKELEY SQUARE DRIVE        8.750            298.95         49
                                       8.500            298.95       78,810.00
    TAMPA            FL   33624          1            07/30/97         00
    0430405514                           07           09/01/97          0
    1589122349                           O            08/01/27
    0


    1623840          074/G02             F           45,100.00         ZZ
                                         360         45,023.58          1
    331 VAN BUREN STREET               8.875            358.84         90
                                       8.625            358.84       50,190.00
    FORT MYERS       FL   33916          1            07/31/97         04
    0430405522                           05           09/01/97         25
    1589122429                           N            08/01/27
    0


    1623841          074/G02             F           33,000.00         ZZ
                                         360         32,938.02          1
    405 CEDAR RIDGE COURT              8.375            250.83         65
                                       8.125            250.83       51,000.00
    OLDSMAR          FL   34677          5            07/31/97         00
    0430405530                           09           09/01/97          0
    1589122509                           N            08/01/27
    0


    1623843          074/G02             F          130,800.00         ZZ
                                         360        130,566.66          1
    18123 PALM BREEZE DRIVE            8.625          1,017.35         80
                                       8.375          1,017.35      163,500.00
    TAMPA            FL   33647          1            07/31/97         00
    0430405548                           03           09/01/97          0
    1589123090                           O            08/01/27
    0


1


    1623844          074/G02             F          156,200.00         ZZ
                                         360        155,875.39          1
    14530 MUSTANG TRAIL                7.875          1,132.56         48
                                       7.625          1,132.56      330,000.00
    FORT LAUDERDALE  FL   33330          5            07/30/97         00
    0430405555                           05           09/01/97          0
    1589123363                           O            08/01/27
    0


    1623845          074/G02             F           42,000.00         ZZ
                                         360         36,915.73          1
    1801 COLLINS AVENUE UNIT 1501      8.875            334.18         75
                                       8.625            334.18       56,000.00
    MIAMI BEACH      FL   33139          1            08/08/97         00
    0430398651                           06           10/01/97          0
    1589123738                           O            09/01/27
    0


    1623847          074/G02             F           61,650.00         ZZ
                                         360         61,542.78          1
    1027 LOCHMONT DRIVE                8.750            485.01         90
                                       8.500            485.01       68,500.00
    BRANDON          FL   33511          1            07/24/97         04
    0430405563                           05           09/01/97         25
    1589125085                           N            08/01/27
    0


    1623848          074/G02             F           79,500.00         ZZ
                                         360         79,400.82          1
    500 TREASURE ISLAND CSWY #107      8.375            604.26         75
                                       8.125            604.26      106,000.00
    TREASURE ISLAND  FL   33706          5            08/13/97         00
    0430405571                           08           10/01/97          0
    1589125530                           O            09/01/27
    0


    1623849          074/G02             F           97,000.00         ZZ
                                         360         96,822.62          1
    1109 RAINWOOD CIRCLE               8.625            754.46         78
                                       8.375            754.46      125,000.00
    PALM BEACH GARD  FL   33410          1            07/30/97         00
    0430398669                           09           09/01/97          0
    1589125711                           N            08/01/27
    0


    1623850          074/G02             F           69,700.00         ZZ
                                         360         69,621.55          1
    2446 MCKINLEY STREET               8.875            554.57         90
                                       8.625            554.57       77,450.00
1


    HOLLYWOOD        FL   33020          1            08/11/97         12
    0430405589                           05           10/01/97         25
    1589125799                           N            09/01/27
    0


    1623851          074/G02             F           91,000.00         ZZ
                                         360         90,892.16          3
    820 SW 6 COURT                     8.625            707.79         70
                                       8.375            707.79      130,000.00
    POMPANO BEACH    FL   33060          5            08/18/97         00
    0430405597                           05           10/01/97          0
    1589125868                           N            09/01/27
    0


    1623853          074/G02             F           43,650.00         ZZ
                                         360         43,600.88          1
    2096 ESTERO BOULEVARD #10          8.875            347.30         75
                                       8.625            347.30       58,200.00
    FORT MYERS BEAC  FL   33931          1            08/25/97         00
    0430405605                           01           10/01/97          0
    1589126463                           N            09/01/27
    0


    1623854          074/G02             F           59,200.00         ZZ
                                         360         59,094.37          1
    3121 CABLE DRIVE                   8.625            460.46         80
                                       8.375            460.46       74,000.00
    HOLIDAY          FL   34691          1            07/30/97         00
    0430405613                           05           09/01/97          0
    1589126510                           O            08/01/27
    0


    1623855          074/G02             F           34,000.00         ZZ
                                         360         33,961.74          1
    938 EAST GIDDENS AVENUE EAST       8.875            270.52         90
                                       8.625            270.52       37,815.00
    TAMPA            FL   33603          1            08/20/97         04
    0430405621                           05           10/01/97         25
    1589126929                           N            09/01/27
    0


    1623856          074/G02             F           40,500.00         ZZ
                                         360         40,450.75          1
    8051 SOUTH COLONY CIRCLE, #101     8.500            311.41         90
                                       8.250            311.41       45,000.00
    TAMARAC          FL   33321          1            08/14/97         14
    0430405639                           01           10/01/97         25
    1589127375                           O            09/01/27
    0
1




    1623857          074/G02             F           42,250.00         ZZ
                                         360         42,203.63          2
    841-843 SW 16TH TERRACE            9.000            339.96         65
                                       8.750            339.96       65,000.00
    CAPE CORAL       FL   33991          1            08/19/97         00
    0430398677                           05           10/01/97          0
    1589127557                           N            09/01/27
    0


    1623858          074/G02             F           65,000.00         ZZ
                                         360         64,918.91          1
    3717 8 STREET NORTH                8.375            494.05         60
                                       8.125            494.05      109,000.00
    SAINT PETERSBUR  FL   33704          1            08/08/97         00
    0430405647                           05           10/01/97          0
    1589128040                           O            09/01/27
    0


    1623859          074/G02             F          111,900.00         ZZ
                                         360        111,767.39          1
    201 HUNTING LODGE DRIVE            8.625            870.35         80
                                       8.375            870.35      139,900.00
    MIAMI SPRINGS    FL   33166          1            08/14/97         00
    0430405654                           05           10/01/97          0
    1589128651                           O            09/01/27
    0


    1623860          074/G02             F           63,650.00         ZZ
                                         360         63,574.55          1
    9417 FOUNTAINBLEAU BLVD            8.625            495.07         85
    UNIT 113-27                        8.375            495.07       75,000.00
    MIAMI            FL   33172          5            08/11/97         12
    0430405662                           01           10/01/97         12
    1589128710                           O            09/01/27
    0


    1623861          074/G02             F           99,000.00         ZZ
                                         360         98,891.43          1
    530 OCEAN DR UNIT 103-A            9.000            796.58         90
                                       8.750            796.58      110,000.00
    MIAMI BEACH      FL   33139          1            08/26/97         12
    0430405670                           01           10/01/97         25
    1589131871                           N            09/01/27
    0


    1623862          074/G02             F           75,000.00         T
                                         360         74,876.16          1
1


    100 HONEYWOOD COURT                9.000            603.47         66
                                       8.750            603.47      115,000.00
    KISSIMMEE        FL   34743          1            07/28/97         00
    0430405688                           05           09/01/97          0
    1590044537                           O            08/01/27
    0


    1623863          074/G02             F          154,200.00         ZZ
                                         360        154,012.50          1
    8600 SOUTH OCEAN DRIVE #405        8.500          1,185.67         60
                                       8.250          1,185.67      260,000.00
    JENSEN BEACH     FL   34957          1            08/15/97         00
    0430405696                           06           10/01/97          0
    1590048549                           O            09/01/27
    0


    1623864          074/G02             F           80,000.00         T
                                         360         79,912.27          1
    1056 DURANGO LOOP STREET           9.000            643.70         51
                                       8.750            643.70      159,790.00
    DAVENPORT        FL   33837          1            08/22/97         00
    0430405704                           03           10/01/97          0
    1590048673                           O            09/01/27
    0


    1623866          074/G02             F          102,600.00         ZZ
                                         360        102,481.50          2
    109 & 111 S 21ST STREET            8.750            807.16         95
                                       8.500            807.16      108,000.00
    FLAGLER BEACH    FL   32136          1            08/12/97         04
    0430398685                           05           10/01/97         35
    1590049698                           O            09/01/27
    0


    1623867          074/G02             F           50,000.00         T
                                         360         49,708.63          1
    1156 N FAIRWAY DRIVE #1156         8.625            388.90         79
                                       8.375            388.90       64,000.00
    APOPKA           FL   32712          1            07/29/97         12
    0430398693                           01           09/01/97         12
    1590049723                           O            08/01/27
    0


    1623868          074/G02             F           75,500.00         T
                                         360         75,408.20          1
    2483 ST AUGUSTINE BLV              8.500            580.53         70
                                       8.250            580.53      107,900.00
    HAINES CITY      FL   33844          1            08/08/97         00
    0430405712                           09           10/01/97          0
1


    1590049971                           O            09/01/27
    0


    1623869          074/G02             F           61,100.00         ZZ
                                         360         60,996.48          1
    514 PENNSYLVANIA AVE               8.875            486.14         90
                                       8.625            486.14       67,900.00
    ST. CLOUD        FL   34769          1            08/01/97         01
    0430405720                           05           09/01/97         25
    1590050198                           N            08/01/27
    0


    1623870          074/G02             F           83,350.00         ZZ
                                         360         83,234.89          1
    4450 SUNNYCREST DRIVE              7.875            604.35         85
                                       7.625            604.35       99,000.00
    JACKSONVILLE     FL   32257          5            07/31/97         01
    0430405738                           05           10/01/97         12
    1590050267                           O            09/01/27
    0


    1623872          074/G02             F          124,000.00         ZZ
                                         360        123,649.47          1
    2701 M  AVENUE                     8.000            909.87         80
                                       7.750            909.87      155,000.00
    ANACORTES        WA   98221          1            08/11/97         00
    0430398701                           05           10/01/97          0
    1590050493                           O            09/01/27
    0


    1623873          074/G02             F           75,000.00         ZZ
                                         360         74,908.80          1
    1604 TAILFEATHER COURT             8.500            576.69         71
                                       8.250            576.69      106,900.00
    ROCKLEDGE        FL   32955          1            08/21/97         00
    0430405753                           03           10/01/97          0
    1590050733                           O            09/01/27
    0


    1623874          074/G02             F           38,800.00         ZZ
                                         360         38,755.19          1
    166 DEBARY DRIVE                   8.750            305.24         80
                                       8.500            305.24       48,500.00
    DE BARY          FL   32713          1            08/08/97         00
    0430405761                           05           10/01/97          0
    1590050880                           O            09/01/27
    0


1


    1623875          074/G02             F          206,500.00         ZZ
                                         360        206,255.28          1
    581 CAMPUS STREET                  8.625          1,606.14         80
                                       8.375          1,606.14      258,211.00
    CELEBRATION      FL   34747          1            08/08/97         00
    0430405779                           03           10/01/97          0
    1590051066                           O            09/01/27
    0


    1623876          074/G02             F           73,600.00         ZZ
                                         360         73,510.49          1
    5928 TAYWOOD DRIVE                 8.500            565.93         80
                                       8.250            565.93       92,000.00
    TAMPA            FL   33624          1            08/15/97         00
    0430405787                           03           10/01/97          0
    1590051587                           O            09/01/27
    0


    1623877          074/G02             F          113,400.00         T
                                         360        113,246.63          1
    2991 VISCOUNT CIRCLE               8.625            882.02         70
                                       8.375            882.02      162,000.00
    KISSIMMEE        FL   34747          1            08/25/97         00
    0430398719                           05           10/01/97          0
    1590052047                           O            09/01/27
    0


    1623878          074/G02             F          266,000.00         ZZ
                                         360        265,531.90          3
    433 MARTELO AVENUE                 8.750          2,092.63         95
                                       8.500          2,092.63      280,000.00
    PASADENA         CA   91107          1            07/23/97         11
    0430398727                           05           09/01/97         30
    1595042540                           O            08/01/27
    0


    1623880          074/G02             F           70,000.00         T
                                         360         69,868.53          1
    2695 SOUTH KIHEI ROAD #4-213       8.375            532.06         70
                                       8.125            532.06      100,000.00
    KIHEI            HI   96753          1            07/28/97         00
    0430405795                           01           09/01/97          0
    1596036000                           O            08/01/27
    0


    1623881          074/G02             F          192,800.00         ZZ
                                         360        192,540.40          1
    8131 NAYLOR AVENUE                 8.000          1,414.70         80
                                       7.750          1,414.70      241,000.00
1


    LOS ANGELES      CA   90045          1            08/07/97         00
    0430405803                           05           10/01/97          0
    1596038195                           O            09/01/27
    0


    1623882          074/G02             F          129,250.00         ZZ
                                         360        129,088.76          1
    145 NORTH KIHEI ROAD #431          8.375            982.40         56
                                       8.125            982.40      233,000.00
    KIHEI            HI   96753          1            08/01/97         00
    0430405811                           21           10/01/97          0
    1596038876                           N            09/01/27
    0


    1623883          074/G02             F          118,800.00         ZZ
                                         360        118,662.78          1
    638 PIER AVENUE # "A"              8.750            934.61         80
                                       8.500            934.61      148,500.00
    SANTA MONICA     CA   90405          1            08/14/97         00
    0430405829                           01           10/01/97          0
    1596041451                           O            09/01/27
    0


    1623884          074/G02             F           50,000.00         ZZ
                                         360         49,862.79          1
    1420 VOLID                         8.000            366.88         63
                                       7.750            366.88       79,700.00
    HOFFMAN ESTATES  IL   60194          1            07/31/97         00
    0430398750                           01           09/01/97          0
    1602095384                           O            08/01/27
    0


    1623885          074/G02             F           76,800.00         ZZ
                                         360         76,659.41          1
    1762 AMHERST                       8.500            590.53         80
                                       8.250            590.53       96,000.00
    GLENDALE HEIGHT  IL   60139          2            07/31/97         00
    0430398768                           05           09/01/97          0
    1602098393                           N            08/01/27
    0


    1623888          074/G02             F          128,000.00         ZZ
                                         360        127,831.19          1
    501 LINCOLN STREET                 8.375            972.89         80
                                       8.125            972.89      160,000.00
    DOWNERS GROVE    IL   60515          1            08/11/97         00
    0430398776                           05           10/01/97          0
    1613022780                           O            09/01/27
    0
1




    1623889          074/G02             F           72,000.00         T
                                         360         71,868.20          1
    80 CIRCLE DRIVE EAST               8.500            553.62         80
                                       8.250            553.62       90,000.00
    MONTGOMERY       IL   60538          1            07/31/97         00
    0430398784                           05           09/01/97          0
    1613025937                           O            08/01/27
    0


    1623890          074/G02             F          116,800.00         ZZ
                                         360        116,661.58          2
    4431 S FRANCISCO                   8.625            908.46         80
                                       8.375            908.46      146,000.00
    CHICAGO          IL   60632          1            08/01/97         00
    0430405852                           05           10/01/97          0
    1616013640                           O            09/01/27
    0


    1623891          074/G02             F          120,550.00         ZZ
                                         360        120,395.73          1
    1612 GROVE AVENUE                  8.250            905.65         80
                                       8.000            905.65      150,700.00
    SCHAUMBURG       IL   60193          1            08/12/97         00
    0430405860                           01           10/01/97          0
    1617016778                           O            09/01/27
    0


    1623892          074/G02             F          205,200.00         ZZ
                                         360        204,937.40          4
    28 EAST 30TH STREET                8.250          1,541.60         90
                                       8.000          1,541.60      228,010.00
    STEGER           IL   60475          2            08/15/97         04
    0430405878                           05           10/01/97         25
    1621140260                           N            09/01/27
    0


    1623893          074/G02             F          106,000.00         ZZ
                                         360        105,797.53          2
    3236 WEST 62ND STREET              8.500            815.05         77
                                       8.250            815.05      138,000.00
    CHICAGO          IL   60629          2            07/31/97         00
    0430398792                           05           09/01/97          0
    1621147576                           O            08/01/27
    0


    1623894          074/G02             F          112,000.00         ZZ
                                         360        111,860.29          4
1


    7545 WEST 61ST STREET              8.375            851.28         80
                                       8.125            851.28      140,000.00
    SUMMIT           IL   60501          1            08/06/97         00
    0430405886                           05           10/01/97          0
    1621150130                           O            09/01/27
    0


    1623896          074/G02             F           80,000.00         ZZ
                                         360         79,894.98          1
    18851 HOOD AVENUE                  8.125            594.00         80
                                       7.875            594.00      100,000.00
    HOMEWOOD         IL   60430          1            08/07/97         00
    0430405902                           05           10/01/97          0
    1621151631                           N            09/01/27
    0


    1623897          074/G02             F           60,000.00         ZZ
                                         360         59,887.35          1
    7216 S RIDGEWAY                    8.375            456.04         50
                                       8.125            456.04      120,000.00
    CHICAGO          IL   60629          2            07/28/97         00
    0430405910                           05           09/01/97          0
    1621152780                           O            08/01/27
    0


    1623898          074/G02             F          127,500.00         ZZ
                                         360        127,340.95          1
    5900 WEST 63RD PLACE               8.375            969.09         75
                                       8.125            969.09      170,000.00
    CHICAGO          IL   60638          1            08/15/97         00
    0430405928                           05           10/01/97          0
    1626008395                           O            09/01/27
    0


    1623899          074/G02             F          150,000.00         ZZ
                                         360        149,711.07          1
    19 SYCAMORE                        8.250          1,126.90         75
                                       8.000          1,126.90      200,000.00
    WARRENTON        MO   63383          1            07/29/97         00
    0430405936                           05           09/01/97          0
    1633013169                           O            08/01/27
    0


    1623900          074/G02             F           99,200.00         ZZ
                                         360         99,076.25          1
    1105 TULIP                         8.375            753.99         80
                                       8.125            753.99      124,000.00
    HIGHLAND         IL   62249          1            08/01/97         00
    0430405944                           05           10/01/97          0
1


    1634017890                           O            09/01/27
    0


    1623901          074/G02             F          183,200.00         ZZ
                                         360        182,951.34          1
    22285 ALBATROSS CIR                8.500          1,408.65         80
                                       8.250          1,408.65      229,000.00
    CASTLE ROCK TWP  MN   55024          1            08/15/97         00
    0430398800                           05           10/01/97          0
    1660054216                           O            09/01/27
    0


    1623902          074/G02             F           87,950.00         ZZ
                                         360         87,780.59          1
    16211 EVELETH ST NE                8.250            660.74         80
                                       8.000            660.74      109,999.00
    HAM LAKE         MN   55304          1            07/31/97         00
    0430405951                           05           09/01/97          0
    1664091870                           O            08/01/27
    0


    1623903          074/G02             F          100,000.00         ZZ
                                         360         99,796.51          1
    3925 204TH LANE NW                 8.250            751.27         80
                                       8.000            751.27      125,000.00
    OAK GROVE        MN   55011          1            08/15/97         00
    0430398818                           05           10/01/97          0
    1664092716                           O            09/01/27
    0


    1623906          074/G02             F          122,400.00         ZZ
                                         360        122,151.96          1
    2501 M STREET NW UNIT 615          8.000            898.13         80
                                       7.750            898.13      153,000.00
    WASHINGTON       DC   20037          1            08/04/97         00
    0430405985                           08           09/01/97          0
    1731152417                           O            08/01/27
    0


    1623908          074/G02             F           43,550.00         ZZ
                                         360         43,467.04          1
    528 HIGH STREET                    8.250            327.18         90
                                       8.000            327.18       48,400.00
    CHESTERTOWN      MD   21620          1            08/14/97         14
    0430398826                           07           10/01/97         25
    1761109392                           N            09/01/27
    0


1


    1623909          074/G02             F           75,000.00         ZZ
                                         360         74,904.03          1
    11743 SUMMERCHASE CIRCLE           8.250            563.45         89
                                       8.000            563.45       85,000.00
    RESTON           VA   22094          1            08/27/97         21
    0430405993                           08           10/01/97         25
    1761109574                           N            09/01/27
    0


    1623910          074/G02             F          100,000.00         ZZ
                                         360         99,884.52          1
    8032 IDYLWOOD ROAD                 8.750            786.70         42
                                       8.500            786.70      240,000.00
    DUNN LORING      VA   22027          5            08/07/97         00
    0430406009                           05           10/01/97          0
    1761110460                           N            09/01/27
    0


    1623911          074/G02             F           70,000.00         T
                                         360         69,910.41          1
    411 16TH STREET                    8.250            525.89         49
                                       8.000            525.89      145,000.00
    VIRGINIA BEACH   VA   23451          2            08/15/97         00
    0430406017                           05           10/01/97          0
    1781059617                           O            09/01/27
    0


    1623912          074/G02             F           49,500.00         ZZ
                                         360         49,428.11          1
    1470 L SENECA DR                   7.625            350.36         90
                                       7.375            350.36       55,000.00
    BLACKSBURG       VA   24060          1            08/15/97         11
    0430406025                           01           10/01/97         30
    1785013232                           N            09/01/27
    0


    1623913          074/G02             F          117,000.00         ZZ
                                         360        116,857.74          4
    508 EAST MAIN STREET               8.500            899.63         90
                                       8.250            899.63      130,000.00
    CHRISTIANSBURG   VA   24073          1            08/14/97         01
    0430406033                           05           10/01/97         25
    1785013265                           N            09/01/27
    0


    1623914          074/G02             F           76,000.00         ZZ
                                         360         75,864.42          1
    24 GARRISON STREET                 8.625            591.12         85
                                       8.375            591.12       89,500.00
1


    PORTLAND         ME   04103          1            07/22/97         11
    0430406041                           05           09/01/97         30
    1809003650                           N            08/01/27
    0


    1623915          074/G02             F           22,500.00         ZZ
                                         360         22,458.80          1
    4 LARCH STREET                     8.500            173.01         90
                                       8.250            173.01       25,000.00
    PORTLAND         ME   04101          1            07/22/97         04
    0430406058                           05           09/01/97         30
    1809003683                           N            08/01/27
    0


    1623916          074/G02             F          105,300.00         ZZ
                                         360        105,107.25          2
    31 WYMAN STREET                    8.500            809.67         90
                                       8.250            809.67      117,000.00
    WORCESTER        MA   01600          1            08/04/97         01
    0430406066                           05           09/01/97         25
    1811072565                           N            08/01/27
    0


    1623917          074/G02             F           71,200.00         ZZ
                                         360         71,121.93          1
    17 PHILLIPS STREET UNIT 2          9.000            572.89         80
                                       8.750            572.89       89,000.00
    BOSTON           MA   02114          1            08/06/97         00
    0430406074                           01           10/01/97          0
    1811073900                           N            09/01/27
    0


    1623918          074/G02             F          268,400.00         ZZ
                                         360        267,977.37          1
    3 CEDAR ACRES DRIVE                7.875          1,946.09         80
                                       7.625          1,946.09      335,500.00
    COHASSET         MA   02025          1            08/15/97         00
    0430406082                           05           10/01/97          0
    1811073932                           O            09/01/27
    0


    1623919          074/G02             F           70,000.00         ZZ
                                         360         69,923.23          1
    17 DARTMOUTH STREET PLACE # 2      9.000            563.24         62
                                       8.750            563.24      114,000.00
    BOSTON           MA   02116          5            08/20/97         00
    0430406090                           01           10/01/97          0
    1811074185                           N            09/01/27
    0
1




    1623920          074/G02             F           80,500.00         ZZ
                                         360         80,356.39          1
    3 CRAWFORD STREET UNIT 9           8.625            626.12         68
                                       8.375            626.12      120,000.00
    CAMBRIDGE        MA   02139          5            07/25/97         00
    0430406108                           01           09/01/97          0
    1813086221                           O            08/01/27
    0


    1623921          074/G02             F          207,450.00         ZZ
                                         360        206,746.29          1
    125 NASHUA ROAD                    8.250          1,558.50         80
                                       8.000          1,558.50      259,350.00
    BILLERICA        MA   01821          1            07/31/97         00
    0430398834                           05           09/01/97          0
    1813086673                           O            08/01/27
    0


    1623922          074/G02             F          134,000.00         ZZ
                                         360        133,841.20          3
    212 MAPLE STREET                   8.625          1,042.24         90
                                       8.375          1,042.24      148,900.00
    MARLBORO         MA   01752          1            08/15/97         01
    0430406116                           05           10/01/97         25
    1813087494                           N            09/01/27
    0


    1623923          074/G02             F          124,650.00         ZZ
                                         360        124,490.49          2
    70 MYRTLE STREET                   8.250            936.45         90
                                       8.000            936.45      138,500.00
    MELROSE          MA   02176          1            08/22/97         01
    0430406124                           05           10/01/97         25
    1813088249                           N            09/01/27
    0


    1623924          074/G02             F          250,000.00         ZZ
                                         360        249,554.03          1
    97-99 MEMORIAL BLVD                8.625          1,944.47         75
                                       8.375          1,944.47      335,000.00
    NEWPORT          RI   02840          1            07/30/97         00
    0430398842                           05           09/01/97          0
    1814062014                           O            08/01/27
    0


    1623926          074/G02             F           65,000.00         ZZ
                                         360         64,907.95          1
1


    31 ROOSEVLET DRIVE                 7.750            465.67         50
                                       7.500            465.67      131,000.00
    BRISTOL          RI   02809          5            08/13/97         00
    0430406140                           05           10/01/97          0
    1814063607                           O            09/01/27
    0


    1623927          074/G02             F           74,800.00         ZZ
                                         360         74,715.83          3
    408 CEDAR STREET                   8.875            595.14         90
                                       8.625            595.14       83,150.00
    MANCHESTER       NH   03104          1            08/15/97         11
    0430406157                           05           10/01/97         25
    1815021840                           N            09/01/27
    0


    1623928          074/G02             F           50,200.00         ZZ
                                         360         50,114.95          4
    35 37 1/2 WHITNEY STREET           8.875            399.41         54
                                       8.625            399.41       94,000.00
    NASHUA           NH   03060          5            07/31/97         00
    0430406165                           05           09/01/97          0
    1815022853                           N            08/01/27
    0


    1623929          074/G02             F           94,500.00         ZZ
                                         360         94,335.71          3
    99 ASH STREET                      8.750            743.43         90
                                       8.500            743.43      105,000.00
    NASHUA           NH   03060          1            07/30/97         04
    0430406173                           05           09/01/97         25
    1815024473                           N            08/01/27
    0


    1623930          074/G02             F          150,000.00         ZZ
                                         360        149,725.46          1
    59 BATCHELDER ROAD                 8.500          1,153.37         68
                                       8.250          1,153.37      223,000.00
    RAYMOND          NH   03077          1            07/30/97         00
    0430406181                           05           09/01/97          0
    1816005645                           O            08/01/27
    0


    1623931          074/G02             F           37,500.00         ZZ
                                         360         37,454.40          1
    311 PAWTUCKET BLVD UNIT 11         8.500            288.34         95
                                       8.250            288.34       39,500.00
    LOWELL           MA   01854          1            08/04/97         11
    0430398859                           01           10/01/97         30
1


    1816007367                           O            09/01/27
    0


    1623932          074/G02             F           75,000.00         ZZ
                                         360         74,899.02          2
    55-57 NORTH ELM STREET             8.000            550.32         59
                                       7.750            550.32      128,500.00
    MANCHESTER       CT   06040          5            08/18/97         00
    0430406199                           05           10/01/97          0
    1817115900                           O            09/01/27
    0


    1623933          074/G02             F          112,000.00         ZZ
                                         360        111,867.28          3
    13 SOUTH STREET                    8.625            871.12         80
                                       8.375            871.12      140,000.00
    NORWALK          CT   06854          1            08/06/97         00
    0430406207                           05           10/01/97          0
    1817120219                           N            09/01/27
    0


    1623934          074/G02             F           58,400.00         ZZ
                                         360         58,317.31          1
    49 GWEN ROAD                       7.750            418.38         50
                                       7.500            418.38      118,400.00
    MERIDEN          CT   06451          1            08/22/97         00
    0430406215                           05           10/01/97          0
    1817132976                           O            09/01/27
    0


    1623935          074/G02             F          132,000.00         ZZ
                                         360        131,817.72          1
    1974 HARPERS CT                    7.875            957.09         80
                                       7.625            957.09      165,000.00
    FREDERICK        MD   21702          1            08/18/97         00
    0430406223                           09           10/01/97          0
    1821118990                           N            09/01/27
    0


    1623936          074/G02             F          115,600.00         ZZ
                                         360        115,440.37          1
    1972 HARPERS CT                    7.875            838.18         80
                                       7.625            838.18      144,500.00
    FREDERICK        MD   21702          1            08/18/97         00
    0430398867                           09           10/01/97          0
    1821119009                           N            09/01/27
    0


1


    1623937          074/G02             F          222,550.00         ZZ
                                         360        222,142.66          1
    2816 GRACEFIELD ROAD               8.500          1,711.22         75
                                       8.250          1,711.22      300,000.00
    SILVER SPRING    MD   20904          5            07/25/97         00
    0430406231                           05           09/01/97          0
    1831079239                           O            08/01/27
    0


    1623938          074/G02             F           54,900.00         ZZ
                                         360         54,796.35          1
    712 CAROLINA PINES AV              8.500            422.13         90
                                       8.250            422.13       61,000.00
    RALEIGH          NC   27603          1            07/31/97         11
    0430398875                           05           09/01/97         25
    1841107931                           N            08/01/27
    0


    1623939          074/G02             F           53,950.00         ZZ
                                         360         53,880.96          1
    1702 S BATTERY DRIVE               8.250            405.31         90
                                       8.000            405.31       59,950.00
    RICHMOND         VA   23222          1            08/22/97         04
    0430412619                           05           10/01/97         30
    1861017059                           N            09/01/27
    0


    1623955          637/G02             F           88,000.00         ZZ
                                         360         87,940.95          1
    1703 WILLOW OAK LANE               8.000            645.72         80
                                       7.750            645.72      110,000.00
    DALTON           GA   30721          1            09/15/97         00
    0430423327                           01           11/01/97          0
    8004087                              O            10/01/27
    0


    1624001          225/225             F          120,000.00         ZZ
                                         360        119,930.95          2
    2140 W 2ND AVENUE                  8.750            944.05         67
                                       8.500            944.05      180,000.00
    DURANGO          CO   81301          5            09/19/97         00
    8062734                              05           11/01/97          0
    8062734                              N            10/01/27
    0


    1624033          180/G02             F           40,500.00         ZZ
                                         360         40,452.01          1
    111 WARWICK LANE                   8.625            315.00         90
                                       8.375            315.00       45,000.00
1


    OAK RIDGE        TN   37830          1            09/05/97         10
    0430445403                           05           10/01/97         25
    4923561                              N            09/01/27
    0


    1624049          225/225             F          142,000.00         ZZ
                                         360        141,913.97          1
    3955 STONEGATE                     8.500          1,091.86         80
                                       8.250          1,091.86      178,000.00
    MISHAWAKA        IN   46544          5            09/11/97         00
    8057644                              05           11/01/97          0
    8057644                              O            10/01/27
    0


    1624056          638/G02             F           44,900.00         ZZ
                                         240         44,900.00          1
    188 BRYAN DRIVE                    9.000            403.98         90
                                       8.750            403.98       49,900.00
    DAYTON           TN   37321          2            10/08/97         10
    0430447292                           05           12/01/97         25
    08664565                             N            11/01/17
    0


    1624069          638/G02             F           49,000.00         ZZ
                                         360         48,973.23          1
    318 UNION STREET                   9.000            394.27         90
                                       8.750            394.27       54,500.00
    MEDINA           OH   44256          1            09/16/97         04
    0430424770                           05           11/01/97         25
    8662523                              N            10/01/27
    0


    1624091          E22/G02             F           71,000.00         ZZ
                                         360         70,840.29          1
    113 NICHOLS STREET                10.000            623.08         90
                                       9.750            623.08       79,000.00
    CROWN POINT      IN   46307          1            05/14/97         04
    0410395958                           05           07/01/97         30
    410395958                            N            06/01/27
    0


    1624151          074/G02             F          108,700.00         ZZ
                                         360        108,564.40          1
    15550 N FRANK LOYD WRIGHT 1040     8.375            826.20         80
                                       8.125            826.20      135,885.00
    SCOTTSDALE       AZ   85260          1            08/19/97         00
    0430406249                           01           10/01/97          0
    1203011451                           N            09/01/27
    0
1




    1624170          074/G02             F           90,750.00         ZZ
                                         360         90,642.45          1
    3229 ORCHARD AVENUE                8.625            705.85         90
                                       8.375            705.85      100,939.00
    ASHTABULA        OH   44004          1            08/04/97         14
    0430406264                           05           10/01/97         25
    1581110594                           N            09/01/27
    0


    1624172          074/G02             F           35,500.00         ZZ
                                         360         35,457.93          1
    2608 DODGE AVENUE                  8.625            276.12         63
                                       8.375            276.12       57,000.00
    FORT WAYNE       IN   46805          2            08/13/97         00
    0430406272                           05           10/01/97          0
    1581111280                           N            09/01/27
    0


    1624178          963/G02             F           94,500.00         ZZ
                                         360         94,447.02          1
    3731 N COUNTRY CLUB DRIVE          8.875            751.89         90
    UNIT 1623                          8.625            751.89      105,000.00
    AVENTURA         FL   33180          1            09/17/97         10
    0430406520                           06           11/01/97         25
    970360                               N            10/01/27
    0


    1624180          074/G02             F           28,400.00         ZZ
                                         360         28,346.65          1
    3212 CLOVERPLACE DR                8.375            215.87         80
                                       8.125            215.87       35,500.00
    PALM HARBOR      FL   34684          1            07/31/97         00
    0430406280                           01           09/01/97          0
    1589122994                           N            08/01/27
    0


    1624208          F96/G02             F          300,000.00         ZZ
                                         360        299,644.49          1
    37-11 BERDAN AVENUE                8.625          2,333.37         75
                                       8.375          2,333.37      400,000.00
    FAIR LAWN BOROU  NJ   07410          5            08/25/97         00
    0430406462                           05           10/01/97          0
    1496                                 O            09/01/27
    0


    1624257          992/G02             F          212,000.00         ZZ
                                         360        212,000.00          1
1


    39 GERANIUM PLACE                  8.125          1,574.10         80
                                       7.875          1,574.10      265,000.00
    WALLINGTON       NJ   07057          1            10/17/97         00
    0430449074                           05           12/01/97          0
    342340                               O            11/01/27
    0


    1624266          A37/G02             F          109,000.00         ZZ
                                         360        108,869.10          1
    7180 EDGEBROOK LANE                8.750            857.51         76
                                       8.500            857.51      144,000.00
    HANOVER PARK     IL   60103          5            08/19/97         00
    0430378885                           05           10/01/97          0
    97W88308                             O            09/01/27
    0


    1624289          225/225             F          440,000.00         ZZ
                                         360        439,234.98          1
    16180 COUNTY ROAD 87               8.750          3,461.49         68
                                       8.500          3,461.49      650,000.00
    ESPARTO          CA   95627          2            07/16/97         00
    805417900                            05           09/01/97          0
    805417900                            O            08/01/27
    0


    1624409          B77/G02             F           69,000.00         ZZ
                                         360         68,961.32          1
    10 TUTTLE STREET UNIT #3H          8.875            548.99         89
                                       8.625            548.99       78,000.00
    STAMFORD         CT   06902          1            09/24/97         11
    0430446393                           01           11/01/97         25
    97002939                             N            10/01/27
    0


    1624439          K08/G02             F           62,000.00         ZZ
                                         360         61,933.77          1
    1741 SPYGLASS DR #333              9.125            504.45         90
                                       8.875            504.45       68,900.00
    AUSTIN           TX   78746          1            08/21/97         04
    0410481030                           01           10/01/97         25
    410481030                            N            09/01/27
    0


    1624470          637/G02             F           38,250.00         ZZ
                                         360         38,226.22          1
    1012 PECAN STREET                  8.375            290.73         90
                                       8.125            290.73       42,500.00
    BEAUFORT         SC   29902          1            09/16/97         01
    0430432559                           05           11/01/97         25
1


    NG                                   N            10/01/27
    0


    1624488          H99/G02             F          248,000.00         ZZ
                                         360        247,849.76          1
    20201 SW 198 STREET                8.500          1,906.91         80
                                       8.250          1,906.91      310,000.00
    MIAMI            FL   33187          1            09/18/97         00
    0430429316                           05           11/01/97          0
    223023                               O            10/01/27
    0


    1624578          147/G02             F          116,000.00         ZZ
                                         360        115,929.73          1
    7456 N MCKENNA AVENUE              8.500            891.94         80
                                       8.250            891.94      145,000.00
    PORTLAND         OR   97203          1            09/09/97         00
    0430425611                           05           11/01/97          0
    10042805                             N            10/01/27
    0


    1624900          907/G02             F           43,800.00         ZZ
                                         360         43,769.86          1
    19901 BRISTOL ROAD                 7.875            317.58         80
                                       7.625            317.58       54,800.00
    SAN CARLOS PARK  FL   33912          1            09/23/97         00
    0430447342                           05           11/01/97          0
    10001597                             N            10/01/27
    0


    1624910          A50/G02             F          568,750.00         ZZ
                                         360        568,396.49          1
    1330 HARBOUR WATCH DRIVE SW        8.375          4,322.91         65
                                       8.125          4,322.91      875,000.00
    CALABASH         NC   28467          5            09/22/97         00
    0430437756                           03           11/01/97          0
    7502802450                           O            10/01/27
    0


    1624916          074/G02             F           28,500.00         ZZ
                                         360         28,465.35          1
    601 W 75TH STREET                  8.500            219.14         90
                                       8.250            219.14       31,667.00
    KANSAS CITY      MO   64114          1            08/19/97         11
    0430406306                           05           10/01/97         25
    1456006963                           N            09/01/27
    0


1


    1624917          074/G02             F           28,500.00         ZZ
                                         360         28,465.35          1
    605 W 75TH STREET                  8.500            219.14         90
                                       8.250            219.14       31,667.00
    KANSAS CITY      MO   64114          1            08/19/97         10
    0430406314                           05           10/01/97         25
    1456006974                           N            09/01/27
    0


    1624918          074/G02             F           28,500.00         ZZ
                                         360         28,465.35          1
    603 W 75TH STREET                  8.500            219.14         90
                                       8.250            219.14       31,667.00
    KANSAS CITY      MO   64114          1            08/19/97         04
    0430406322                           05           10/01/97         25
    1456006985                           N            09/01/27
    0


    1624922          074/G02             F           28,000.00         ZZ
                                         360         27,946.05          1
    1934 SOUTH STERN AVENUE            8.250            210.36         50
                                       8.000            210.36       56,000.00
    TUSCON           AZ   85711          2            07/29/97         00
    0430406330                           05           09/01/97          0
    1569174827                           N            08/01/27
    0


    1624923          074/G02             F           64,800.00         ZZ
                                         360         64,723.21          4
    4926 EAST CULVER STREET            8.625            504.01         90
                                       8.375            504.01       72,000.00
    PHOENIX          AZ   85008          1            08/19/97         01
    0430406348                           05           10/01/97         25
    1569175003                           N            09/01/27
    0


    1624924          074/G02             F           32,150.00         ZZ
                                         360         32,112.86          1
    416 HOLLINGSWORTH CIRCLE           8.750            252.93         90
                                       8.500            252.93       35,750.00
    CLINTON          TN   37716          1            08/15/97         04
    0430406355                           05           10/01/97         25
    1577092670                           N            09/01/27
    0


    1624933          074/G02             F           36,400.00         ZZ
                                         360         36,353.40          1
    18405 GREYDALE AVENUE              8.250            273.47         69
                                       8.000            273.47       53,000.00
1


    DETROIT          MI   48226          5            08/11/97         00
    0430406363                           05           10/01/97          0
    1581118803                           N            09/01/27
    0


    1624936          074/G02             F           61,000.00         T
                                         360         60,929.55          1
    2908 NOKOMIS PLACE                 8.750            479.89         54
                                       8.500            479.89      115,000.00
    POINT PLEASANT   NJ   08742          1            08/22/97         00
    0430406371                           05           10/01/97          0
    1587078086                           O            09/01/27
    0


    1624938          074/G02             F           91,000.00         ZZ
                                         360         90,892.16          3
    810 SW 6TH COURT                   8.625            707.79         70
                                       8.375            707.79      130,000.00
    POMPANO BEACH    FL   33060          5            08/18/97         00
    0430406389                           05           10/01/97          0
    1589125880                           N            09/01/27
    0


    1625116          K08/G02             F           34,300.00         ZZ
                                         360         34,263.34          1
    720 WASHINGTON AVENUE UNIT 415     9.125            279.08         70
                                       8.875            279.08       49,000.00
    MIAMI BEACH      FL   33139          1            08/18/97         00
    0410490940                           01           10/01/97          0
    410490940                            N            09/01/27
    0


    1625141          638/G02             F          122,700.00         ZZ
                                         360        122,627.56          1
    8362 WEST PARADISE DRIVE           8.625            954.35         90
                                       8.375            954.35      136,342.00
    PEORIA           AZ   85345          1            09/16/97         10
    0430431668                           03           11/01/97         25
    8659214                              N            10/01/27
    0


    1625178          B57/G02             F          256,000.00         ZZ
                                         360        255,696.51          2
    413-415 NORTH ALTA VISTA BLVD      8.625          1,991.15         80
                                       8.375          1,991.15      320,000.00
    LOS ANGELES      CA   90036          1            08/27/97         00
    0430440792                           05           10/01/97          0
    9720510                              O            09/01/27
    0
1




    1625189          687/G02             F           44,100.00         ZZ
                                         360         44,075.28          1
    1317 ARGONNE BLVD                  8.875            350.88         90
                                       8.625            350.88       49,000.00
    WINSTON-SALEM    NC   27101          1            09/19/97         10
    0430425223                           05           11/01/97         25
    9107731316                           O            10/01/27
    0


    1625203          225/225             F           26,100.00         ZZ
                                         360         26,084.98          1
    1123 RODEO DRIVE                   8.750            205.33         90
                                       8.500            205.33       29,000.00
    DENHAM SPRINGS   LA   70726          1            09/10/97         04
    8061442                              05           11/01/97         25
    8061442                              O            10/01/27
    0


    1625218          G18/G02             F          111,300.00         ZZ
                                         360        111,237.61          2
    3850 XENIA AVENUE NORTH            8.875            885.55         90
                                       8.625            885.55      123,700.00
    ROBBINSDALE      MN   55422          1            09/29/97         04
    0430431866                           05           11/01/97         25
    226296                               N            10/01/27
    0


    1625972          G88/G02             F           95,120.00         T
                                         360         95,066.67          1
    992 OCEAN BOULEVARD                8.875            756.82         80
                                       8.625            756.82      118,900.00
    HAMPTON          NH   03842          1            09/22/97         00
    0430434779                           05           11/01/97          0
    9708028                              O            10/01/27
    0


    1625973          F25/G02             F          135,200.00         ZZ
                                         360        135,200.00          2
    319 HAMILTON AVENUE                8.875          1,075.72         80
                                       8.625          1,075.72      169,000.00
    PATERSON         NJ   07501          1            10/10/97         00
    0430449686                           05           12/01/97          0
    R9709046                             O            11/01/27
    0


    1625988          H19/G02             F           84,900.00         ZZ
                                         360         84,848.56          1
1


    4591 WEST 5500 SOUTH               8.500            652.81         75
                                       8.250            652.81      113,200.00
    KEARNS           UT   84118          2            09/15/97         00
    0430442285                           05           11/01/97          0
    2028785                              O            10/01/27
    0


    1626040          G66/G02             F          124,000.00         ZZ
                                         360        123,926.79          1
    4907 WEST 121ST STREET             8.625            964.46         80
                                       8.375            964.46      155,000.00
    HAWTHORNE        CA   90250          1            09/15/97         00
    0430400093                           05           11/01/97          0
    714                                  N            10/01/27
    0


    1626045          687/G02             F           92,850.00         ZZ
                                         360         92,790.79          1
    137 TAPATIO STREET                 8.250            697.55         86
                                       8.000            697.55      108,000.00
    HENDERSON        NV   89014          2            09/12/97         01
    0430449157                           01           11/01/97         25
    420537                               N            10/01/27
    0


    1626053          828/G02             F           36,900.00         ZZ
                                         360         36,879.84          1
    215 SOUTH GUILFORD DRIVE           9.000            296.91         90
                                       8.750            296.91       41,000.00
    SAN ANTONIO      TX   78217          1            09/26/97         11
    0430429092                           05           11/01/97         30
    76810076                             N            10/01/27
    0


    1626057          638/G02             F           41,400.00         ZZ
                                         360         41,376.79          1
    704 36TH STREET                    8.875            329.40         88
                                       8.625            329.40       47,100.00
    WEST PALM BEACH  FL   33407          1            09/19/97         10
    0430422543                           05           11/01/97         25
    8666469                              N            10/01/27
    0


    1626059          604/G02             F           70,200.00         ZZ
                                         360         70,200.00          1
    1565 CENTER AVENUE                 9.250            577.52         90
    #4E                                9.000            577.52       78,000.00
    FORT LEE         NJ   07024          1            10/01/97         11
    0430445726                           08           12/01/97         25
1


    44160625                             N            11/01/27
    0


    1626076          180/G02             F          180,000.00         ZZ
                                         360        179,879.22          1
    1000 JOHNSON COUNTY ROAD 914       8.000          1,320.78         75
                                       7.750          1,320.78      240,000.00
    BURLESON         TX   76028          1            09/11/97         00
    0430440198                           05           11/01/97          0
    12034963                             O            10/01/27
    0


    1626103          405/405             F          108,000.00         ZZ
                                         360        107,927.53          1
    13005 LOS CEDROS AVENUE            8.000            792.47         83
                                       7.750            792.47      131,000.00
    RANCHO CUCAMONG  CA   91739          5            09/15/97         10
    8317513                              05           11/01/97         12
    8317513                              O            10/01/27
    0


    1626144          514/G02             F          528,000.00         ZZ
                                         360        527,680.14          4
    1033 BEACON STREET                 8.500          4,059.86         80
                                       8.250          4,059.86      660,000.00
    BROOKLINE        MA   02215          1            09/30/97         00
    0430433359                           07           11/01/97          0
    362618                               O            10/01/27
    0


    1626174          480/G02             F          119,612.00         ZZ
                                         360        119,546.66          1
    647 ELLA MAE DRIVE                 9.000            962.43         80
                                       8.750            962.43      149,515.00
    DAVENPORT        FL   33837          1            09/24/97         00
    0430437723                           03           11/01/97          0
    2068864                              O            10/01/27
    0


    1626412          776/G02             F          168,000.00         ZZ
                                         360        167,540.43          1
    2044 DOMAR PLACE                   8.375          1,276.92         80
                                       8.125          1,276.92      210,000.00
    OXNARD           CA   93030          1            08/21/97         00
    0430414136                           05           10/01/97          0
    2146696                              O            09/01/27
    0


1


    1626496          B24/G02             F          119,000.00         ZZ
                                         360        119,000.00          1
    135 COURTLAND AVE                  8.625            925.57         70
    # 25                               8.375            925.57      170,000.00
    STAMFORD         CT   06902          5            10/10/97         00
    0430430819                           01           12/01/97          0
    230303                               O            11/01/27
    0


    1626508          637/G02             F           94,500.00         ZZ
                                         360         94,445.62          1
    1530 WEST 6TH AVENUE               8.750            743.44         90
                                       8.500            743.44      105,000.00
    JUNCTION CITY    OR   97448          1            09/10/97         10
    0430432187                           05           11/01/97         25
    9960832                              N            10/01/27
    0


    1626528          883/G02             F           67,600.00         ZZ
                                         360         67,557.98          1
    10879 COPPER CREEK COURT           8.375            513.81         80
                                       8.125            513.81       84,500.00
    JACKSONVILLE     FL   32218          1            09/26/97         00
    0430432088                           03           11/01/97          0
    007075                               O            10/01/27
    0


    1626540          687/G02             F           36,000.00         ZZ
                                         360         35,979.82          1
    1921 E 24TH STREET                 8.875            286.43         90
                                       8.625            286.43       40,000.00
    DES MOINES       IA   50317          1            09/17/97         04
    0430423038                           05           11/01/97         30
    72207719                             O            10/01/27
    0


    1626638          105/G02             F          170,600.00         ZZ
                                         360        170,381.69          1
    4202 LYNHURST ROAD                 8.250          1,281.66         75
                                       8.000          1,281.66      227,500.00
    BALTIMORE        MD   21222          1            08/29/97         00
    0430433854                           05           10/01/97          0
    1003599                              O            09/01/27
    0


    1626682          G28/G02             F           61,600.00         ZZ
                                         360         61,562.67          1
    1133 EAST 102ND STREET             8.500            473.66         80
                                       8.250            473.66       77,000.00
1


    LOS ANGELES      CA   90002          1            09/08/97         00
    0430406793                           05           11/01/97          0
    88697                                N            10/01/27
    0


    1627562          129/G02             F          110,700.00         ZZ
                                         360        110,432.58          4
    108-110 KIMBALL AVENUE             9.125            900.69         90
                                       8.875            900.69      124,000.00
    REVERE           MA   02151          1            07/29/97         11
    0430414805                           05           09/01/97         25
    UNKNOWN                              N            08/01/27
    0


    1627601          758/G02             F          107,350.00         ZZ
                                         360        107,350.00          1
    608 - 610 SAN BENITO COURT         9.125            873.44         86
                                       8.875            873.44      125,000.00
    COLLEGE STATION  TX   77845          2            10/10/97         04
    0430445635                           05           12/01/97         25
    UNKNOWN                              N            11/01/27
    0


    1627655          B77/G02             F           94,500.00         ZZ
                                         360         94,448.38          3
    533 MAMMOTH ROAD                   9.000            760.37         90
                                       8.750            760.37      105,000.00
    LONDONDERRY      NH   03050          1            09/30/97         01
    0430448332                           05           11/01/97         25
    97002978                             N            10/01/27
    0


    1627679          800/G02             F          164,000.00         ZZ
                                         360        163,908.06          1
    31 BROOKS ROAD                     8.875          1,304.86         46
                                       8.625          1,304.86      360,000.00
    SUDBURY          MA   01776          5            09/19/97         00
    0430443937                           05           11/01/97          0
    224661                               O            10/01/27
    0


    1627762          201/G02             F           49,200.00         ZZ
                                         360         49,170.19          1
    700 SCHUYLER AVENUE                8.500            378.31         85
                                       8.250            378.31       58,000.00
    KEARNY           NJ   07032          1            09/25/97         10
    0430441584                           06           11/01/97         25
    1209014099                           O            10/01/27
    0
1




    1627794          687/G02             F           38,400.00         ZZ
                                         360         38,378.47          1
    322 NORTH HARBISON AVENUE          8.875            305.53         80
                                       8.625            305.53       48,000.00
    INDIANAPOLIS     IN   46219          1            09/29/97         00
    0430429423                           05           11/01/97          0
    1624245                              O            10/01/27
    0


    1627820          927/G02             F          120,050.00         ZZ
                                         360        119,884.22          1
    4671 GOODWIN ROAD                  7.875            870.45         90
                                       7.625            870.45      134,000.00
    SPARKS           NV   89436          1            08/25/97         04
    0430434100                           03           10/01/97         25
    266668                               N            09/01/27
    0


    1627892          B24/G02             F          316,000.00         ZZ
                                         360        315,782.53          1
    491 DEN ROAD                       7.875          2,291.22         80
                                       7.625          2,291.22      395,000.00
    STAMFORD         CT   06903          1            09/30/97         00
    0430389460                           05           11/01/97          0
    226496                               O            10/01/27
    0


    1627939          637/G02             F          157,500.00         ZZ
                                         360        157,399.56          1
    116 LONG BEN DRIVE                 8.250          1,183.25         75
                                       8.000          1,183.25      210,000.00
    KEY LARGO        FL   33037          1            09/12/97         00
    0430426593                           05           11/01/97          0
    8357394                              O            10/01/27
    0


    1627955          A26/G02             F           96,000.00         T
                                         360         95,946.18          1
    15 KOZNITZ ROAD C3                 8.875            763.82         80
    UNIT 103                           8.625            763.82      120,000.00
    MONROE           NY   10950          1            09/30/97         00
    0430431080                           01           11/01/97          0
    128484128                            O            10/01/27
    0


    1627962          F25/G02             F          139,500.00         T
                                         360        139,419.74          1
1


    28 HERITAGE VILLAGE                8.750          1,097.45         90
                                       8.500          1,097.45      155,000.00
    BOLTON           NY   12814          1            09/19/97         01
    0430424937                           05           11/01/97         25
    S9707006                             O            10/01/27
    0


    1627969          H34/G02             F           45,000.00         ZZ
                                         360         45,000.00          1
    4912 WHITTLE RD                    8.375            342.04         75
                                       8.125            342.04       60,000.00
    SPRINGDALE       AR   72762          5            10/09/97         00
    0430426833                           05           12/01/97          0
    970811AXL01                          O            11/01/27
    0


    1627972          H22/G02             F          161,500.00         ZZ
                                         360        161,500.00          2
    23-24 SOUND STREET                 8.750          1,270.52         95
                                       8.500          1,270.52      170,000.00
    ASTORIA          NY   11105          1            10/09/97         10
    0430438176                           07           12/01/97         35
    9705017                              O            11/01/27
    0


    1627979          896/G02             F           62,550.00         ZZ
                                         360         62,515.84          1
    250 DOGWOOD LANE                   9.000            503.29         90
                                       8.750            503.29       69,500.00
    LAWRENCEVILLE    GA   30045          1            09/15/97         11
    0430428698                           05           11/01/97         25
    1627979                              N            10/01/27
    0


    1627980          896/G02             F           87,750.00         ZZ
                                         360         87,703.31          1
    6509 GERMANTOWN DRIVE              9.125            713.96         90
                                       8.875            713.96       97,550.00
    FLOWERY BRANCH   GA   30542          1            09/19/97         01
    0430431858                           05           11/01/97         25
    13702                                N            10/01/27
    0


    1627981          893/G02             F           51,450.00         ZZ
                                         360         51,421.90          1
    3050 RUE D'ORLEANS #205            9.000            413.98         70
                                       8.750            413.98       73,500.00
    SAN DIEGO        CA   92110          1            09/26/97         00
    0430433904                           01           11/01/97          0
1


    1627981                              N            10/01/27
    0


    1627983          H81/G02             F           73,500.00         ZZ
                                         360         73,458.79          2
    174-174A NORTH 68TH STREET         8.875            584.80         89
                                       8.625            584.80       83,500.00
    MILWAUKEE        WI   53213          1            09/26/97         10
    0430441832                           05           11/01/97         25
    WH2527                               N            10/01/27
    0


    1628011          766/G02             F           68,000.00         ZZ
                                         360         68,000.00          1
    6862 WEST 2ND LANE                 8.625            528.90         85
                                       8.375            528.90       80,000.00
    HIALEAH          FL   33014          5            10/02/97         11
    0430439695                           09           12/01/97         12
    97020644                             O            11/01/27
    0


    1628012          F34/G02             F           84,400.00         ZZ
                                         360         84,299.98          1
    15672 NW 14TH STREET               8.625            656.46         65
                                       8.375            656.46      129,851.00
    PEMBROKE PINES   FL   33028          1            09/05/97         00
    0430440677                           03           10/01/97          0
    9700469                              O            09/01/27
    0


    1628019          E57/G02             F          134,400.00         ZZ
                                         360        134,240.73          1
    8321 EAST SANDERS COURT            8.625          1,045.35         80
                                       8.375          1,045.35      168,000.00
    FRESNO           CA   93727          2            08/19/97         00
    0430442251                           05           10/01/97          0
    1833                                 O            09/01/27
    0


    1628077          638/G02             F           59,150.00         ZZ
                                         360         59,116.84          1
    260 CLIFTON STREET                 8.875            470.62         90
                                       8.625            470.62       65,750.00
    LONG BRANCH      NJ   07740          1            09/25/97         04
    0430437749                           05           11/01/97         25
    8658139                              N            10/01/27
    0


1


    1628090          828/G02             F           34,200.00         ZZ
                                         360         34,200.00          1
    2708 37TH STREET                   9.000            275.19         90
                                       8.750            275.19       38,000.00
    LUBBOCK          TX   79413          1            10/01/97         11
    0430433821                           05           12/01/97         25
    75250038                             N            11/01/27
    0


    1628105          638/G02             F          280,000.00         ZZ
                                         360        279,812.13          1
    7790 SOUTH GLENCOE WAY             8.000          2,054.54         80
                                       7.750          2,054.54      350,000.00
    LITTLETON        CO   80122          5            09/19/97         00
    0430427757                           03           11/01/97          0
    8666555                              O            10/01/27
    0


    1628141          225/225             F          111,650.00         ZZ
                                         360        111,589.01          1
    15134 EAST WESLEY AVENUE           9.000            898.37         80
                                       8.750            898.37      139,583.00
    AURORA           CO   80014          1            09/23/97         00
    8063448                              05           11/01/97          0
    8063448                              N            10/01/27
    0


    1628151          638/G02             F           50,850.00         ZZ
                                         360         50,821.49          1
    1444 TAMARENO CIRCLE               8.875            404.59         90
    #C                                 8.625            404.59       56,500.00
    LAS VEGAS        NV   89119          1            09/19/97         04
    0430436162                           01           11/01/97         25
    08664305                             N            10/01/27
    0


    1628169          225/225             F           58,000.00         ZZ
                                         360         57,965.76          2
    314 E HAZELHURST                   8.625            451.12         80
                                       8.375            451.12       72,500.00
    FERNDALE         MI   48220          1            09/23/97         00
    SF970872                             05           11/01/97          0
    SF970872                             N            10/01/27
    0


    1628189          683/G02             F          144,500.00         ZZ
                                         360        144,391.88          1
    7 PREBLES WAY                      8.875          1,149.71         85
                                       8.625          1,149.71      170,000.00
1


    GRAY             ME   04039          5            09/22/97         23
    0430431163                           05           11/01/97          0
    20203                                O            10/01/27
    0


    1628272          K08/G02             F           71,200.00         ZZ
                                         360         71,111.19          1
    5462 VISTA CREEK DRIVE             8.375            541.17         80
                                       8.125            541.17       89,000.00
    SAN ANTONIO      TX   78247          2            08/29/97         00
    0410527246                           05           10/01/97          0
    410527246                            N            09/01/27
    0


    1628307          A52/G02             F          221,000.00         ZZ
                                         360        220,879.28          1
    635 RIVER FALLS                    9.000          1,778.22         63
                                       8.750          1,778.22      355,000.00
    ROSEWELL         GA   30076          5            09/12/97         00
    0430378224                           03           11/01/97          0
    224072                               O            10/01/27
    0


    1628332          A26/G02             F          124,000.00         ZZ
                                         300        123,884.71          1
    520 E 81ST STREET                  8.750          1,019.46         80
    UNIT 3L                            8.500          1,019.46      155,000.00
    NEW YORK         NY   10028          1            09/29/97         00
    0430434480                           06           11/01/97          0
    9223                                 O            10/01/22
    0


    1628333          737/G02             F           55,800.00         ZZ
                                         360         55,737.21          1
    2001 SHADOWLAWN DRIVE              8.875            443.97         90
                                       8.625            443.97       62,000.00
    ST MARYS         GA   31558          1            08/29/97         01
    0430435180                           05           10/01/97         25
    950762                               N            09/01/27
    0


    1628365          B24/G02             F           80,000.00         ZZ
                                         360         79,951.54          1
    224 CROSS HILL ROAD                8.500            615.13         51
                                       8.250            615.13      158,000.00
    MONROE           CT   06468          5            09/16/97         00
    0430381152                           05           11/01/97          0
    225529                               O            10/01/27
    0
1




    1628398          180/G02             F           86,400.00         ZZ
                                         360         86,351.56          4
    8151 PTARMIGAN                     8.875            687.44         90
                                       8.625            687.44       96,000.00
    GILLETTE         WY   82718          1            09/22/97         01
    0430428144                           05           11/01/97         25
    12025680                             N            10/01/27
    0


    1628402          638/G02             F           62,550.00         ZZ
                                         360         62,515.84          1
    555 HILLCREST DRIVE                9.000            503.29         90
                                       8.750            503.29       69,500.00
    WESTFIELD        IN   46074          1            09/22/97         10
    0430423707                           05           11/01/97         25
    8668204                              N            10/01/27
    0


    1628418          E73/G02             F          175,000.00         ZZ
                                         360        175,000.00          1
    1367 SLAYTON DRIVE                 8.250          1,314.72         72
                                       8.000          1,314.72      245,000.00
    MAPLE GLEN       PA   19002          1            10/24/97         00
    0430476200                           05           12/01/97          0
    23948                                O            11/01/27
    0


    1628426          K08/G02             F           26,150.00         ZZ
                                         360         26,107.22          1
    260 EL DORADO #1804                8.875            208.06         95
                                       8.625            208.06       27,552.00
    WEBSTER          TX   77598          1            08/28/97         11
    0410480909                           01           10/01/97         30
    410480909                            O            09/01/27
    0


    1628454          375/G02             F          375,000.00         ZZ
                                         360        374,412.26          1
    643 ALMOND AVENUE                  9.250          3,085.04         54
                                       9.000          3,085.04      700,000.00
    LOS ALTOS        CA   94022          2            07/08/97         00
    0430381541                           05           09/01/97          0
    665855                               N            08/01/27
    0


    1628457          638/G02             F          224,000.00         ZZ
                                         360        224,000.00          1
1


    1156 BANYAN WAY                    8.250          1,682.84         80
                                       8.000          1,682.84      280,000.00
    PACIFICA         CA   94044          5            10/01/97         00
    0430439547                           05           12/01/97          0
    08666697                             O            11/01/27
    0


    1628469          638/G02             F           70,000.00         ZZ
                                         360         70,000.00          1
    3016 W MEDILL AVE                  8.625            544.45         80
                                       8.375            544.45       87,500.00
    CHICAGO          IL   60647          1            10/15/97         00
    0430448555                           05           12/01/97          0
    08668209                             O            11/01/27
    0


    1628477          638/G02             F           59,200.00         ZZ
                                         360         59,165.05          1
    3513 WEST 73RD PLACE               8.625            460.45         80
                                       8.375            460.45       74,000.00
    CHICAGO          IL   60629          1            09/29/97         00
    0430426189                           05           11/01/97          0
    8668218                              O            10/01/27
    0


    1628478          K08/G02             F          130,000.00         ZZ
                                         360        129,829.34          1
    670 SLOAT BOULEVARD                8.125            965.25         44
                                       7.875            965.25      300,000.00
    SAN FRANCISCO    CA   94132          5            08/11/97         00
    0410490098                           05           10/01/97          0
    410490098                            O            09/01/27
    0


    1628483          180/G02             F          116,000.00         ZZ
                                         360        115,933.26          1
    2481 RIVER RIDGE DRIVE             8.750            912.57         90
                                       8.500            912.57      128,938.00
    ORLANDO          FL   32825          1            09/19/97         10
    0430433136                           03           11/01/97         25
    12049995                             N            10/01/27
    0


    1628535          638/G02             F           39,600.00         ZZ
                                         360         39,600.00          1
    44 MOUND STREET                    8.375            300.99         90
                                       8.125            300.99       44,000.00
    ATHENS           OH   45701          1            10/15/97         04
    0430447326                           05           12/01/97         25
1


    08667933                             N            11/01/27
    0


    1628539          229/G02             F          126,000.00         ZZ
                                         360        125,925.61          2
    2334 & 2336 DALTON                 8.625            980.02         90
                                       8.375            980.02      140,000.00
    WICHITA          KS   67206          1            09/29/97         14
    0430471649                           05           11/01/97         25
    000831689                            N            10/01/27
    0


    1628558          H17/G02             F           45,000.00         ZZ
                                         360         44,969.03          1
    2132 W PARKWAY                     7.875            326.28         75
                                       7.625            326.28       60,000.00
    DELAND           FL   32724          5            09/22/97         00
    0430425686                           05           11/01/97          0
    224774                               O            10/01/27
    0


    1628562          F25/G02             F          110,000.00         ZZ
                                         360        110,000.00          1
    23 FOREST LANE                     8.625            855.57         80
                                       8.375            855.57      138,000.00
    CROMPOND         NY   10517          1            10/09/97         00
    0430441287                           05           12/01/97          0
    R9708102                             O            11/01/27
    0


    1628602          225/225             F           52,650.00         ZZ
                                         360         52,618.91          1
    3633 STONEHAVEN DRIVE              8.625            409.51         90
                                       8.375            409.51       58,500.00
    CHARLOTTE        NC   28215          1            09/22/97         14
    8062133                              05           11/01/97         25
    8062133                              N            10/01/27
    0


    1628617          687/G02             F           98,800.00         ZZ
                                         360         98,740.14          1
    319 QUITO COURT                    8.500            759.69         80
                                       8.250            759.69      123,500.00
    HENDERSON        NV   89014          1            09/15/97         00
    0430431759                           05           11/01/97          0
    322337                               O            10/01/27
    0


1


    1628658          375/G02             F           56,600.00         ZZ
                                         360         56,458.55          1
    290 N WESTGATE RD                  9.500            475.93         90
    #214                               9.250            475.93       62,900.00
    MT PROSPECT      IL   60056          1            05/23/97         12
    0430445684                           08           07/01/97         25
    652447                               N            06/01/27
    0


    1628670          962/G02             F           60,500.00         ZZ
                                         360         60,462.39          2
    901 58TH AVE N                     8.375            459.85         53
                                       8.125            459.85      115,000.00
    MOORHEAD         MN   56560          5            09/17/97         00
    0430382291                           05           11/01/97          0
    1628670                              O            10/01/27
    0


    1628708          A91/G02             F          218,500.00         ZZ
                                         360        218,364.19          2
    44-14 65TH PLACE                   8.375          1,660.76         95
                                       8.125          1,660.76      230,000.00
    WOODSIDE         NY   11377          1            09/05/97         11
    0430439919                           05           11/01/97         30
    NG                                   O            10/01/27
    0


    1628745          286/286             F          112,000.00         ZZ
                                         360        111,860.27          1
    RR 3 BOX 233D                      8.375            851.29         80
                                       8.125            851.29      140,000.00
    SUSQUEHANNA      PA   18841          5            08/13/97         00
    0008639629                           05           10/01/97          0
    0008639629                           O            09/01/27
    0


    1628748          286/286             F          135,000.00         ZZ
                                         360        134,848.06          1
    9707 WILLIAMSBURG COURT            8.875          1,074.13         90
                                       8.625          1,074.13      150,000.00
    UPPER MARLBORO   MD   20772          1            08/15/97         04
    0008698877                           05           10/01/97         25
    0008698877                           N            09/01/27
    0


    1628805          129/G02             F           95,800.00         ZZ
                                         360         95,744.88          3
    352 PEARL ST                       8.750            753.66         90
                                       8.500            753.66      106,450.00
1


    MANCHESTER       NH   03104          1            09/30/97         04
    0430444935                           05           11/01/97         25
    3500029818                           O            10/01/27
    0


    1628809          637/G02             F           76,500.00         ZZ
                                         360         76,457.11          1
    521 WEST HUTCHINSON STREET         8.875            608.67         90
                                       8.625            608.67       85,000.00
    SAN MARCOS       TX   78666          1            09/18/97         10
    0430431270                           05           11/01/97         25
    8247066                              N            10/01/27
    0


    1628820          286/286             F           82,800.00         ZZ
                                         360         82,666.80          3
    77 CAMP STREET                     9.125            673.69         90
                                       8.875            673.69       92,000.00
    PROVIDENCE       RI   02906          1            07/21/97         10
    054660500                            05           09/01/97         25
    054660500                            N            08/01/27
    0


    1628848          G52/G02             F          136,000.00         ZZ
                                         360        135,854.71          1
    1427 EAST SAN MIGUEL AVENUE        9.125          1,106.54         94
                                       8.875          1,106.54      145,000.00
    PHOENIX          AZ   85014          2            08/26/97         10
    0430432385                           05           10/01/97         30
    MITTEN                               O            09/01/27
    0


    1628878          758/G02             F           78,400.00         ZZ
                                         360         78,346.05          1
    1717 LAURA LANE                    7.875            568.45         80
                                       7.625            568.45       98,000.00
    COLLEGE STATION  TX   77840          1            09/19/97         00
    0430431973                           05           11/01/97          0
    971601                               O            10/01/27
    0


    1628883          638/G02             F          111,300.00         ZZ
                                         360        111,300.00          1
    5640 SCOTTYBOY DRIVE               8.500            855.80         90
                                       8.250            855.80      123,850.00
    LAS VEGAS        NV   89113          1            10/02/97         04
    0430447805                           05           12/01/97         25
    08667359                             N            11/01/27
    0
1




    1628922          637/G02             F           97,200.00         ZZ
                                         360         97,022.07          1
    2214 WEST JAVALINA AVENUE          8.500            747.39         90
                                       8.250            747.39      108,000.00
    MESA             AZ   85202          1            07/31/97         04
    0430379511                           05           09/01/97         25
    9800491                              N            08/01/27
    0


    1628923          H86/G02             F           89,100.00         ZZ
                                         360         89,048.74          1
    10225 LEXINGTON AVENUE NE          8.750            700.95         90
                                       8.500            700.95       99,000.00
    ALBUQUERQUE      NM   87112          1            09/26/97         01
    0430438119                           05           11/01/97         25
    093276                               N            10/01/27
    0


    1628929          G81/G02             F           29,925.00         ZZ
                                         360         29,907.78          1
    14415 SW 88 STREET                 8.750            235.42         75
    UNIT 203-G                         8.500            235.42       39,900.00
    MIAMI            FL   33186          1            09/25/97         00
    0430424192                           01           11/01/97          0
    021709027                            N            10/01/27
    0


    1628932          F61/G02             F           88,200.00         ZZ
                                         360         88,150.55          1
    7742 30TH AVE SW                   8.875            701.76         90
                                       8.625            701.76       98,000.00
    SEATTLE          WA   98126          1            09/22/97         04
    0430438283                           05           11/01/97         25
    970570S                              N            10/01/27
    0


    1628962          638/G02             F          187,000.00         ZZ
                                         360        186,868.02          1
    807 DELLWOOD ROAD                  7.750          1,339.69         85
                                       7.500          1,339.69      220,000.00
    FALLSTON         MD   21047          5            09/24/97         04
    0430423731                           05           11/01/97         12
    8668164                              O            10/01/27
    0


    1629002          874/G02             F           96,000.00         ZZ
                                         360         95,941.84          1
1


    1875 VALE STREET                   8.500            738.16         80
                                       8.250            738.16      120,000.00
    RENO             NV   89509          1            09/15/97         00
    0430425983                           05           11/01/97          0
    3721848                              N            10/01/27
    0


    1629009          705/G02             F          151,200.00         ZZ
                                         360        151,200.00          1
    129 CATHERINE AVENUE               8.500          1,162.60         90
                                       8.250          1,162.60      168,000.00
    FRANKLIN SQUARE  NY   11366          1            10/09/97         11
    0430439323                           05           12/01/97         25
    97300079                             O            11/01/27
    0


    1629029          E15/G02             F          136,800.00         ZZ
                                         360        136,710.51          1
    49 OAK CLIFF DRIVE                 8.125          1,015.74         80
                                       7.875          1,015.74      171,000.00
    POMONA           CA   91766          1            09/22/97         00
    0430435800                           05           11/01/97          0
    88000741                             O            10/01/27
    0


    1629053          952/G02             F          147,900.00         ZZ
                                         360        147,900.00          1
    796 HARRISTOWN RD                  8.125          1,098.15         85
                                       7.875          1,098.15      174,000.00
    GLEN ROCK        NJ   07452          1            10/15/97         01
    0430446591                           05           12/01/97         20
    97071910                             N            11/01/27
    0


    1629055          H37/G02             F           27,000.00         ZZ
                                         360         26,984.47          1
    3911 ARBORWOOD                     8.750            212.41         90
                                       8.500            212.41       30,000.00
    LINDENWOLD       NJ   08021          1            09/23/97         10
    0430442681                           01           11/01/97         30
    970803                               N            10/01/27
    0


    1629059          A93/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
    3282 JASON DRIVE                   8.500          2,152.96         80
                                       8.250          2,152.96      350,000.00
    BELLMORE         NY   11710          1            10/28/97         00
    0430471441                           05           12/01/97          0
1


    08971438                             O            11/01/27
    0


    1629083          937/G02             F           80,000.00         ZZ
                                         360         79,888.98          1
    8291 WINDOW ROCK LANE              8.125            594.00         52
                                       7.875            594.00      155,000.00
    LAS VEGAS        NV   89123          1            08/22/97         00
    0430424275                           05           10/01/97          0
    48855071                             O            09/01/27
    0


    1629127          B90/G02             F          104,900.00         ZZ
                                         360        104,833.11          1
    9318 PRAIRIE VIEW COURT            8.250            788.08         78
                                       8.000            788.08      134,900.00
    ROSCOE           IL   61073          1            09/26/97         00
    0430438317                           05           11/01/97          0
    900542611                            O            10/01/27
    0


    1629132          A46/G02             F           41,400.00         ZZ
                                         360         41,371.51          1
    11839 PARLIAMENT                   7.875            300.18         90
                                       7.625            300.18       46,000.00
    SAN ANTONIO      TX   78216          1            09/16/97         01
    0430425637                           01           11/01/97         25
    0619061                              O            10/01/27
    0


    1629136          B81/G02             F           71,250.00         ZZ
                                         360         71,205.71          1
    2100 JAMES CROWE DRIVE             8.375            541.56         75
                                       8.125            541.56       95,000.00
    HAYDEN           ID   83835          1            09/24/97         00
    0430423640                           05           11/01/97          0
    977672                               N            10/01/27
    0


    1629154          375/G02             F           50,400.00         ZZ
                                         360         50,314.59          2
    980 & 982 CHAR-MIL AVENUE          8.875            401.01         90
                                       8.625            401.01       56,000.00
    LAKE ALFRED      FL   33850          1            07/17/97         10
    0430384719                           05           09/01/97         25
    667473                               N            08/01/27
    0


1


    1629169          375/G02             F           80,000.00         ZZ
                                         360         79,789.41          1
    2600 WEST 42ND AVENUE              9.250            658.14         90
                                       9.000            658.14       88,900.00
    DENVER           CO   80211          1            05/30/97         01
    0430381533                           05           07/01/97         25
    662169                               N            06/01/27
    0


    1629256          K08/G02             F          715,000.00         ZZ
                                         360        714,130.64          1
    842 MIRAMONTE DRIVE                8.500          5,497.73         65
                                       8.250          5,497.73    1,100,000.00
    SANTA BARBARA    CA   93109          5            08/18/97         00
    0410496061                           05           10/01/97          0
    410496061                            O            09/01/27
    0


    1629272          638/G02             F           70,200.00         ZZ
                                         360         70,163.60          1
    25 LILAC AVENUE                    9.250            577.52         90
                                       9.000            577.52       78,000.00
    FOX LAKE         IL   60020          1            09/29/97         10
    0430431692                           05           11/01/97         25
    8665774                              N            10/01/27
    0


    1629281          A38/G02             F           62,400.00         ZZ
                                         360         62,362.20          1
    2301 A & B MONTE CARLO DRIVE       8.500            479.80         80
                                       8.250            479.80       78,000.00
    ARLINGTON        TX   76015          1            09/23/97         00
    0430433748                           05           11/01/97          0
    1210763                              O            10/01/27
    0


    1629306          637/G02             F           48,000.00         ZZ
                                         360         47,970.92          1
    411 WARNER ST                      8.500            369.08         85
                                       8.250            369.08       57,000.00
    MARIETTA         GA   30060          2            09/29/97         01
    0430440933                           05           11/01/97         20
    8357626                              N            10/01/27
    0


    1629308          637/G02             F           54,000.00         ZZ
                                         360         53,967.28          1
    5142 LAKEVIEW COURT                8.500            415.22         84
                                       8.250            415.22       65,000.00
1


    AUSTELL          GA   30001          2            09/29/97         11
    0430440958                           07           11/01/97         20
    8357659                              N            10/01/27
    0


    1629313          638/G02             F           52,200.00         ZZ
                                         360         52,171.49          1
    6 COOLIDGE AVE                     9.000            420.01         90
                                       8.750            420.01       58,000.00
    FITCHBURG        MA   01420          1            10/02/97         14
    0430437384                           05           11/01/97         25
    08666331                             N            10/01/27
    0


    1629494          637/G02             F           90,000.00         ZZ
                                         360         89,893.35          1
    7137 LOMA DEL NORTE ROAD           8.625            700.01         90
                                       8.375            700.01      100,000.00
    ALBUQUERQUE      NM   87109          1            08/08/97         04
    0430379768                           05           10/01/97         25
    9975442                              N            09/01/27
    0


    1629527          286/286             F           31,500.00         ZZ
                                         360         31,413.04          2
    1037 BENTLEY STREET                8.875            250.63         90
                                       8.625            250.63       35,000.00
    ORLANDO          FL   32805          1            08/20/97         10
    8686909                              05           10/01/97         25
    8686909                              N            09/01/27
    0


    1629595          E86/G02             F          100,000.00         ZZ
                                         360         99,937.85          1
    200 OCEAN TRAIL WAY #106           8.375            760.07         63
                                       8.125            760.07      159,900.00
    JUPOTER          FL   33477          5            09/03/97         00
    0430426536                           06           11/01/97          0
    18791                                O            10/01/27
    0


    1629634          561/561             F           31,600.00         ZZ
                                         360         31,580.85          1
    5866 THUNDER HILL ROAD A-1         8.500            242.98         75
                                       8.250            242.98       42,150.00
    COLUMBIA         MD   21045          1            09/03/97         00
    9113424                              01           11/01/97          0
    9113424                              N            10/01/27
    0
1




    1629636          F03/G02             F           64,000.00         ZZ
                                         360         63,960.22          1
    11903 BRIARPATH DRIVE              8.375            486.45         80
                                       8.125            486.45       80,000.00
    SAN ANTONIO      TX   78249          1            09/26/97         00
    0430432443                           05           11/01/97          0
    SAT10372                             O            10/01/27
    0


    1629799          363/G02             F          400,000.00         ZZ
                                         360        399,461.43          1
    3651 DRAYTON HALL NORTH            8.000          2,935.06         80
                                       7.750          2,935.06      500,000.00
    NEW ALBANY       OH   43054          1            08/19/97         00
    0430395996                           05           10/01/97          0
    2980001376                           O            09/01/27
    0


    1629838          369/G02             F           71,500.00         ZZ
                                         360         71,423.61          1
    23 SPAR DRIVE                      9.125            581.75         86
                                       8.875            581.75       84,000.00
    GLOUCESTER TOWN  NJ   08081          1            08/18/97         01
    0430397869                           05           10/01/97         30
    60945060                             N            09/01/27
    0


    1629858          G81/G02             F          104,350.00         ZZ
                                         360        104,350.00          1
    14148 NW 88 PLACE                  8.125            774.80         80
                                       7.875            774.80      130,450.00
    MIAMI            FL   33018          1            10/08/97         00
    0430434142                           05           12/01/97          0
    021709039                            O            11/01/27
    0


    1629865          G18/G02             F           81,450.00         ZZ
                                         360         81,401.91          1
    1056 15TH AVENUE SE                8.625            633.51         90
                                       8.375            633.51       90,500.00
    MINNEAPOLIS      MN   55414          1            09/19/97         01
    0430430199                           05           11/01/97         25
    1629865                              N            10/01/27
    0


    1629867          G18/G02             F           96,300.00         ZZ
                                         360         96,243.15          1
1


    922 21ST AVENUE SOUTHEAST          8.625            749.01         90
                                       8.375            749.01      107,000.00
    MINNEAPOLIS      MN   55414          1            09/19/97         01
    0430422642                           05           11/01/97         25
    1629867                              N            10/01/27
    0


    1629877          003/G02             F           58,500.00         ZZ
                                         360         58,427.01          1
    2483 POPE ROAD                     8.375            444.65         90
                                       8.125            444.65       65,000.00
    DOUGLASVILLE     GA   30135          1            08/22/97         12
    0430426866                           05           10/01/97         25
    0003878501                           N            09/01/27
    0


    1629956          962/G02             F           90,400.00         ZZ
                                         360         90,345.23          1
    345 CHERRY COURT                   8.500            695.10         80
                                       8.250            695.10      113,000.00
    WEST FARGO       ND   58078          5            09/24/97         00
    0430388991                           05           11/01/97          0
    1629956                              O            10/01/27
    0


    1629969          B75/G02             F           90,000.00         ZZ
                                         360         89,901.31          1
    2575 SOUTH SYRACUSE WAY            9.000            724.16         90
    #F-306                             8.750            724.16      100,000.00
    DENVER           CO   80231          1            08/29/97         04
    0430423772                           01           10/01/97         25
    2994366                              N            09/01/27
    0


    1629993          G88/G02             F           54,150.00         ZZ
                                         360         54,150.00          1
    MAIN STREET                        9.250            445.48         95
    UNIT #71J                          9.000            445.48       57,000.00
    NEWMARKET        NH   03857          1            10/02/97         04
    0430432914                           01           12/01/97         30
    9708027                              O            11/01/27
    0


    1630011          K08/G02             F           47,500.00         ZZ
                                         360         47,446.55          3
    7746 CALHOUN                       8.875            377.93         44
                                       8.625            377.93      110,000.00
    DEARBORN         MI   48126          5            09/04/97         00
    0410502587                           05           10/01/97          0
1


    410502587                            N            09/01/27
    0


    1630058          992/G02             F          180,800.00         ZZ
                                         360        180,800.00          2
    22 27 120TH ST                     8.500          1,390.20         80
                                       8.250          1,390.20      226,000.00
    COLLEGE POINT    NY   11356          1            10/09/97         00
    0430433920                           05           12/01/97          0
    344075                               N            11/01/27
    0


    1630065          927/G02             F           72,675.00         ZZ
                                         360         72,595.30          1
    1608-1610 SUMMIT AVENUE            9.000            584.76         85
                                       8.750            584.76       85,500.00
    PUEBLO           CO   81004          1            08/25/97         04
    0430381129                           05           10/01/97         25
    303909                               N            09/01/27
    0


    1630105          A38/G02             F           58,500.00         ZZ
                                         360         58,467.21          1
    7045 GREEN RIDGE TRAIL             8.875            465.45         88
                                       8.625            465.45       67,000.00
    NORTH RICHLAND   TX   76180          1            09/18/97         04
    0430429753                           05           11/01/97         25
    1210783                              O            10/01/27
    0


    1630113          180/G02             F           60,075.00         ZZ
                                         360         60,032.60          1
    6420 BORDEAUX AVENUE               7.750            430.38         90
    UNIT 6420                          7.500            430.38       66,750.00
    DALLAS           TX   75209          1            09/25/97         04
    0430440669                           01           11/01/97         25
    12056487                             O            10/01/27
    0


    1630118          637/G02             F          178,000.00         ZZ
                                         360        177,892.16          1
    4029 CHESAPEAKE DRIVE              8.500          1,368.67         78
                                       8.250          1,368.67      230,000.00
    EDGEWATER        MD   21037          2            09/30/97         00
    0430440420                           03           11/01/97          0
    8270506                              O            10/01/27
    0


1


    1630122          229/G02             F           31,950.00         ZZ
                                         360         31,932.09          1
    1043 SOUTH 28TH STREET             8.875            254.21         90
                                       8.625            254.21       35,500.00
    OMAHA            NE   68105          1            09/24/97         04
    0430462820                           05           11/01/97         25
    7589641                              O            10/01/27
    0


    1630137          369/G02             F           73,800.00         ZZ
                                         360         73,758.62          1
    143 ESSEX DR.                      8.875            587.19         90
                                       8.625            587.19       82,000.00
    LONGWOOD         FL   32779          1            09/24/97         01
    0430437574                           05           11/01/97         25
    61062634                             N            10/01/27
    0


    1630139          J86/G02             F          171,000.00         ZZ
                                         360        170,896.41          1
    22 ROBBINS AVENUE                  8.500          1,314.84         95
                                       8.250          1,314.84      180,000.00
    ELMSFORD         NY   10523          2            09/26/97         01
    0430436568                           05           11/01/97         30
    3634                                 O            10/01/27
    0


    1630151          F03/G02             F          192,000.00         ZZ
                                         360        192,000.00          1
    291 PINECREST WAY                  8.500          1,476.32         80
                                       8.250          1,476.32      240,000.00
    PALMER LAKE      CO   80133          1            10/10/97         00
    0430443887                           05           12/01/97          0
    DEN11436                             O            11/01/27
    0


    1630172          514/G02             F           72,000.00         ZZ
                                         360         71,956.38          1
    739 WARRENTON ROAD                 8.500            553.62         90
                                       8.250            553.62       80,000.00
    WINTER PARK      FL   32792          1            10/02/97         01
    0430449512                           03           11/01/97         25
    362619                               N            10/01/27
    0


    1630176          G41/G02             F          172,000.00         ZZ
                                         360        171,884.59          1
    18355 CANTWELL RANCH RD            8.000          1,262.08         80
                                       7.750          1,262.08      215,000.00
1


    LOWER LAKE       CA   94547          1            09/19/97         00
    0430433730                           05           11/01/97          0
    69990708                             O            10/01/27
    0


    1630189          G66/G02             F           50,400.00         ZZ
                                         360         50,400.00          1
    5887 SAMANTHA PLACE                9.000            405.53         90
                                       8.750            405.53       56,000.00
    RIVERSIDE (AREA  CA   92509          1            11/06/97         10
    0430440206                           05           12/01/97         25
    809                                  N            11/01/27
    0


    1630210          638/G02             F           71,900.00         ZZ
                                         360         71,860.73          2
    35 NEW YORK STREET                 9.000            578.52         90
                                       8.750            578.52       79,900.00
    DOVER            NH   03820          1            10/01/97         14
    0430438598                           05           11/01/97         25
    08668711                             N            10/01/27
    0


    1630212          638/G02             F          108,000.00         ZZ
                                         360        107,941.01          1
    116 - 118 CONCORD WAY              9.000            868.99         90
                                       8.750            868.99      120,000.00
    PORTSMOUTH       NH   03801          1            10/01/97         14
    0430440362                           05           11/01/97         25
    08668716                             N            10/01/27
    0


    1630244          591/G02             F           63,750.00         ZZ
                                         360         63,711.37          1
    12344 STRONG COURT                 8.500            490.19         80
                                       8.250            490.19       79,700.00
    FAIRFAX          VA   22033          1            09/29/97         00
    0430432880                           01           11/01/97          0
    103004232                            N            10/01/27
    0


    1630245          375/G02             F           65,000.00         ZZ
                                         360         64,848.75          1
    524 6TH AVENUE W                   8.750            511.36         65
    #102                               8.500            511.36      100,500.00
    SEATTLE          WA   98119          1            06/24/97         00
    0430425587                           08           08/01/97          0
    662412                               N            07/01/27
    0
1




    1630254          180/G02             F          108,000.00         ZZ
                                         360        107,884.62          2
    2117 WESTWOOD AVENUE               9.125            878.72         90
                                       8.875            878.72      120,000.00
    NASHVILLE        TN   37212          1            08/28/97         10
    0430442319                           05           10/01/97         25
    4926283                              N            09/01/27
    0


    1630261          375/G02             F          127,800.00         ZZ
                                         360        127,540.99          1
    9443 S W SILETZ DRIVE              8.000            937.76         80
                                       7.750            937.76      159,794.00
    TUALATIN         OR   97062          1            07/17/97         00
    0430441501                           05           09/01/97          0
    668162                               N            08/01/27
    0


    1630264          B93/G02             F           99,000.00         ZZ
                                         360         98,938.46          1
    5307 NORTH LAS CASITAS PLACE       8.375            752.48         90
                                       8.125            752.48      110,000.00
    PHOENIX          AZ   85016          1            09/23/97         10
    0430432252                           03           11/01/97         25
    1000017327                           N            10/01/27
    0


    1630266          375/G02             F          127,600.00         ZZ
                                         360        127,341.42          1
    22555 S W 94TH TERRACE             8.000            936.29         80
                                       7.750            936.29      159,500.00
    TUALATIN         OR   97062          1            07/21/97         00
    0430441535                           05           09/01/97          0
    668169                               N            08/01/27
    0


    1630272          966/G02             F          112,500.00         ZZ
                                         360        112,428.27          1
    9819 ELAM ROAD                     8.250            845.17         75
                                       8.000            845.17      150,000.00
    DALLAS           TX   75217          1            09/23/97         00
    0430446567                           05           11/01/97          0
    300043820                            O            10/01/27
    0


    1630273          G18/G02             F          100,800.00         ZZ
                                         360        100,743.49          2
1


    1559 EAST COUNTY ROAD C            8.875            802.01         80
                                       8.625            802.01      126,000.00
    MAPLEWOOD        MN   55109          2            09/25/97         00
    0430433888                           05           11/01/97          0
    226400                               O            10/01/27
    0


    1630274          375/G02             F          100,000.00         ZZ
                                         360         99,728.90          1
    31 WESTWINDS DRIVE                 8.000            733.77         42
                                       7.750            733.77      242,000.00
    WEST WINDSOR     NJ   08550          1            06/26/97         00
    0430381657                           05           08/01/97          0
    663713                               O            07/01/27
    0


    1630279          A37/G02             F          232,000.00         ZZ
                                         360        231,852.06          1
    2115 WEST CHARLESTON               8.250          1,742.94         80
                                       8.000          1,742.94      290,000.00
    CHICAGO          IL   60647          5            09/08/97         00
    0430414235                           05           11/01/97          0
    4220133                              O            10/01/27
    0


    1630296          H35/G02             F          113,400.00         ZZ
                                         360        113,329.51          4
    1002 NW 3RD AVE                    8.375            861.93         90
                                       8.125            861.93      126,000.00
    HALLANDALE       FL   33309          1            09/24/97         12
    0430445130                           05           11/01/97         35
    595680986                            O            10/01/27
    0


    1630300          F64/G02             F           81,300.00         ZZ
                                         360         81,257.85          1
    6489 HANNA DRIVE                   9.250            668.84         89
                                       9.000            668.84       91,350.00
    MECHANICSVILLE   VA   23111          1            09/26/97         04
    0430427716                           05           11/01/97         25
    242447498                            N            10/01/27
    0


    1630310          H29/G02             F           81,000.00         ZZ
                                         360         80,959.09          3
    103-105 LEYDEN STREET              9.375            673.72         90
                                       9.125            673.72       90,000.00
    EAST BOSTON      MA   02128          1            09/26/97         01
    0430432567                           05           11/01/97         25
1


    032404204                            N            10/01/27
    0


    1630358          766/G02             F           58,425.00         ZZ
                                         360         58,389.60          1
    1061 EUCLID AVENUE #108            8.500            449.24         95
                                       8.250            449.24       61,500.00
    MIAMI            FL   33139          1            09/08/97         11
    0430426940                           01           11/01/97         30
    97020609                             O            10/01/27
    0


    1630372          003/G02             F          233,100.00         ZZ
                                         360        232,975.95          1
    1185 BRIARCLIFF PLACE              9.125          1,896.58         90
                                       8.875          1,896.58      259,000.00
    ATLANTA          GA   30306          1            09/05/97         12
    0430392373                           05           11/01/97         25
    10018380                             N            10/01/27
    0


    1630408          E46/G02             F           90,950.00         ZZ
                                         360         90,887.41          1
    18 WILLOW ROAD                     7.875            659.45         85
                                       7.625            659.45      107,000.00
    BORDENTOWN       NJ   08505          5            09/25/97         01
    0430448068                           05           11/01/97         12
    26316                                O            10/01/27
    0


    1630557          637/G02             F          168,000.00         ZZ
                                         360        167,895.57          1
    1227 MELBORN WAY                   8.375          1,276.93         80
                                       8.125          1,276.93      210,000.00
    MINDEN           NV   89423          5            09/19/97         00
    0430440651                           05           11/01/97          0
    9994294                              O            10/01/27
    0


    1630560          405/405             F           71,250.00         ZZ
                                         360         71,250.00          1
    1215 CRESTWOOD DRIVE #6            8.500            547.86         75
                                       8.250            547.86       95,000.00
    UPLAND           CA   91786          1            10/01/97         00
    8312902                              01           12/01/97          0
    8312902                              N            11/01/27
    0


1


    1630564          731/G02             F          248,000.00         ZZ
                                         360        247,841.86          1
    2312 JANE LANE                     8.250          1,863.14         80
                                       8.000          1,863.14      310,000.00
    MOUNTAIN VIEW    CA   94043          5            09/26/97         00
    0430426346                           05           11/01/97          0
    114254858                            O            10/01/27
    0


    1630600          A65/G02             F           92,000.00         ZZ
                                         360         91,944.27          1
    2607 WEST 155TH STREET             8.500            707.40         66
                                       8.250            707.40      141,000.00
    GARDENA          CA   90249          2            09/24/97         00
    0430434175                           05           11/01/97          0
    3009725101                           O            10/01/27
    0


    1630607          B81/G02             F           75,900.00         ZZ
                                         360         75,854.01          1
    4273 47TH AVE NORTHEAST            8.500            583.61         80
                                       8.250            583.61       94,900.00
    SALEM            OR   97305          1            09/17/97         00
    0430432005                           05           11/01/97          0
    977745                               N            10/01/27
    0


    1630620          687/G02             F           36,000.00         ZZ
                                         360         35,978.19          1
    2616 SEMINARY AVENUE               8.500            276.81         80
                                       8.250            276.81       45,000.00
    RICHMOND         VA   23220          1            09/26/97         00
    0430436477                           05           11/01/97          0
    1624105                              N            10/01/27
    0


    1630642          883/G02             F          100,000.00         ZZ
                                         360         99,940.96          1
    2775 LE MANS COURT                 8.625            777.79         75
                                       8.375            777.79      135,000.00
    PONTE VENDRA BE  FL   32082          5            09/26/97         00
    0430447888                           05           11/01/97          0
    05001901                             O            10/01/27
    0


    1630647          687/G02             F          111,160.00         ZZ
                                         360        111,160.00          2
    3520 PEMBROKE AVE                  8.750            874.50         90
                                       8.500            874.50      124,000.00
1


    CINCINNATI       OH   45208          1            10/09/97         11
    0430438846                           05           12/01/97         25
    5E4187                               N            11/01/27
    0


    1630664          B68/G02             F          236,000.00         ZZ
                                         360        236,000.00          1
    1109 DANIEL DRIVE                  8.375          1,793.77         80
                                       8.125          1,793.77      295,000.00
    PETALUMA         CA   94954          2            10/01/97         00
    0430448431                           05           12/01/97          0
    77027320                             O            11/01/27
    0


    1630719          H93/G02             F           44,500.00         ZZ
                                         360         44,475.69          2
    567-569 S BURGESS AVE              9.000            358.06         90
                                       8.750            358.06       49,500.00
    COLUMBUS         OH   43204          1            09/25/97         04
    0430429563                           05           11/01/97         25
    9738595                              N            10/01/27
    0


    1630726          E97/G02             F          125,000.00         ZZ
                                         360        125,000.00          1
    310  FERNANDO STREET # 102         8.625            972.24         66
                                       8.375            972.24      190,000.00
    NEWPORT BEACH    CA   92661          1            10/23/97         00
    0430473199                           05           12/01/97          0
    973050                               O            11/01/27
    0


    1630728          828/G02             F           24,250.00         ZZ
                                         360         24,236.04          1
    1139 RICHARDINE                    8.750            190.78         90
                                       8.500            190.78       26,978.00
    AUSTIN           TX   78721          1            09/29/97         10
    0430428300                           05           11/01/97         25
    70030251                             O            10/01/27
    0


    1630737          120/G02             F           58,400.00         ZZ
                                         360         58,400.00          2
    522 SCHUYLKILL STREET              8.500            449.05         90
                                       8.250            449.05       64,900.00
    HARRISBURG       PA   17110          1            10/07/97         10
    0430436345                           05           12/01/97         25
    7018443                              N            11/01/27
    0
1




    1630765          B77/G02             F           76,000.00         ZZ
                                         360         75,955.13          1
    1325 MT LAUREL ROAD                8.625            591.12         80
                                       8.375            591.12       95,000.00
    MUHLENBERG       PA   19560          1            09/30/97         00
    0430438473                           05           11/01/97          0
    97302458                             O            10/01/27
    0


    1630767          G34/G02             F           50,000.00         ZZ
                                         360         49,971.22          1
    50 SOUTH MATLOCK                   8.750            393.36         90
                                       8.500            393.36       56,000.00
    MESA             AZ   85210          1            09/29/97         01
    0430449371                           05           11/01/97         25
    565174708                            N            10/01/27
    0


    1630780          A80/G02             F          168,300.00         ZZ
                                         360        168,300.00          4
    8215 CRESPI BLVD                   8.625          1,309.02         85
                                       8.375          1,309.02      199,000.00
    MIAMI BEACH      FL   33141          1            10/03/97         01
    0430443051                           05           12/01/97         25
    73030F                               O            11/01/27
    0


    1630786          225/225             F           45,000.00         ZZ
                                         360         44,975.41          1
    62 WINDHAM  ROAD                   9.000            362.09         43
                                       8.750            362.09      107,000.00
    DERRY            NH   03038          5            09/23/97         00
    806380200                            05           11/01/97          0
    806380200                            N            10/01/27
    0


    1630797          003/G02             F           58,500.00         ZZ
                                         360         58,427.01          1
    3700 LAKE UNDERHILL ROAD           8.375            444.65         90
                                       8.125            444.65       65,000.00
    ORLANDO          FL   32803          1            08/22/97         10
    0430390765                           05           10/01/97         25
    0003872488                           N            09/01/27
    0


    1630805          J33/G02             F           84,000.00         ZZ
                                         360         83,952.90          1
1


    87 HENRY LANE                      8.875            668.35         70
                                       8.625            668.35      120,000.00
    NEWNAN           GA   30265          1            09/29/97         00
    0430436055                           05           11/01/97          0
    9750010159                           O            10/01/27
    0


    1631028          375/G02             F           66,500.00         ZZ
                                         360         66,393.02          2
    241-243 WEST BUCK STREET           9.125            541.07         90
                                       8.875            541.07       73,900.00
    PAULSBORO        NJ   08066          1            07/15/97         01
    0430436634                           05           09/01/97         25
    665695                               N            08/01/27
    0


    1631045          375/G02             F          101,800.00         ZZ
                                         360        101,401.85          1
    5285 DEEPHAVEN COURT               9.000            819.11         74
                                       8.750            819.11      138,000.00
    DENVER           CO   80239          2            03/24/97         00
    0430399568                           05           05/01/97          0
    645868                               O            04/01/27
    0


    1631086          F03/G02             F          246,000.00         ZZ
                                         360        246,000.00          1
    19596 ELMRIDGE LANE                8.000          1,805.06         80
                                       7.750          1,805.06      307,500.00
    HUNTINGTON BEAC  CA   92648          1            10/08/97         00
    0430476531                           09           12/01/97          0
    LAG10522                             O            11/01/27
    0


    1631087          405/405             F          193,000.00         ZZ
                                         360        190,878.93          1
    53 SPINNAKER CIRCLE                8.500          1,484.01         66
                                       8.250          1,484.01      294,000.00
    LEWES            DE   19958          5            08/29/97         00
    008313108                            03           10/01/97          0
    008313108                            O            09/01/27
    0


    1631095          405/405             F          214,600.00         ZZ
                                         360        214,176.00          1
    16 THOMPSON COURT                  8.125          1,593.40         76
                                       7.875          1,593.40      285,000.00
    IRVINE           CA   92612          1            07/29/97         00
    8255143                              02           09/01/97          0
1


    8255143                              O            08/01/27
    0


    1631105          E56/G02             F           72,000.00         ZZ
                                         360         71,912.45          1
    807 CLEARSPRING COURT              8.500            553.62         79
                                       8.250            553.62       91,500.00
    SMYRNA           TN   37167          1            08/29/97         00
    0430436501                           05           10/01/97          0
    0000                                 O            09/01/27
    0


    1631123          638/G02             F           55,100.00         ZZ
                                         360         55,063.95          1
    870 REGAL PATH LANE                8.125            409.12         80
                                       7.875            409.12       68,900.00
    DECATUR          GA   30030          1            09/24/97         00
    0430425306                           09           11/01/97          0
    8669158                              O            10/01/27
    0


    1631135          K08/G02             F          248,000.00         ZZ
                                         360        247,706.11          1
    1821 SHARP PLACE                   8.625          1,928.92         80
                                       8.375          1,928.92      310,000.00
    HOUSTON          TX   77019          1            08/26/97         00
    0410521124                           03           10/01/97          0
    410521124                            O            09/01/27
    0


    1631173          292/G02             F           26,100.00         ZZ
                                         360         26,100.00          1
    7808 WOODHAVEN DRIVE               9.000            210.01         90
                                       8.750            210.01       29,000.00
    LITTLE ROCK      AR   72209          1            10/03/97         01
    0430472019                           05           12/01/97         25
    1279416                              N            11/01/27
    0


    1631185          F03/G02             F          172,000.00         ZZ
                                         360        171,893.10          1
    161 TELLER COUNTY ROAD #25         8.375          1,307.32         80
                                       8.125          1,307.32      215,000.00
    DIVIDE           CO   80814          1            09/26/97         00
    0430436550                           05           11/01/97          0
    CSC10089                             O            10/01/27
    0


1


    1631188          G81/G02             F          148,500.00         ZZ
                                         360        148,500.00          1
    16101 SW 153 AVENUE                8.500          1,141.84         90
                                       8.250          1,141.84      165,000.00
    MIAMI            FL   33187          1            10/08/97         01
    0430436063                           05           12/01/97         25
    21709028                             O            11/01/27
    0


    1631193          225/225             F           39,600.00         ZZ
                                         360         39,577.21          1
    4212 ALICIA LANE                   8.750            311.54         90
                                       8.500            311.54       44,000.00
    BALCH SPRINGS    TX   75180          1            09/29/97         04
    8064263                              05           11/01/97         25
    8064263                              N            10/01/27
    0


    1631196          638/G02             F           70,975.00         ZZ
                                         360         70,930.89          1
    322 WEST 9TH STREET                8.375            539.46         85
                                       8.125            539.46       83,500.00
    MARYSVILLE       OH   43040          5            09/25/97         04
    0430424598                           05           11/01/97         12
    8663196                              O            10/01/27
    0


    1631209          638/G02             F           61,200.00         ZZ
                                         360         61,164.79          1
    6014 WEST VERNON AVENUE            8.750            481.46         90
                                       8.500            481.46       68,000.00
    PHOENIX          AZ   85035          1            09/22/97         04
    0430436261                           05           11/01/97         30
    8665493                              N            10/01/27
    0


    1631213          638/G02             F           36,000.00         ZZ
                                         360         35,978.75          1
    4302 MALCOLM DRIVE                 8.625            280.00         90
                                       8.375            280.00       40,000.00
    LOUISVILLE       KY   40215          1            09/26/97         14
    0430435206                           05           11/01/97         25
    8643016                              N            10/01/27
    0


    1631216          225/225             F           64,800.00         ZZ
                                         360         64,760.74          1
    1055 NORTH RECKER ROAD #1269       8.500            498.26         90
                                       8.250            498.26       72,000.00
1


    MESA             AZ   85205          1            09/23/97         14
    8062910                              03           11/01/97         25
    8062910                              N            10/01/27
    0


    1631217          140/G02             F           34,200.00         ZZ
                                         360         34,182.26          2
    4612 & 4614 HARDING AVENUE         9.250            281.36         90
                                       9.000            281.36       38,000.00
    LAKELAND         FL   33813          1            09/24/97         04
    0430432609                           05           11/01/97         25
    433759                               N            10/01/27
    0


    1631230          F03/G02             F          173,400.00         ZZ
                                         360        173,286.56          1
    5729 SOUTH ANDES STREET            8.125          1,287.50         72
                                       7.875          1,287.50      243,400.00
    AURORA           CO   80014          1            09/26/97         00
    0430437616                           05           11/01/97          0
    11444                                O            10/01/27
    0


    1631234          F03/G02             F          216,000.00         ZZ
                                         360        215,855.06          1
    7020 ARBUTUS STREET                8.000          1,584.94         70
                                       7.750          1,584.94      310,000.00
    ARVADA           CO   80004          5            09/29/97         00
    0430435990                           05           11/01/97          0
    DEN11442                             O            10/01/27
    0


    1631239          F03/G02             F          110,700.00         ZZ
                                         360        110,641.08          1
    922 EMERY STREET                   9.125            900.70         90
                                       8.875            900.70      123,000.00
    LONGMONT         CO   80501          2            09/26/97         01
    0430446492                           05           11/01/97         25
    DEN11457                             N            10/01/27
    0


    1631444          A38/G02             F           94,000.00         ZZ
                                         360         94,000.00          1
    1709 WHITE OAK LOOP                8.125            697.95         80
                                       7.875            697.95      117,500.00
    ROUND ROCK       TX   78681          1            10/10/97         00
    0430442228                           03           12/01/97          0
    6910519                              O            11/01/27
    0
1




    1631446          514/G02             F           90,000.00         ZZ
                                         360         89,948.22          1
    9234 RIGGS ROAD                    8.750            708.03         90
                                       8.500            708.03      100,000.00
    ADELPHI          MD   20783          1            09/25/97         01
    0430433318                           05           11/01/97         25
    362760                               N            10/01/27
    0


    1631470          G51/G02             F           89,550.00         ZZ
                                         360         89,501.09          3
    1311 WALDEN AVENUE                 9.000            720.54         90
                                       8.750            720.54       99,500.00
    CHEEKTOWAGA      NY   14225          1            09/26/97         10
    0430424762                           05           11/01/97         25
    22338                                N            10/01/27
    0


    1631474          B49/G02             F           80,000.00         ZZ
                                         360         79,955.15          2
    215 & 217 UNIVERSITY DRIVE         8.875            636.52         75
                                       8.625            636.52      107,000.00
    COLORADO SPRING  CO   80910          2            09/25/97         00
    0430426205                           05           11/01/97          0
    11225991                             N            10/01/27
    0


    1631481          G52/G02             F          184,850.00         T
                                         360        184,743.64          1
    6555 EAST VALLE DI CADORE          8.750          1,454.22         75
                                       8.500          1,454.22      246,500.00
    TUCSON           AZ   85750          1            09/18/97         00
    0430437467                           03           11/01/97          0
    1631481                              O            10/01/27
    0


    1631482          E57/G02             F          256,500.00         ZZ
                                         360        256,352.42          2
    4274 & 4274 1/2 LINCOLN            8.750          2,017.89         95
                                       8.500          2,017.89      270,000.00
    CULVER CITY      CA   90232          1            09/26/97         12
    0430438440                           05           11/01/97         30
    130812005433                         O            10/01/27
    0


    1631517          A46/G02             F           44,800.00         ZZ
                                         360         44,775.53          1
1


    5292 MEMORIAL #F-1                 9.000            360.47         78
                                       8.750            360.47       58,000.00
    HOUSTON          TX   77007          2            10/01/97         00
    0430444703                           01           11/01/97          0
    0830070                              O            10/01/27
    0


    1631553          375/G02             F           36,350.00         ZZ
                                         360         36,291.51          1
    4 COMMONWEALTH CT                  9.125            295.76         75
    #2D                                8.875            295.76       48,500.00
    BRIGHTON         MA   02135          1            07/24/97         00
    0430438077                           04           09/01/97          0
    665312                               N            08/01/27
    0


    1631562          375/G02             F          161,500.00         ZZ
                                         360        161,233.35          1
    7240 TENNYSON STREET               9.000          1,299.47         85
                                       8.750          1,299.47      190,000.00
    WESTMINSTER      CO   80030          1            07/18/97         01
    0430390062                           05           09/01/97         20
    670186                               N            08/01/27
    0


    1631567          105/G02             F           70,200.00         ZZ
                                         360         70,121.01          2
    1207 EAST ST JOHNS AVENUE          8.875            558.54         90
                                       8.625            558.54       78,000.00
    AUSTIN           TX   78752          1            08/28/97         14
    0430440610                           05           10/01/97         25
    1093483                              N            09/01/27
    0


    1631585          286/286             F          148,500.00         ZZ
                                         360        148,341.34          4
    275 7TH STREET                     9.125          1,208.25         90
                                       8.875          1,208.25      165,000.00
    JERSEY CITY      NJ   07306          1            08/27/97         12
    8643816                              05           10/01/97         25
    8643816                              N            09/01/27
    0


    1631699          637/G02             F           56,160.00         ZZ
                                         360         56,127.69          2
    2553-55 LLOYD ROAD                 8.750            441.81         90
                                       8.500            441.81       62,400.00
    DECATUR          GA   30032          1            09/29/97         12
    0430435933                           05           11/01/97         25
1


    8357857                              N            10/01/27
    0


    1631702          H44/G02             F          168,130.00         ZZ
                                         360        168,130.00          1
    1236 AVONDALE LANE                 8.500          1,292.78         80
                                       8.250          1,292.78      210,170.00
    WEST PALM BEACH  FL   33409          1            10/16/97         00
    0430448175                           03           12/01/97          0
    00697080434                          O            11/01/27
    0


    1631703          624/G02             F          121,500.00         ZZ
                                         360        121,500.00          1
    2125 NW LUTH STREET                8.625            945.01         75
                                       8.375            945.01      162,000.00
    ROSEBURG         OR   97470          1            10/10/97         00
    0430441089                           05           12/01/97          0
    80066670093                          O            11/01/27
    0


    1631712          375/G02             F          172,000.00         ZZ
                                         360        171,490.99          1
    111 GILMORE BLVD                   8.625          1,337.80         80
                                       8.375          1,337.80      215,000.00
    FLORAL PARK      NY   11011          1            07/25/97         00
    0430381723                           05           09/01/97          0
    665543                               O            08/01/27
    0


    1631747          375/G02             F          214,000.00         ZZ
                                         360        213,444.14          1
    223 GREENCREST DRIVE               8.375          1,626.56         80
                                       8.125          1,626.56      270,000.00
    ELKO             NV   89801          1            06/23/97         00
    0430381897                           03           08/01/97          0
    641490                               O            07/01/27
    0


    1631757          638/G02             F           92,750.00         ZZ
                                         360         92,696.64          1
    2451 16TH STREET                   8.750            729.66         90
                                       8.500            729.66      103,100.00
    SPRINGFIELD      OR   97477          1            09/25/97         14
    0430436048                           05           11/01/97         25
    08669760                             N            10/01/27
    0


1


    1631763          638/G02             F           42,750.00         ZZ
                                         360         42,726.65          1
    2332 SOUTH BELMONT                 9.000            343.98         90
                                       8.750            343.98       47,500.00
    WICHITA          KS   67218          1            09/30/97         10
    0430434027                           05           11/01/97         25
    8669955                              N            10/01/27
    0


    1631780          H44/G02             F          103,280.00         ZZ
                                         360        103,219.02          1
    1632 SUN GAZER DRIVE               8.625            803.31         80
                                       8.375            803.31      129,100.00
    ROCKLEDGE        FL   32955          1            09/24/97         00
    0430430330                           03           11/01/97          0
    00197090004                          O            10/01/27
    0


    1631786          F25/G02             F           95,000.00         ZZ
                                         360         95,000.00          1
    18 HIGHLAND AVENUE                 8.500            730.47         75
    UNIT 262B                          8.250            730.47      127,500.00
    CHAPPAQUA        NY   10514          1            10/03/97         00
    0430438168                           01           12/01/97          0
    R9707049                             O            11/01/27
    0


    1631788          180/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
    68 GREGORY CIRCLE                  8.000          1,027.27         80
                                       7.750          1,027.27      175,000.00
    BRECKENRIDGE     CO   80424          1            10/01/97         00
    0430442723                           05           12/01/97          0
    12029062                             O            11/01/27
    0


    1631789          G88/G02             F           50,400.00         ZZ
                                         360         50,400.00          1
    344 ELM STREET                     8.875            401.01         90
    UNIT 20                            8.625            401.01       56,000.00
    MILFORD          NH   03055          1            10/24/97         14
    0430449108                           01           12/01/97         25
    9708050                              O            11/01/27
    0


    1631792          180/G02             F          325,000.00         ZZ
                                         360        324,822.48          1
    512 SOUTH MERAMAC AVENUE           9.000          2,615.02         73
                                       8.750          2,615.02      450,000.00
1


    ST LOUIS         MO   63105          5            09/25/97         00
    0430431064                           05           11/01/97          0
    12040655                             O            10/01/27
    0


    1631793          180/G02             F          113,850.00         ZZ
                                         360        113,781.03          1
    2505 SOUTH NEWTON STREET           8.500            875.41         90
                                       8.250            875.41      126,500.00
    DENVER           CO   80219          1            09/25/97         10
    0430429779                           05           11/01/97         25
    12097895                             N            10/01/27
    0


    1631794          180/G02             F          191,200.00         ZZ
                                         360        191,087.12          1
    9712 NORTH 118TH PLACE             8.625          1,487.13         80
                                       8.375          1,487.13      239,000.00
    SCOTTSDALE       AZ   85259          1            09/24/97         00
    0430432716                           03           11/01/97          0
    12111001                             O            10/01/27
    0


    1631795          828/G02             F           68,000.00         ZZ
                                         360         67,958.80          1
    4604 ELWOOD ROAD                   8.500            522.87         80
                                       8.250            522.87       85,000.00
    AUSTIN           TX   78722          1            09/25/97         04
    0430422956                           05           11/01/97         12
    70030260                             O            10/01/27
    0


    1631807          B59/G02             F           60,000.00         ZZ
                                         360         59,962.71          1
    10886 CABBAGE POND COURT           8.375            456.04         71
                                       8.125            456.04       85,000.00
    JACKSONVILLE     FL   32257          1            09/26/97         00
    0430414862                           03           11/01/97          0
    9700184                              O            10/01/27
    0


    1632017          K08/G02             F          121,500.00         ZZ
                                         360        121,359.69          4
    4628 MYLA LANE                     8.750            955.84         90
                                       8.500            955.84      135,000.00
    WEST PALM BEACH  FL   33417          1            09/08/97         04
    0410529044                           05           10/01/97         25
    410529044                            N            09/01/27
    0
1




    1632021          180/G02             F           66,150.00         ZZ
                                         360         66,077.46          1
    10218 CAIRNSMORE PLACE             9.000            532.26         90
                                       8.750            532.26       73,500.00
    CHARLOTTE        NC   28227          1            08/29/97         04
    0430435487                           05           10/01/97         25
    12001244                             N            09/01/27
    0


    1632090          560/560             F           99,600.00         ZZ
                                         360         99,478.89          1
    241 ROUTE 39                       8.500            765.84         48
                                       8.250            765.84      210,000.00
    NEW FAIRFIELD    CT   06812          2            08/22/97         00
    450817812                            05           10/01/97          0
    450817812                            O            09/01/27
    0


    1632149          F30/G02             F          103,950.00         ZZ
                                         360        103,890.19          1
    391 SOUTH 600 EAST                 8.750            817.78         90
                                       8.500            817.78      115,500.00
    RIVER HEIGHTS    UT   84321          1            09/29/97         01
    0430430355                           05           11/01/97         25
    13284                                N            10/01/27
    0


    1632155          B49/G02             F           96,000.00         ZZ
                                         360         96,000.00          4
    3685 MICHIGAN AVENUE               8.875            763.82         80
                                       8.625            763.82      120,000.00
    COLORADO SPRING  CO   80910          1            10/02/97         00
    0430433045                           05           12/01/97          0
    1632155                              N            11/01/27
    0


    1632187          E57/G02             F          172,400.00         ZZ
                                         360        172,290.07          1
    2857 BURTON DRIVE                  8.250          1,295.18         80
                                       8.000          1,295.18      215,500.00
    CAMBRIA          CA   93424          1            09/04/97         00
    0430428615                           05           11/01/97          0
    131782005216                         O            10/01/27
    0


    1632237          624/G02             F           79,100.00         ZZ
                                         360         79,056.79          1
1


    7400 NORTHCREST BLVD               9.000            636.46         87
                                       8.750            636.46       91,000.00
    AUSTIN           TX   78752          1            09/26/97         01
    0430423616                           05           11/01/97         25
    82005678023                          N            10/01/27
    0


    1632274          K08/G02             F          126,500.00         ZZ
                                         360        126,425.32          1
    7552 ARDEN WAY                     8.625            983.90         44
                                       8.375            983.90      292,000.00
    APTOS            CA   95003          5            09/11/97         00
    0410540033                           05           11/01/97          0
    410540033                            O            10/01/27
    0


    1632279          638/G02             F          108,000.00         ZZ
                                         360        107,925.68          1
    7261 SOUTH ALBION STREET           7.875            783.07         80
                                       7.625            783.07      135,000.00
    LITTLETON        CO   80122          2            09/29/97         00
    0430431361                           05           11/01/97          0
    8670000                              O            10/01/27
    0


    1632281          638/G02             F          200,000.00         ZZ
                                         360        199,881.92          1
    3335 LAKE GLEN DRIVE               8.625          1,555.58         76
                                       8.375          1,555.58      264,000.00
    EUGENE           OR   97401          1            09/25/97         00
    0430433847                           05           11/01/97          0
    8669092                              N            10/01/27
    0


    1632287          593/593             F           96,000.00         ZZ
                                         360         95,824.28          2
    221 W MOORE AVENUE                 8.500            738.16         80
                                       8.250            738.16      120,000.00
    DEER PARK        WA   99006          2            07/17/97         00
    6322697                              05           09/01/97          0
    6322697                              N            08/01/27
    0


    1632290          286/286             F           20,250.00         ZZ
                                         360         20,238.35          1
    224 66TH PL N                      8.750            159.31         90
                                       8.500            159.31       22,500.00
    BIRMINGHAM       AL   35206          1            09/12/97         12
    8609013                              05           11/01/97         25
1


    8609013                              N            10/01/27
    0


    1632295          286/286             F           18,000.00         ZZ
                                         360         17,989.64          1
    7713 4TH AVE N                     8.750            141.61         90
                                       8.500            141.61       20,000.00
    BIRMINGHAM       AL   35206          1            09/12/97         12
    0008609012                           05           11/01/97         25
    0008609012                           N            10/01/27
    0


    1632298          638/G02             F           47,000.00         ZZ
                                         360         47,000.00          1
    1810 W 15TH AVENUE                 8.625            365.56         70
                                       8.375            365.56       68,000.00
    EUGENE           OR   97402          1            10/22/97         00
    0430477851                           05           12/01/97          0
    08670113                             N            11/01/27
    0


    1632306          E86/G02             F           30,000.00         ZZ
                                         360         29,963.51          1
    1423 QUINNIPIAC AVE                8.500            230.68         67
                                       8.250            230.68       45,000.00
    NEW HAVEN        CT   06511          1            08/23/97         00
    0430432310                           05           10/01/97          0
    19279                                O            09/01/27
    0


    1632312          882/G02             F           48,000.00         ZZ
                                         360         47,972.38          1
    3025 INDIAN CREEK DRIVE            8.750            377.62         80
    #301                               8.500            377.62       60,000.00
    MIAMI BEACH      FL   33140          1            10/01/97         00
    0430445320                           01           11/01/97          0
    975240                               O            10/01/27
    0


    1632321          140/G02             F           95,000.00         ZZ
                                         360         94,948.11          1
    6232-6234 ARGONNE STREET           9.000            764.39         70
                                       8.750            764.39      136,000.00
    NEW ORLEANS      LA   70124          5            09/29/97         00
    0430435859                           05           11/01/97          0
    438000                               N            10/01/27
    0


1


    1632339          G10/G02             F           72,000.00         ZZ
                                         360         71,903.04          1
    2401 OAK GROVE DRIVE               8.000            528.32         80
                                       7.750            528.32       90,000.00
    PLANO            TX   75074          1            08/22/97         00
    0430433987                           05           10/01/97          0
    970147                               O            09/01/27
    0


    1632342          H89/G02             F          172,500.00         T
                                         360        172,405.78          1
    12925 HYLAND CIRCLE                9.000          1,387.97         75
                                       8.750          1,387.97      230,000.00
    BOCA RATON       FL   33428          2            09/29/97         00
    0430425470                           05           11/01/97          0
    GRANATA                              O            10/01/27
    0


    1632350          992/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
    102 ASPEN DRIVE                    8.000            990.59         33
                                       7.750            990.59      415,006.00
    ROBBINSVILLE     NJ   08641          1            10/03/97         00
    0430432229                           05           12/01/97          0
    319203                               O            11/01/27
    0


    1632353          638/G02             F           54,000.00         ZZ
                                         360         53,972.01          2
    209-211 FARMER STREET              9.250            444.24         90
                                       9.000            444.24       60,000.00
    NORMAN           OK   73072          1            09/30/97         10
    0430476895                           05           11/01/97         25
    08669249                             N            10/01/27
    0


    1632363          963/G02             F           44,250.00         ZZ
                                         360         44,225.19          1
    4009 NORTH A STREET                8.875            352.08         90
                                       8.625            352.08       49,200.00
    TEMPA            FL   33609          1            10/01/97         10
    0430427484                           05           11/01/97         25
    970389                               N            10/01/27
    0


    1632369          638/G02             F           54,000.00         ZZ
                                         360         53,972.01          1
    213-215 FARMER STREET              9.250            444.24         90
                                       9.000            444.24       60,000.00
1


    NORMAN           OK   73072          1            09/30/97         14
    0430439588                           05           11/01/97         25
    08666322                             N            10/01/27
    0


    1632387          G44/G02             F          104,000.00         ZZ
                                         360        104,000.00          1
    7135 COLLINS AVE                   8.500            799.67         80
    #1536                              8.250            799.67      130,000.00
    MIAMI BEACH      FL   33141          2            10/20/97         00
    0430449876                           06           12/01/97          0
    0897034                              O            11/01/27
    0


    1632409          561/561             F           49,250.00         ZZ
                                         360         49,220.16          1
    2719 UHLER AVENUE                  8.500            378.69         85
                                       8.250            378.69       58,000.00
    BALTIMORE        MD   21215          5            09/05/97         12
    9117946                              02           11/01/97         12
    9117946                              O            10/01/27
    0


    1632414          H93/G02             F           59,850.00         ZZ
                                         360         59,816.45          1
    1700 N LIBERTY                     8.875            476.19         90
                                       8.625            476.19       66,500.00
    INDEPENDENCE     MO   64050          1            10/07/97         14
    0430437632                           05           11/01/97         25
    9737414                              O            10/01/27
    0


    1632425          638/G02             F           50,400.00         ZZ
                                         360         50,367.86          1
    10210 SOUTH WASHINGTON             8.250            378.64         90
    #306                               8.000            378.64       56,000.00
    PALOS HEIGHTS    IL   60543          1            10/03/97         04
    0430436121                           01           11/01/97         25
    08670908                             N            10/01/27
    0


    1632427          129/G02             F           94,650.00         ZZ
                                         360         94,596.94          3
    131/133 UNION ST                   8.875            753.08         90
                                       8.625            753.08      105,200.00
    MANCHESTER       NH   03103          1            09/30/97         01
    0430462705                           05           11/01/97         25
    UNKNOWN                              N            10/01/27
    0
1




    1632429          129/G02             F           80,350.00         ZZ
                                         360         80,304.95          3
    1014 VALLEY ST                     8.875            639.31         90
                                       8.625            639.31       89,300.00
    MANCHESTER       NH   03103          1            09/30/97         01
    0430440826                           05           11/01/97         25
    UNKNOWN                              N            10/01/27
    0


    1632615          225/225             F          158,000.00         ZZ
                                         360        157,891.37          1
    423 EAST 3RD STREET                7.875          1,145.51         79
                                       7.625          1,145.51      202,000.00
    NEWPORT          KY   41071          2            09/25/97         00
    8065275                              05           11/01/97          0
    8065275                              O            10/01/27
    0


    1632632          F30/G02             F          253,500.00         ZZ
                                         360        253,338.35          1
    9152 SOUTH PRINCETON STREET        8.250          1,904.46         78
                                       8.000          1,904.46      325,000.00
    LITTLETON        CO   80126          5            09/25/97         00
    0430436758                           03           11/01/97          0
    31212                                O            10/01/27
    0


    1632634          129/G02             F           51,300.00         ZZ
                                         360         50,705.66          1
    1665 HUFFMAN AVE                   8.500            394.45         95
                                       8.250            394.45       54,000.00
    DAYTON           OH   45403          1            04/29/96         01
    0430436493                           05           06/01/96         30
    UNKNOWN                              O            05/01/26
    0


    1632648          180/G02             F           34,650.00         ZZ
                                         360         34,609.99          1
    319 SPRING BRANCH LANE             8.750            272.59         90
                                       8.500            272.59       38,500.00
    KENNEDALE        TX   76006          1            08/27/97         04
    0430445676                           05           10/01/97         25
    4619532                              N            09/01/27
    0


    1632661          896/G02             F           79,600.00         ZZ
                                         360         79,600.00          1
1


    7110 INDEPENDENCE DRIVE            9.125            647.65         80
                                       8.875            647.65       99,550.00
    FLOWERY BRANCH   GA   30542          1            10/06/97         00
    0430433607                           05           12/01/97          0
    97R091199LC                          N            11/01/27
    0


    1632729          G41/G02             F          173,700.00         ZZ
                                         360        173,483.31          1
    7332 GLENOAKS WAY                  8.375          1,320.25         90
                                       8.125          1,320.25      193,000.00
    DUBLIN           CA   94568          1            08/07/97         11
    0430445460                           05           10/01/97         30
    69960656                             N            09/01/27
    0


    1632918          E84/G02             F          448,000.00         ZZ
                                         360        447,683.80          1
    837 STONEGATE DRIVE                7.750          3,209.53         80
                                       7.500          3,209.53      560,000.00
    HIGHLAND PARK    IL   60035          1            09/08/97         00
    0430412338                           05           11/01/97          0
    PS9700012                            O            10/01/27
    0


    1632929          F30/G02             F           85,500.00         ZZ
                                         360         85,500.00          1
    629 EASTMONT AVENUE                8.375            649.86         90
                                       8.125            649.86       95,000.00
    EAST WENATCHEE   WA   98802          1            10/06/97         11
    0430444547                           05           12/01/97         30
    13296                                N            11/01/27
    0


    1632965          201/G02             F          124,900.00         ZZ
                                         360        124,744.18          1
    1884 CLINTON DRIVE                 8.375            949.34         90
                                       8.125            949.34      138,800.00
    MARIETTA         GA   30062          1            08/15/97         01
    0430401273                           05           10/01/97         25
    601494                               O            09/01/27
    0


    1633062          633/G02             F           77,000.00         ZZ
                                         360         77,000.00          2
    843-845 WEST ELEVENTH AVENUE       7.750            551.64         70
                                       7.500            551.64      110,000.00
    ESCONDIDO        CA   92025          5            10/01/97         00
    0430465823                           05           12/01/97          0
1


    691507                               N            11/01/27
    0


    1633084          638/G02             F           42,300.00         ZZ
                                         360         42,300.00          1
    1244 HARSHAW ROAD                  9.000            340.36         90
                                       8.750            340.36       47,000.00
    CHESTER TOWNSHI  PA   19015          1            10/10/97         04
    0430437418                           05           12/01/97         25
    8665289                              N            11/01/27
    0


    1633096          H13/G02             F           45,000.00         ZZ
                                         360         45,000.00          1
    9578 WOODLAND HILLS DRIVE          8.500            346.01         95
                                       8.250            346.01       47,390.00
    HAMILTON         OH   45011          1            10/17/97         04
    0430462473                           01           12/01/97         30
    10140884                             O            11/01/27
    0


    1633105          180/G02             F           37,900.00         ZZ
                                         360         37,880.36          1
    2144 B AVENUE                      9.250            311.79         90
                                       9.000            311.79       42,211.00
    CHARLOTTE        NC   28216          1            10/03/97         04
    0430443275                           05           11/01/97         25
    0012075909                           N            10/01/27
    0


    1633109          A38/G02             F           85,600.00         ZZ
                                         360         85,600.00          1
    6712 W 77TH STREET                 9.000            688.76         80
                                       8.750            688.76      107,500.00
    OVERLAND PARK    KS   66204          1            10/10/97         00
    0430445254                           05           12/01/97          0
    4610313                              N            11/01/27
    0


    1633120          J96/G02             F           72,000.00         ZZ
                                         360         71,955.24          2
    2158/2160 WELLS DRIVE              8.375            547.26         90
                                       8.125            547.26       80,000.00
    SMYRNA           GA   30080          1            09/26/97         04
    0430423756                           05           11/01/97         25
    9780250                              N            10/01/27
    0


1


    1633121          G65/G02             F          156,250.00         ZZ
                                         360        156,250.00          1
    21 KENMUIR AVENUE                  8.500          1,201.43         80
                                       8.250          1,201.43      195,700.00
    MORRISTOWN       NJ   07960          1            10/03/97         00
    0430430512                           05           12/01/97          0
    2751                                 O            11/01/27
    0


    1633125          638/G02             F           61,200.00         ZZ
                                         360         61,200.00          1
    119 HOLLAND ST                     9.000            492.43         90
                                       8.750            492.43       68,000.00
    SAN ANTONIO      TX   78212          1            10/01/97         14
    0430437558                           05           12/01/97         25
    08667069                             N            11/01/27
    0


    1633127          811/G02             F           93,250.00         T
                                         360         93,192.04          1
    2050 MADEIRA DRIVE                 8.375            708.77         80
                                       8.125            708.77      116,600.00
    FORT LAUDERDALE  FL   33327          1            09/30/97         00
    0430439935                           09           11/01/97          0
    FM00106577                           O            10/01/27
    0


    1633133          664/G02             F          135,000.00         ZZ
                                         360        134,835.84          1
    100 EAST 4TH STREET                8.500          1,038.04         90
                                       8.250          1,038.04      150,000.00
    NORTH BEND       WA   98045          1            08/27/97         10
    0430425264                           05           10/01/97         25
    2323244                              N            09/01/27
    0


    1633155          B24/G02             F          300,000.00         ZZ
                                         360        299,831.82          1
    12 OLD STAGE COACH RD              8.875          2,386.93         80
                                       8.625          2,386.93      375,000.00
    WESTON           CT   06883          1            09/29/97         00
    0430388033                           05           11/01/97          0
    226031                               O            10/01/27
    0


    1633175          225/225             F           39,500.00         ZZ
                                         360         39,477.27          1
    1106 ROAD TO SIX FLAGS             8.750            310.75         72
                                       8.500            310.75       55,000.00
1


    ARLINGTON        TX   76011          1            09/30/97         00
    8063142                              05           11/01/97          0
    8063142                              N            10/01/27
    0


    1633182          G86/G02             F          125,250.00         ZZ
                                         360        125,174.13          1
    191 MERRIAM ACRES ROAD             8.500            963.06         75
                                       8.250            963.06      167,000.00
    CORRALES         NM   87048          5            09/25/97         00
    0430431221                           05           11/01/97          0
    218024                               O            10/01/27
    0


    1633196          E66/E66             F           77,000.00         ZZ
                                         360         76,953.36          1
    1201 MOCKINGBIRD LANE              8.500            592.06         60
                                       8.250            592.06      130,000.00
    CHARLOTTE        NC   28209          2            09/29/97         00
    600342098                            05           11/01/97          0
    600342098                            N            10/01/27
    0


    1633200          A52/G02             F          117,750.00         ZZ
                                         360        117,750.00          1
    5892 MILL CREEK LANE               8.500            905.40         75
                                       8.250            905.40      157,000.00
    WOODSTOCK        GA   30188          5            10/03/97         00
    0430397166                           05           12/01/97          0
    228841                               O            11/01/27
    0


    1633287          B28/G02             F          135,660.00         ZZ
                                         360        135,490.76          1
    3698 C R 228                       8.375          1,031.12         81
                                       8.125          1,031.12      168,000.00
    DURANGO          CO   81301          5            08/27/97         10
    0430428748                           27           10/01/97         12
    05970792                             O            09/01/27
    0


    1633370          B75/G02             F           80,000.00         ZZ
                                         360         79,739.52          1
    23437 LYNN STREET                  7.875            580.06         54
                                       7.625            580.06      150,000.00
    HAYWARD          CA   94541          5            08/22/97         00
    0430424911                           05           10/01/97          0
    2939312                              O            09/01/27
    0
1




    1633390          F96/G02             F           84,750.00         ZZ
                                         360         84,698.66          1
    25-02A HIGH STREET                 8.500            651.65         75
                                       8.250            651.65      113,000.00
    BOROUGH OF FAIR  NJ   07410          1            09/19/97         00
    0430424325                           01           11/01/97          0
    1625                                 N            10/01/27
    0


    1633403          F18/G02             F          177,000.00         ZZ
                                         360        177,000.00          1
    2734 GUMDROP DRIVE                 8.500          1,360.98         79
                                       8.250          1,360.98      225,000.00
    SAN JOSE         CA   95148          2            10/01/97         00
    0430436113                           05           12/01/97          0
    1633403                              O            11/01/27
    0


    1633419          950/G02             F          143,600.00         ZZ
                                         360        143,600.00          1
    12709 154TH STREET EAST            8.500          1,104.16         80
                                       8.250          1,104.16      179,500.00
    PUYALLUP         WA   98374          1            10/09/97         00
    0430463505                           05           12/01/97          0
    A099726W                             O            11/01/27
    0


    1633432          B75/G02             F           85,400.00         ZZ
                                         360         85,306.35          1
    2550 SUNCREST COURT                9.000            687.15         90
                                       8.750            687.15       94,900.00
    BUFORD           GA   30519          1            08/28/97         14
    0430414193                           05           10/01/97         25
    7081300                              N            09/01/27
    0


    1633441          003/G02             F           37,800.00         ZZ
                                         360         37,778.25          1
    1100 ST. CHARLES PLACE #614        8.750            297.38         90
                                       8.500            297.38       42,000.00
    PEMBROKE PINES   FL   33026          1            09/12/97         10
    0430435586                           06           11/01/97         25
    0003886686                           N            10/01/27
    0


    1633444          229/G02             F           94,300.00         ZZ
                                         360         94,247.13          2
1


    905 & 907 WILLOW DRIVE             8.875            750.30         90
                                       8.625            750.30      104,800.00
    GRAIN VALLEY     MO   64029          1            09/29/97         11
    0430440545                           05           11/01/97         25
    0007635451                           N            10/01/27
    0


    1633449          F16/G02             F           50,400.00         ZZ
                                         360         50,367.03          1
    1460 CRESTVIEW AVE                 8.125            374.22         80
                                       7.875            374.22       63,000.00
    SAN BERNARDINO   CA   92404          1            09/03/97         00
    0430414433                           05           11/01/97          0
    97818037                             N            10/01/27
    0


    1633463          950/G02             F          189,600.00         ZZ
                                         360        189,600.00          4
    7611 RIDGEWOOD DRIVE               8.250          1,424.40         80
                                       8.000          1,424.40      237,000.00
    EVERETT          WA   98203          1            10/13/97         00
    0430476192                           05           12/01/97          0
    W099702                              N            11/01/27
    0


    1633464          A65/G02             F          100,000.00         ZZ
                                         360         99,939.42          1
    429 WEST BROOKDALE PLACE           8.500            768.91         33
                                       8.250            768.91      310,000.00
    FULLERTON        CA   92832          2            09/26/97         00
    0430435818                           05           11/01/97          0
    19724602                             O            10/01/27
    0


    1633522          637/G02             F           80,650.00         ZZ
                                         360         80,650.00          1
    1033 PARK FOREST COURT             8.250            605.90         85
                                       8.000            605.90       94,900.00
    LILBURN          GA   30247          1            10/07/97         01
    0430438291                           05           12/01/97         25
    8358137                              N            11/01/27
    0


    1633530          069/G02             F          125,000.00         ZZ
                                         360        124,924.27          1
    11333 CORNISH AVENUE               8.500            961.15         76
                                       8.250            961.15      166,000.00
    LYNWOOD          CA   90262          2            09/25/97         00
    0430435230                           05           11/01/97          0
1


    2362210219                           O            10/01/27
    0


    1633541          B24/G02             F          162,400.00         ZZ
                                         360        162,400.00          1
    53 STRAWBERRY HILL COURT           8.375          1,234.36         80
                                       8.125          1,234.36      203,000.00
    STAMFORD         CT   06905          1            10/22/97         00
    0430436246                           05           12/01/97          0
    226893                               O            11/01/27
    0


    1633545          687/G02             F           71,050.00         ZZ
                                         360         71,011.20          1
    9515 WEST AVENUE                   9.000            571.68         70
                                       8.750            571.68      101,500.00
    CINCINNATTI      OH   45242          1            09/26/97         00
    0430429795                           05           11/01/97          0
    1622854                              O            10/01/27
    0


    1633552          001/G02             F          115,000.00         ZZ
                                         360        115,000.00          3
    113 W 7TH STREET                   8.250            863.95         92
                                       8.000            863.95      125,000.00
    S. BOSTON        MA   02127          2            10/08/97         01
    0430447482                           07           12/01/97         30
    1519305                              O            11/01/27
    0


    1633560          E67/G02             F           95,400.00         T
                                         360         95,330.95          1
    1315 SW MAPLE TREE COURT           7.625            675.24         90
                                       7.375            675.24      107,000.00
    CORVALLIS        OR   97333          1            09/18/97         04
    0430439554                           05           11/01/97         25
    06699                                O            10/01/27
    0


    1633585          H44/G02             F           73,600.00         ZZ
                                         360         73,556.54          1
    8026 MARSHWOOD LANE                8.625            572.46         80
                                       8.375            572.46       92,000.00
    LAKE WORTH       FL   33467          1            09/30/97         00
    0430449496                           05           11/01/97          0
    00697090452                          O            10/01/27
    0


1


    1633590          462/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
    1711 NORTH HIGHLAND AVENUE         8.250            450.77         80
                                       8.000            450.77       75,500.00
    CLEARWATER       FL   33755          1            10/01/97         00
    0430444497                           05           12/01/97          0
    0004975405                           O            11/01/27
    0


    1633592          180/G02             F           44,900.00         ZZ
                                         360         44,873.49          1
    731 EAST VAUGHN DRIVE              8.625            349.23         67
                                       8.375            349.23       68,000.00
    TEMPE            AZ   85283          2            09/29/97         00
    0430439356                           09           11/01/97          0
    000831689                            N            10/01/27
    0


    1633598          229/G02             F           77,250.00         ZZ
                                         360         77,203.20          1
    202 SUMMERSET DRIVE                8.500            593.99         75
                                       8.250            593.99      103,000.00
    PAPILLION        NE   68133          1            09/29/97         00
    0430440743                           05           11/01/97          0
    0007620685                           O            10/01/27
    0


    1633611          B75/G02             F          147,420.00         T
                                         360        147,420.00          1
    21205 YACHT CLUB DRIVE             9.000          1,186.17         70
    #2007                              8.750          1,186.17      210,600.00
    AVENTURA         FL   33180          1            10/08/97         00
    0430443234                           06           12/01/97          0
    7065873                              O            11/01/27
    0


    1633616          313/G02             F           86,400.00         ZZ
                                         360         86,346.29          1
    13201 WEST IRONWOOD STREET         8.375            656.71         90
                                       8.125            656.71       96,031.00
    SURPRISE         AZ   85374          1            09/29/97         04
    0430435008                           03           11/01/97         25
    6288187                              N            10/01/27
    0


    1633625          180/G02             F          124,200.00         ZZ
                                         360        124,200.00          2
    1805 BOULDIN AVENUE                8.875            988.19         90
    UNIT A & B                         8.625            988.19      138,000.00
1


    AUSTIN           TX   78704          1            10/01/97         04
    0430462499                           05           12/01/97         25
    0012039145                           N            11/01/27
    0


    1633627          F34/G02             F          149,000.00         T
                                         360        148,914.27          1
    1497 NW 156TH AVENUE               8.750          1,172.19         80
                                       8.500          1,172.19      186,300.00
    PEMBROKE PINES   FL   33028          1            09/16/97         00
    0430436030                           03           11/01/97          0
    9700076                              O            10/01/27
    0


    1633629          B75/G02             F          112,500.00         ZZ
                                         360        112,500.00          2
    3814 HOYT AVENUE                   9.000            905.20         90
                                       8.750            905.20      125,000.00
    EVERETT          WA   98201          1            10/09/97         10
    0430443267                           05           12/01/97         25
    2972362                              N            11/01/27
    0


    1633680          A83/G02             F          120,000.00         ZZ
                                         360        119,780.36          1
    1082 WACO STREET                   8.500            922.70         65
                                       8.250            922.70      185,000.00
    SAN JOSE         CA   95110          5            07/29/97         00
    0430394023                           05           09/01/97          0
    3000182                              N            08/01/27
    0


    1633693          828/G02             F           28,000.00         ZZ
                                         360         27,984.70          1
    9606 VALE DR                       9.000            225.30         80
                                       8.750            225.30       35,000.00
    SAN ANTONIO      TX   78245          1            10/03/97         00
    0430437699                           07           11/01/97          0
    UNKNOWN                              N            10/01/27
    0


    1633695          G97/G02             F           98,600.00         ZZ
                                         360         98,600.00          2
    2718 - 2720 NARRAGANSET            8.500            758.15         85
                                       8.250            758.15      116,000.00
    LANSING          MI   48910          1            10/03/97         10
    0430436014                           05           12/01/97         20
    11186                                N            11/01/27
    0
1




    1633699          560/560             F           62,300.00         T
                                         360         62,263.21          1
    1206 HOLLOW RUN ROAD               8.625            484.57         70
                                       8.375            484.57       89,000.00
    LURAY            VA   22835          5            09/09/97         00
    450841150                            05           11/01/97          0
    450841150                            O            10/01/27
    0


    1633736          638/G02             F          158,400.00         ZZ
                                         360        158,288.20          1
    9451 SOUTH 51ST STREET             7.750          1,134.80         80
                                       7.500          1,134.80      198,000.00
    PHOENIX          AZ   85044          1            09/29/97         00
    0430447557                           03           11/01/97          0
    8658213                              O            10/01/27
    0


    1633759          375/G02             F           60,000.00         ZZ
                                         360         59,887.32          1
    642 EAST CLEMENT STREET            8.375            456.05         70
                                       8.125            456.05       86,400.00
    BALTIMORE        MD   21230          5            07/25/97         00
    0430393876                           05           09/01/97          0
    970321                               N            08/01/27
    0


    1633762          375/G02             F           66,150.00         ZZ
                                         360         66,028.91          2
    11804 GLENDALE WAY SOUTH           8.500            508.64         90
                                       8.250            508.64       73,500.00
    SEATTLE          WA   98168          1            07/15/97         10
    0430393827                           05           09/01/97         25
    662020                               O            08/01/27
    0


    1633772          375/G02             F           69,850.00         ZZ
                                         360         69,705.78          2
    1120-1122 VALLEY VIEW DRIVE        9.375            580.98         90
                                       9.125            580.98       77,635.00
    GLENN HEIGHTS    TX   75115          1            06/02/97         10
    0430393736                           05           08/01/97         25
    659628                               N            07/01/27
    0


    1633773          560/560             F          122,250.00         ZZ
                                         360        122,097.49          1
1


    712 MCKINLEY                       8.375            929.19         75
                                       8.125            929.19      163,000.00
    ANN ARBOR        MI   48104          1            08/27/97         00
    450825534                            05           10/01/97          0
    450825534                            N            09/01/27
    0


    1633777          375/G02             F           62,100.00         ZZ
                                         360         62,007.64          1
    3929 ARBOR STREET                  9.500            522.17         90
                                       9.250            522.17       69,000.00
    OMAHA            NE   68105          1            07/11/97         04
    0430393843                           05           09/01/97         25
    663931                               N            08/01/27
    0


    1633778          375/G02             F          202,000.00         ZZ
                                         360        201,620.69          1
    22 DONALDSON PLACE                 8.375          1,535.35         80
                                       8.125          1,535.35      252,500.00
    ROSLYN HEIGHTS   NY   11577          1            07/28/97         00
    0430404715                           05           09/01/97          0
    668507                               O            08/01/27
    0


    1633786          375/G02             F           27,200.00         ZZ
                                         360         27,153.90          1
    2325 SOUTH LINDEN COURT            8.875            216.42         80
    #112N                              8.625            216.42       34,000.00
    DENVER           CO   80222          1            07/25/97         00
    0430393850                           01           09/01/97          0
    668314                               N            08/01/27
    0


    1633805          K08/G02             F           65,000.00         ZZ
                                         360         64,960.63          1
    100 RIVERVIEW DRIVE                8.500            499.79         60
                                       8.250            499.79      110,000.00
    ALPINE           WY   83128          1            09/11/97         00
    0410536593                           05           11/01/97          0
    410536593                            O            10/01/27
    0


    1633806          375/G02             F          144,000.00         ZZ
                                         360        143,620.89          1
    49 LAKESIDE AVENUE                 9.250          1,184.66         86
                                       9.000          1,184.66      167,500.00
    EASTTOWN         PA   19333          1            05/19/97         01
    0430393884                           05           07/01/97         25
1


    654176                               N            06/01/27
    0


    1633815          E22/G02             F          127,000.00         ZZ
                                         360        126,628.56          1
    2746 MUSSON                        8.750            999.11         66
                                       8.500            999.11      195,000.00
    OCEOLA TOWNSHIP  MI   48843          5            06/18/97         00
    0410397467                           05           08/01/97          0
    410397467                            O            07/01/27
    0


    1633824          K08/G02             F          143,200.00         ZZ
                                         360        143,108.69          1
    6623 HALTWISTLE LANE               8.250          1,075.81         80
                                       8.000          1,075.81      179,000.00
    ALEXANDRIA       VA   22315          1            09/11/97         00
    0410507883                           09           11/01/97          0
    410507883                            O            10/01/27
    0


    1633841          375/G02             F          250,000.00         ZZ
                                         360        249,493.38          1
    3253 HAYDEN STREET                 8.000          1,834.42         56
                                       7.750          1,834.42      450,000.00
    HONOLULU         HI   96815          1            07/24/97         00
    0430395137                           05           09/01/97          0
    668327                               O            08/01/27
    0


    1633860          375/G02             F          117,000.00         ZZ
                                         360        116,713.45          1
    15729 PASEO LARGAVISTA             8.500            899.63         75
                                       8.250            899.63      156,000.00
    SAN LORENZO      CA   94580          1            06/13/97         00
    0430387332                           03           08/01/97          0
    663778                               N            07/01/27
    0


    1633874          375/G02             F          146,600.00         ZZ
                                         360        146,240.96          1
    119 CATALPA STREET                 8.500          1,127.23         90
                                       8.250          1,127.23      163,000.00
    SANTA CRUZ       CA   95060          1            06/26/97         04
    0430387498                           05           08/01/97         25
    665026                               N            07/01/27
    0


1


    1633887          375/G02             F          120,000.00         ZZ
                                         360        119,532.90          1
    32 RIDGE ROAD                      8.250            901.52         56
                                       8.000            901.52      215,000.00
    CLARK            NJ   07066          5            04/25/97         00
    0430387621                           05           06/01/97          0
    650864                               O            05/01/27
    0


    1633897          638/G02             F           81,000.00         ZZ
                                         360         81,000.00          3
    2233 NORTH SECOND STREET           8.875            644.47         90
                                       8.625            644.47       90,000.00
    HARRISBURG       PA   17110          1            10/27/97         10
    0430475442                           05           12/01/97         25
    8668510                              N            11/01/27
    0


    1633907          638/G02             F           91,800.00         ZZ
                                         360         91,748.54          1
    3640 SOUTH ROYAL SCOTT DRIVE       8.875            730.40         90
                                       8.625            730.40      102,000.00
    WEST VALLEY CIT  UT   84128          1            09/30/97         10
    0430435909                           05           11/01/97         25
    08665241                             N            10/01/27
    0


    1633916          369/G02             F           58,400.00         ZZ
                                         360         58,332.54          1
    18333 WENTWORTH UNIT 14            8.750            459.44         80
                                       8.500            459.44       73,000.00
    LANSING          IL   60438          1            08/26/97         00
    0430428243                           01           10/01/97          0
    0060380847                           O            09/01/27
    0


    1633921          201/G02             F           44,100.00         ZZ
                                         360         44,075.91          1
    6527 MARSDEN STREET                9.000            354.84         90
                                       8.750            354.84       49,000.00
    PHILADELPHIA     PA   19135          1            09/30/97         10
    0430446161                           05           11/01/97         30
    2609021932                           N            10/01/27
    0


    1633938          B77/G02             F           53,100.00         ZZ
                                         360         53,100.00          1
    1217 PRATT STREET                  9.000            427.25         90
                                       8.750            427.25       59,000.00
1


    PHILADELPHIA     PA   19124          1            10/15/97         10
    0430448498                           07           12/01/97         25
    97999047                             N            11/01/27
    0


    1633949          B75/G02             F          115,900.00         ZZ
                                         360        115,831.57          1
    1709 RIDGEWAY AVENUE               8.625            901.46         90
                                       8.375            901.46      128,800.00
    ATLANTA          GA   30318          1            10/02/97         14
    0430462838                           05           11/01/97         25
    7058589                              N            10/01/27
    0


    1633975          830/830             F          155,000.00         ZZ
                                         360        154,806.65          1
    28 CALENDULA                       8.375          1,178.11         75
                                       8.125          1,178.11      207,000.00
    RANCHO SANTA MA  CA   92688          2            09/04/97         00
    531143                               03           10/01/97          0
    531143                               O            09/01/27
    0


    1634033          E19/G02             F           80,000.00         ZZ
                                         360         79,955.15          1
    18205 SENTENO STREET               8.875            636.52         45
                                       8.625            636.52      180,000.00
    ROWLAND HEIGHTS  CA   91748          5            09/09/97         00
    0430440586                           05           11/01/97          0
    400012639                            N            10/01/27
    0


    1634036          180/G02             F           72,100.00         ZZ
                                         360         72,059.58          1
    3219 SOUTH 52ND COURT              8.875            573.66         70
                                       8.625            573.66      103,000.00
    CICERO           IL   60804          5            10/01/97         00
    0430433078                           05           11/01/97          0
    12042131                             N            10/01/27
    0


    1634290          964/G02             F          138,000.00         ZZ
                                         360        137,909.72          1
    21046 CRANBRIDGE DRIVE             8.125          1,024.65         80
                                       7.875          1,024.65      172,500.00
    LAKE FOREST      CA   92630          1            09/08/97         00
    0430412593                           05           11/01/97          0
    27807                                O            10/01/27
    0
1




    1634301          637/G02             F           57,600.00         ZZ
                                         360         57,563.27          1
    7 HINES AVENUE                     8.250            432.73         80
                                       8.000            432.73       72,000.00
    LEHIGH ARCES     FL   33972          1            09/29/97         00
    0430438200                           05           11/01/97          0
    8039174                              O            10/01/27
    0


    1634303          E19/G02             F          292,000.00         ZZ
                                         360        291,818.51          1
    2529 DATE CIRCLE                   8.375          2,219.41         80
                                       8.125          2,219.41      365,000.00
    TORRANCE         CA   90505          2            09/25/97         00
    0430442038                           05           11/01/97          0
    100032868                            O            10/01/27
    0


    1634311          624/G02             F          300,000.00         ZZ
                                         360        299,788.26          1
    596 VICTORIA STREET                7.750          2,149.24         94
                                       7.500          2,149.24      321,000.00
    SAN FRANCISCO    CA   94132          1            09/30/97         10
    0430429761                           05           11/01/97         30
    86500170596F                         O            10/01/27
    0


    1634312          624/G02             F          142,400.00         ZZ
                                         360        142,306.85          1
    982 PHOENIX AVENUE                 8.125          1,057.32         80
                                       7.875          1,057.32      178,000.00
    VENTURA          CA   93004          1            09/26/97         00
    0430432773                           05           11/01/97          0
    36002770113                          N            10/01/27
    0


    1634330          H86/G02             F          316,000.00         ZZ
                                         360        315,818.20          1
    961 NORFOLK AVENUE                 8.750          2,485.97         80
                                       8.500          2,485.97      395,000.00
    PARK CITY        UT   84060          1            09/12/95         00
    0430431445                           05           11/01/97          0
    86521                                O            10/01/27
    0


    1634331          E60/G02             F          411,650.00         ZZ
                                         360        411,366.70          1
1


    7200 KNOLLWOOD COURT               7.875          2,984.75         80
    (WEST HILLS AREA)                  7.625          2,984.75      514,588.00
    LOS ANGELES      CA   91304          1            09/09/97         00
    0430425645                           03           11/01/97          0
    520350                               O            10/01/27
    0


    1634353          F03/G02             F          119,000.00         ZZ
                                         360        119,000.00          1
    1200 CHEROKEE STREET               8.500            915.01         80
    UNIT 105                           8.250            915.01      148,806.00
    DENVER           CO   80204          1            10/06/97         00
    0430446385                           01           12/01/97          0
    DEN11493                             O            11/01/27
    0


    1634355          H93/G02             F          121,500.00         ZZ
                                         360        121,431.88          4
    39 NORTH SAN JOSE                  8.875            966.71         90
                                       8.625            966.71      135,000.00
    MESA             AZ   85201          1            10/02/97         01
    0430446880                           05           11/01/97         25
    9738608                              O            10/01/27
    0


    1634364          229/G02             F           65,700.00         ZZ
                                         360         65,663.17          1
    441 SOUTH CARDINAL DRIVE           8.875            522.74         90
                                       8.625            522.74       73,000.00
    APACHE JUNCTION  AZ   85220          1            09/04/97         01
    0430431239                           05           11/01/97         25
    0012058939                           O            10/01/27
    0


    1634369          131/G02             F           43,120.00         ZZ
                                         360         43,095.19          2
    1034-1036 BEARDSLEY STREET         8.750            339.23         80
                                       8.500            339.23       53,900.00
    AKRON            OH   44301          1            09/10/97         00
    0430413989                           05           11/01/97          0
    1071853                              N            10/01/27
    0


    1634372          H05/H05             F           50,750.00         ZZ
                                         360         50,720.04          1
    74 LINDEN ST                       8.625            394.73         70
                                       8.375            394.73       72,500.00
    ROSLYN HEIGHTS   NY   11577          1            09/19/97         00
    7070349                              05           11/01/97          0
1


    7070349                              N            10/01/27
    0


    1634374          180/G02             F          117,000.00         ZZ
                                         360        116,875.00          1
    4212 EAST EMERALD DRIVE            9.125            951.95         90
                                       8.875            951.95      130,000.00
    KENNESAW         GA   30144          1            09/05/97         10
    0430430603                           05           10/01/97         25
    4871844                              N            09/01/27
    0


    1634396          369/G02             F          192,000.00         T
                                         360        191,783.92          1
    3749 HUNTERS ISLE DRIVE            8.875          1,527.64         80
                                       8.625          1,527.64      240,000.00
    ORLANDO          FL   32837          1            08/19/97         00
    0430415281                           03           10/01/97          0
    60786548                             O            09/01/27
    0


    1634399          369/G02             F           60,100.00         ZZ
                                         360         60,025.04          1
    1520 KARA LANE                     8.375            456.80         71
                                       8.125            456.80       85,779.00
    LINCOLN          NE   68522          1            08/22/97         00
    0430414391                           07           10/01/97          0
    60859873                             O            09/01/27
    0


    1634406          G94/G02             F          116,000.00         ZZ
                                         360        115,936.63          1
    491 EAST                           9.000            933.37         80
    20TH STREET                        8.750            933.37      145,000.00
    HAILEAH          FL   33013          1            09/26/97         00
    0430440073                           05           11/01/97          0
    971596                               O            10/01/27
    0


    1634409          G44/G02             F          115,900.00         ZZ
                                         360        115,831.57          2
    502 GRAND CANAL DRIVE              8.625            901.46         95
                                       8.375            901.46      122,000.00
    MIAMI            FL   33144          1            09/30/97         01
    0430434167                           05           11/01/97         30
    0997023                              O            10/01/27
    0


1


    1634429          664/G02             F          119,000.00         ZZ
                                         360        118,924.12          4
    4091 #1-4 CALLE DE RICARDO         8.250            894.01         70
                                       8.000            894.01      170,000.00
    PALM SPRINGS     CA   92264          5            09/02/97         00
    0430414540                           05           11/01/97          0
    2300051                              N            10/01/27
    0


    1634443          180/G02             F           96,300.00         ZZ
                                         360         96,191.62          4
    721 EAST SIERRA VISTA DRIVE        8.875            766.21         90
                                       8.625            766.21      107,000.00
    PHOENIX          AZ   85014          1            08/22/97         04
    0430447615                           05           10/01/97         25
    12059887                             N            09/01/27
    0


    1634444          604/G02             F           83,700.00         ZZ
                                         360         83,240.32          1
    21 SELENA COURT                    9.000            673.47         90
                                       8.750            673.47       93,000.00
    ANTIOCH          CA   94509          1            07/15/97         11
    0430406652                           09           09/01/97         25
    69960614410                          N            08/01/27
    0


    1634451          G86/G02             F           80,100.00         ZZ
                                         360         80,060.61          4
    211 TEXAS STREET N E               9.500            673.52         90
                                       9.250            673.52       89,000.00
    ALBUQUERQUE      NM   87108          1            09/05/97         01
    0430436717                           05           11/01/97         25
    80451001                             N            10/01/27
    0


    1634464          685/G02             F          348,000.00         ZZ
                                         360        347,772.36          1
    7056 MACAPA  DRIVE                 8.125          2,583.89         77
                                       7.875          2,583.89      455,000.00
    LOS ANGELES      CA   90068          5            09/08/97         00
    0430391110                           05           11/01/97          0
    108331                               O            10/01/27
    0


    1634476          F30/G02             F          128,000.00         ZZ
                                         360        127,918.38          1
    13059 SOUTH 3100 WEST              8.250            961.62         80
                                       8.000            961.62      160,000.00
1


    RIVERTON         UT   84065          1            09/18/97         00
    0430391045                           05           11/01/97          0
    12701                                O            10/01/27
    0


    1634483          637/G02             F           36,600.00         ZZ
                                         360         36,578.94          1
    333 JOEL BLVD #135                 8.750            287.94         90
                                       8.500            287.94       40,700.00
    LEHIGH ARCES     FL   33936          1            10/03/97         01
    0430449892                           01           11/01/97         25
    8039463                              N            10/01/27
    0


    1634489          927/G02             F           80,000.00         ZZ
                                         360         79,889.52          1
    4675 WHIMSICAL DRIVE               7.875            580.06         66
                                       7.625            580.06      122,000.00
    COLORADO SPRING  CO   80917          1            08/28/97         00
    0430392050                           05           10/01/97          0
    00                                   N            09/01/27
    0


    1634505          638/G02             F          220,000.00         ZZ
                                         360        220,000.00          1
    28 VIA ANADEJA                     7.875          1,595.15         80
                                       7.625          1,595.15      275,000.00
    RANCHO SANTA MA  CA   92688          2            10/07/97         00
    0430447771                           03           12/01/97          0
    8667160                              O            11/01/27
    0


    1634512          638/G02             F           76,300.00         ZZ
                                         360         76,258.32          1
    9261 NW 24TH PLACE                 9.000            613.93         70
                                       8.750            613.93      109,000.00
    PEMBROKE PINES   FL   33024          5            09/30/97         00
    0430433755                           05           11/01/97          0
    8671216                              N            10/01/27
    0


    1634514          638/G02             F           76,500.00         ZZ
                                         360         76,458.21          1
    1779 HICKORY ROAD                  9.000            615.54         90
                                       8.750            615.54       85,000.00
    CHAMBLEE         GA   30341          1            09/30/97         10
    0430436097                           05           11/01/97         25
    08671050                             N            10/01/27
    0
1




    1634521          140/G02             F          153,000.00         ZZ
                                         360        153,000.00          1
    5914 EAST MINING CAMP ROAD         8.625          1,190.02         85
                                       8.375          1,190.02      180,000.00
    APACHE JUNCTION  AZ   85219          1            10/06/97         04
    0430471987                           05           12/01/97         20
    437721                               N            11/01/27
    0


    1634527          638/G02             F           84,000.00         ZZ
                                         360         83,942.19          1
    6814 CEDAR RIDGE DRIVE             7.875            609.06         80
                                       7.625            609.06      105,000.00
    PENSACOLA        FL   32526          1            09/30/97         00
    0430440511                           03           11/01/97          0
    8669107                              O            10/01/27
    0


    1634540          F03/G02             F           57,050.00         ZZ
                                         360         57,050.00          1
    5711 WEST 92ND AVENUE UNIT 6       8.250            428.60         70
                                       8.000            428.60       81,500.00
    WESTMINSTER      CO   80030          5            10/07/97         00
    0430462754                           03           12/01/97          0
    DEN11467                             N            11/01/27
    0


    1634541          180/G02             F           93,500.00         ZZ
                                         360         93,444.80          1
    1714 WEST CORTEZ CIRCLE            8.625            727.23         85
                                       8.375            727.23      110,000.00
    CHANDLER         AZ   85224          2            09/29/97         10
    0430475152                           03           11/01/97         12
    0004918314                           N            10/01/27
    0


    1634543          561/561             F           69,750.00         ZZ
                                         360         69,709.86          1
    133+ N MUESSING STREET             8.750            548.73         90
                                       8.500            548.73       77,500.00
    CUMBERLAND       IN   46229          1            09/09/97         04
    9117805                              05           11/01/97         25
    9117805                              N            10/01/27
    0


    1634544          F03/G02             F           97,600.00         ZZ
                                         360         97,600.00          1
1


    9344 NORTH PIERCE STREET           8.000            716.16         80
                                       7.750            716.16      122,000.00
    WESTMINSTER      CO   80021          1            10/08/97         00
    0430449314                           05           12/01/97          0
    DEN11471                             N            11/01/27
    0


    1634550          638/G02             F          112,000.00         ZZ
                                         360        111,928.58          1
    1294 QUILL GLEN                    8.250            841.42         80
                                       8.000            841.42      140,000.00
    ESCONDIDO        CA   92029          2            10/02/97         00
    0430438515                           09           11/01/97          0
    08670954                             N            10/01/27
    0


    1634563          A52/G02             F           77,355.00         ZZ
                                         360         77,355.00          1
    17 BENEFIELD CICLE                 9.000            622.42         90
                                       8.750            622.42       85,950.00
    CARTERSVILLE     GA   30121          1            10/02/97         04
    0430395046                           03           12/01/97         25
    228368                               N            11/01/27
    0


    1634564          G81/G02             F           62,000.00         ZZ
                                         360         62,000.00          1
    9424 SW 124 COURT                  8.375            471.24         74
                                       8.125            471.24       84,000.00
    MIAMI            FL   33186          1            10/09/97         00
    0430448399                           09           12/01/97          0
    021709093                            O            11/01/27
    0


    1634627          201/G02             F           78,950.00         ZZ
                                         360         78,551.51          1
    9125 SPILLERS DRIVE                8.375            600.08         80
                                       8.125            600.08       98,700.00
    COVINGTON        GA   30016          1            08/27/97         00
    0430429548                           05           10/01/97          0
    801252                               O            09/01/27
    0


    1634632          G81/G02             F           72,800.00         ZZ
                                         360         72,800.00          1
    12374 NW 15TH STREET               8.625            566.23         80
                                       8.375            566.23       91,000.00
    PEMBROKE PINES   FL   33026          1            10/14/97         00
    0430449124                           07           12/01/97          0
1


    21709087                             O            11/01/27
    0


    1634633          H99/G02             F          180,000.00         ZZ
                                         360        180,000.00          2
    2276 78 SW 16 AVENUE               8.500          1,384.04         80
                                       8.250          1,384.04      225,000.00
    MIAMI            FL   33145          5            10/17/97         00
    0430462366                           05           12/01/97          0
    222415                               O            11/01/27
    0


    1634641          B75/G02             F           56,000.00         ZZ
                                         360         55,966.08          4
    529 "F" STREET NORTH               8.500            430.59         80
                                       8.250            430.59       70,000.00
    LAKE WORTH       FL   33460          1            09/12/97         00
    0430423509                           05           11/01/97          0
    2989630                              N            10/01/27
    0


    1634644          375/G02             F           45,450.00         ZZ
                                         360         45,159.17          1
    1245 FIFTHE AVE EAST               8.125            337.47         90
                                       7.875            337.47       50,500.00
    TWIN FALLS       ID   83301          1            06/30/97         01
    0430393488                           05           09/01/97         25
    664529                               N            08/01/27
    0


    1634656          375/G02             F           57,600.00         ZZ
                                         360         57,350.51          1
    12027 EL SENDERO                   8.500            442.89         90
                                       8.250            442.89       64,000.00
    SAN ANTONIO      TX   78233          1            03/17/97         04
    0430393587                           05           05/01/97         25
    650561                               N            04/01/27
    0


    1634665          375/G02             F          430,000.00         ZZ
                                         360        429,074.15          1
    7599 BEAR WILLOW DRIVE             9.125          3,498.63         72
                                       8.875          3,498.63      600,000.00
    WARRENTON        VA   20186          5            06/19/97         00
    0430393512                           05           08/01/97          0
    664971                               O            07/01/27
    0


1


    1634669          H37/G02             F           27,000.00         ZZ
                                         360         27,000.00          1
    1012 ARBORWOOD                     8.750            212.41         90
                                       8.500            212.41       30,000.00
    LINDENWOLD       NJ   08021          1            10/02/97         01
    0430462259                           01           12/01/97         30
    970800                               O            11/01/27
    0


    1634676          375/G02             F           39,800.00         ZZ
                                         360         39,735.96          1
    1033 8TH STREET                    9.125            323.83         70
                                       8.875            323.83       57,000.00
    ST PETERSBURG    FL   33701          5            07/15/97         00
    0430393546                           05           09/01/97          0
    663124                               N            08/01/27
    0


    1634679          H84/G02             F          136,000.00         ZZ
                                         360        135,919.71          2
    23 WASHINGTON STREET               8.625          1,057.79         80
                                       8.375          1,057.79      170,000.00
    PORT CHESTER     NY   10573          1            09/18/97         00
    0430388975                           05           11/01/97          0
    49705692                             O            10/01/27
    0


    1634681          E29/G02             F           99,000.00         ZZ
                                         360         98,948.67          2
    2020 - 2022 HARLAN STREET          9.250            814.45         90
                                       9.000            814.45      110,000.00
    EDGEWATER        CO   80214          1            09/09/97         04
    0430429266                           05           11/01/97         25
    9708013                              N            10/01/27
    0


    1634686          375/G02             F          212,000.00         ZZ
                                         360        211,352.67          1
    800 WEST FIRST ST                  9.250          1,744.08         66
    2908-2909                          9.000          1,744.08      325,000.00
    LOS ANGELES      CA   90012          2            05/21/97         00
    0430393603                           06           07/01/97          0
    655164                               O            06/01/27
    0


    1634689          533/G02             F          151,900.00         ZZ
                                         360        151,807.98          1
    153 SOUTH ROSEMARY LANE            8.500          1,167.98         80
                                       8.250          1,167.98      189,900.00
1


    BREA             CA   92821          1            09/25/97         00
    0430435875                           03           11/01/97          0
    224129                               O            10/01/27
    0


    1634730          624/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
    3252 ORANGEWOOD AVENUE             7.875          1,160.11         49
                                       7.625          1,160.11      330,000.00
    LOS ALAMITOS     CA   90720          5            10/01/97         00
    0430435891                           05           12/01/97          0
    86021570076                          O            11/01/27
    0


    1634731          B75/G02             F           88,000.00         ZZ
                                         360         87,850.66          1
    6313 ESTHER AVENUE N.E.            8.875            700.17         80
                                       8.625            700.17      110,000.00
    ALBUQUERQUE      NM   87109          1            09/12/97         00
    0430423483                           05           11/01/97          0
    2989275                              N            10/01/27
    0


    1634742          G10/G02             F           58,950.00         ZZ
                                         360         58,916.08          2
    2828-2830 NOTTINGHAM WAY           8.750            463.76         86
                                       8.500            463.76       69,250.00
    MOORE            OK   73160          1            09/03/97         04
    0430401620                           05           11/01/97         25
    970751                               N            10/01/27
    0


    1634755          375/G02             F           24,750.00         ZZ
                                         360         24,403.88          1
    215 E HUDSON STREET                9.000            199.15         89
                                       8.750            199.15       28,000.00
    TOLEDO           OH   43608          1            06/20/97         04
    0430393462                           05           08/01/97         25
    664805                               N            07/01/27
    0


    1634759          561/561             F           78,400.00         ZZ
                                         360         78,356.04          1
    612 JADE LEAF AVENUE               8.875            623.79         70
                                       8.625            623.79      112,000.00
    SEAT PLEASANT    MD   20743          5            09/15/97         00
    9128992                              05           11/01/97          0
    9128992                              N            10/01/27
    0
1




    1634889          664/G02             F          119,200.00         ZZ
                                         360        119,127.78          1
    18427 CHATSWORTH STREET            8.500            916.55         80
                                       8.250            916.55      149,000.00
    NORTHRIDGE AREA  CA   91326          1            09/12/97         00
    0430429605                           05           11/01/97          0
    2386803                              N            10/01/27
    0


    1634898          731/G02             F          196,000.00         ZZ
                                         360        195,887.24          1
    29242 CIRCLE DRIVE                 8.750          1,541.93         70
                                       8.500          1,541.93      280,000.00
    AGOURA HILLS     CA   91301          2            09/12/97         00
    0430422592                           05           11/01/97          0
    8000585                              O            10/01/27
    0


    1634920          B24/G02             F           30,000.00         ZZ
                                         360         30,000.00          1
    700 SUMMER STREET                  8.875            238.69         80
    2-B                                8.625            238.69       37,500.00
    STAMFORD         CT   06901          1            10/15/97         00
    0430427047                           06           12/01/97          0
    229892                               N            11/01/27
    0


    1634925          B24/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
    13 E. WALNUT STREET                8.750            629.36         80
                                       8.500            629.36      100,000.00
    STAMFORD         CT   06902          1            10/08/97         00
    0430397182                           05           12/01/97          0
    226895                               O            11/01/27
    0


    1634947          369/G02             F          102,100.00         ZZ
                                         360        101,975.84          1
    1402 EDGEWATER BEACH DR            8.500            785.07         66
                                       8.250            785.07      155,000.00
    LAKELAND         FL   33805          2            09/03/97         00
    0430415190                           05           10/01/97          0
    0060926268                           O            09/01/27
    0


    1634949          369/G02             F           74,500.00         T
                                         360         74,416.15          1
1


    6709 EAST BAY BLVD                 8.875            592.76         60
                                       8.625            592.76      126,100.00
    NAVARRE          FL   32566          1            09/05/97         00
    0430441873                           03           10/01/97          0
    60670114                             O            09/01/27
    0


    1634950          766/G02             F           82,500.00         T
                                         360         82,450.02          1
    335 OCEAN DRIVE #301               8.500            634.35         75
                                       8.250            634.35      110,000.00
    MIAMI BEACH      FL   33139          1            09/19/97         00
    0430422436                           06           11/01/97          0
    97SG0435                             O            10/01/27
    0


    1634967          F22/G02             F          400,000.00         ZZ
                                         360        399,763.84          1
    12 WOODS EDGE ROAD                 8.625          3,111.16         95
    MILFORD                            8.375          3,111.16      422,500.00
    HOLLAND TOWNSHI  NJ   08848          1            09/15/97         04
    0430427112                           05           11/01/97         30
    73059869                             O            10/01/27
    0


    1634978          F22/G02             F          138,000.00         ZZ
                                         360        137,930.32          1
    8715 SEDGLEY DRIVE                 9.375          1,147.81         80
                                       9.125          1,147.81      172,541.00
    WILMINGTON       NC   28412          4            09/10/97         00
    0430427203                           03           11/01/97          0
    70005797                             O            10/01/27
    0


    1634988          F22/G02             F           93,600.00         ZZ
                                         360         93,540.31          1
    1 ROWE STREET                      8.250            703.19         80
                                       8.000            703.19      117,000.00
    CORAM            NY   11727          1            09/11/97         00
    0430427195                           05           11/01/97          0
    73059878                             O            10/01/27
    0


    1634992          F22/G02             F          110,000.00         ZZ
                                         360        109,942.98          1
    854 GRANT AVENUE                   9.250            904.94         65
                                       9.000            904.94      170,000.00
    MAYWOOD          NJ   07607          5            09/03/97         00
    0430427062                           05           11/01/97          0
1


    73059895                             O            10/01/27
    0


    1634996          F22/G02             F           99,900.00         ZZ
                                         360         99,849.55          1
    104 RIPLEY ROAD                    9.375            830.92         80
                                       9.125            830.92      125,000.00
    WILLIAMSBURG     VA   23185          2            09/03/97         00
    0430427070                           05           11/01/97          0
    61003320                             O            10/01/27
    0


    1634998          375/G02             F           45,900.00         ZZ
                                         360         45,798.58          1
    26 FOMALHAUT COURT                 9.000            369.32         90
                                       8.750            369.32       51,000.00
    WASHINGTON TWP   NJ   08012          1            06/25/97         01
    0430395129                           05           08/01/97         25
    664523                               N            07/01/27
    0


    1635002          F22/G02             F          216,000.00         ZZ
                                         360        215,797.64          1
    2575 TENERIFE ROAD                 9.750          1,855.77         80
                                       9.500          1,855.77      270,000.00
    CATLETT          VA   20199          5            09/02/97         00
    0430426973                           05           10/01/97          0
    70005795                             O            09/01/27
    0


    1635004          F22/G02             F          102,400.00         ZZ
                                         360        102,337.96          1
    13240 CUSTOM HOUSE COURT           8.500            787.37         80
                                       8.250            787.37      128,000.00
    FAIRFAX          VA   22033          1            09/10/97         00
    0430427187                           09           11/01/97          0
    80000192                             O            10/01/27
    0


    1635005          937/G02             F           92,800.00         ZZ
                                         360         92,742.32          1
    2577 EGRET CIRCLE                  8.375            705.35         80
                                       8.125            705.35      116,000.00
    LAS VEGAS        NV   89121          1            09/11/97         00
    0430438101                           03           11/01/97          0
    49029006                             O            10/01/27
    0


1


    1635008          E29/G02             F          112,500.00         ZZ
                                         360        112,440.13          1
    1822 SOUTH ST PAUL STREET          9.125            915.34         90
                                       8.875            915.34      125,000.00
    DENVER           CO   80210          1            09/22/97         04
    0430445213                           05           11/01/97         30
    19708087                             N            10/01/27
    0


    1635017          K08/G02             F           48,000.00         ZZ
                                         360         47,970.92          1
    139 DEERFIELD COURT                8.500            369.08         77
                                       8.250            369.08       63,000.00
    JUPITER          FL   33458          2            09/12/97         04
    0410543235                           09           11/01/97         12
    410543235                            N            10/01/27
    0


    1635020          K08/G02             F           40,000.00         ZZ
                                         360         39,975.76          1
    295 MORNING GLORY DR               8.500            307.57         43
                                       8.250            307.57       94,500.00
    LAKE MARY        FL   32746          1            09/12/97         00
    0410438659                           03           11/01/97          0
    410438659                            O            10/01/27
    0


    1635034          A50/A50             F          140,000.00         ZZ
                                         360        140,000.00          1
    4848 COVE CREEK DRIVE              7.875          1,015.10         70
                                       7.625          1,015.10      200,000.00
    BROWNSBORO       AL   35741          1            10/03/97         00
    0209200                              05           12/01/97          0
    0209200                              O            11/01/27
    0


    1635036          180/G02             F           80,100.00         ZZ
                                         360         80,100.00          1
    7278 NEWBROOK DRIVE                8.625            623.01         90
                                       8.375            623.01       89,900.00
    NAMPA            ID   83687          1            10/08/97         23
    0430472282                           05           12/01/97          0
    0004888699                           N            11/01/27
    0


    1635044          638/G02             F           49,450.00         ZZ
                                         360         49,450.00          1
    1566 VIRGINIA DRIVE                8.500            380.23         90
                                       8.250            380.23       54,995.00
1


    COLTON           CA   92324          1            10/02/97         10
    0430447318                           05           12/01/97         25
    08666975                             N            11/01/27
    0


    1635056          K08/G02             F          135,000.00         ZZ
                                         360        134,913.92          1
    2695 SOUTH KIHEI ROAD UNIT #4-     8.250          1,014.21         75
    406                                8.000          1,014.21      180,000.00
    KIHEI            HI   96753          1            09/18/97         00
    0410542617                           01           11/01/97          0
    410542617                            O            10/01/27
    0


    1635058          638/G02             F          148,400.00         ZZ
                                         360        148,400.00          1
    205 WEST STATION STREET            8.625          1,154.24         80
                                       8.375          1,154.24      185,500.00
    BARRINGTON       IL   60010          1            10/07/97         00
    0430442434                           05           12/01/97          0
    8671932                              O            11/01/27
    0


    1635066          638/G02             F           73,950.00         ZZ
                                         360         73,950.00          1
    331 SANFORD STREET                 8.375            562.07         85
                                       8.125            562.07       87,000.00
    PAINESVILLE      OH   44077          5            10/08/97         04
    0430445064                           05           12/01/97         12
    08670912                             O            11/01/27
    0


    1635067          687/G02             F           97,875.00         ZZ
                                         360         97,875.00          1
    157 SOUTHRIDGE LANE                8.875            778.74         90
                                       8.625            778.74      108,750.00
    WESTFIELD        IN   46074          1            10/10/97         10
    0430442657                           05           12/01/97         25
    UNKNOWN                              N            11/01/27
    0


    1635068          907/G02             F           70,000.00         ZZ
                                         360         70,000.00          1
    5308 PARTRIDGE STREET              8.375            532.05         74
                                       8.125            532.05       95,000.00
    DURHAM           NC   27704          5            10/15/97         00
    0430447623                           05           12/01/97          0
    0184613                              O            11/01/27
    0
1




    1635072          G52/G02             F          241,300.00         ZZ
                                         360        241,300.00          1
    6078 EAST PASEO VENTOSO            8.375          1,834.06         71
                                       8.125          1,834.06      340,000.00
    TUCSON           AZ   85715          5            10/08/97         00
    0430446807                           05           12/01/97          0
    230812                               O            11/01/27
    0


    1635074          F84/G02             F          167,000.00         ZZ
                                         360        167,000.00          1
    4 VAN WINKLE ROAD                  8.500          1,284.09         80
                                       8.250          1,284.09      209,000.00
    WESLEY HILLS     NY   10952          1            10/06/97         00
    0430433524                           05           12/01/97          0
    0166805                              O            11/01/27
    0


    1635084          G44/G02             F           75,000.00         T
                                         360         75,000.00          1
    6881 BAY DRIVE                     8.500            576.69         65
    UNIT 10                            8.250            576.69      115,400.00
    MIAMI BEACH      FL   33141          1            10/09/97         00
    0430439463                           01           12/01/97          0
    0997020                              O            11/01/27
    0


    1635098          A01/G02             F           90,000.00         ZZ
                                         360         89,938.07          1
    2003 AVENUE OF THE TREES           7.875            652.56         57
                                       7.625            652.56      159,000.00
    CARLSBAD         CA   92008          1            09/22/97         00
    0430424317                           03           11/01/97          0
    97095461                             O            10/01/27
    0


    1635106          225/225             F          385,500.00         ZZ
                                         360        385,289.42          2
    1478-80 9TH AVENUE                 9.000          3,101.83         75
                                       8.750          3,101.83      514,000.00
    SAN FRANCISCO    CA   94122          5            09/03/97         00
    806114900                            05           11/01/97          0
    806114900                            O            10/01/27
    0


    1635107          069/G02             F          130,400.00         ZZ
                                         360        130,400.00          1
1


    1130 SOUTH TRURO AVENUE            8.000            956.83         80
                                       7.750            956.83      163,000.00
    INGLEWOOD        CA   90301          1            10/10/97         00
    0430446559                           05           12/01/97          0
    236221087                            O            11/01/27
    0


    1635114          K30/G02             F           74,250.00         ZZ
                                         360         74,205.02          1
    267A 28 ROAD                       8.500            570.92         90
                                       8.250            570.92       82,500.00
    GRAND JUNCTION   CO   81503          1            09/15/97         11
    0430428581                           03           11/01/97         25
    49791                                N            10/01/27
    0


    1635136          737/G02             F           77,400.00         ZZ
                                         360         77,359.87          1
    1200 HUMBOLDT STREET               9.250            636.75         90
    UNIT #702                          9.000            636.75       86,000.00
    DENVER           CO   80218          1            09/19/97         12
    0430424259                           06           11/01/97         25
    575715                               N            10/01/27
    0


    1635154          F03/G02             F          281,250.00         ZZ
                                         360        280,908.03          1
    424 THIRD STREET                   8.500          2,162.57         75
                                       8.250          2,162.57      375,000.00
    STEAMBOAT SPRIN  CO   80477          5            08/21/97         00
    0430427799                           05           10/01/97          0
    DEN11255                             O            09/01/27
    0


    1635161          180/G02             F           48,150.00         ZZ
                                         360         48,122.29          1
    22497 YATES AVENUE                 8.750            378.80         90
                                       8.500            378.80       53,500.00
    SAUK VILLAGE     IL   60411          1            09/12/97         04
    0430430645                           05           11/01/97         25
    4192738                              N            10/01/27
    0


    1635163          209/G02             F           60,300.00         ZZ
                                         360         60,267.06          2
    316 TAMPA AVENUE E                 9.000            485.19         90
                                       8.750            485.19       67,000.00
    LOWER TOWNSHIP   NJ   08251          1            09/12/97         01
    0430429399                           05           11/01/97         25
1


    975971965                            N            10/01/27
    0


    1635165          K30/G02             F           87,750.00         ZZ
                                         360         87,642.84          1
    108 EDGEHILL LANE                  8.500            674.72         90
                                       8.250            674.72       97,500.00
    HENDERSONVILLE   TN   37075          1            09/19/97         11
    0430423558                           03           11/01/97         25
    50548                                N            10/01/27
    0


    1635173          A53/G02             F           45,000.00         ZZ
                                         360         44,948.03          1
    9344 ASTER AVENUE                  8.750            354.02         69
                                       8.500            354.02       66,000.00
    AFFTON           MO   63123          2            08/18/97         00
    0430429191                           05           10/01/97          0
    290030017                            N            09/01/27
    0


    1635186          637/G02             F           81,000.00         ZZ
                                         360         81,000.00          3
    5210 NORTHWEST 17 COURT            9.000            651.75         90
                                       8.750            651.75       90,000.00
    LAUDERHILL       FL   33313          1            10/07/97         04
    0430439646                           05           12/01/97         25
    8235681                              N            11/01/27
    0


    1635213          E40/G02             F           82,550.00         ZZ
                                         240         82,550.00          4
    390-392-394 SALEM STREET           9.500            769.48         65
                                       9.250            769.48      127,000.00
    LAWRENCE         MA   01843          5            10/10/97         00
    0430447664                           05           12/01/97          0
    599000006                            O            11/01/17
    0


    1635220          375/G02             F          137,250.00         ZZ
                                         360        136,992.29          1
    1903 SW 1ST COURT                  8.375          1,043.20         85
                                       8.125          1,043.20      161,500.00
    BATTLE GROUND    WA   98604          5            07/02/97         01
    0430414177                           05           09/01/97         12
    666204                               O            08/01/27
    0


1


    1635229          591/G02             F          115,200.00         ZZ
                                         360        115,200.00          1
    67 VALLEY RIDGE LOOP               8.500            885.79         80
                                       8.250            885.79      144,000.00
    COCKEYSVILLE     MD   21030          1            10/15/97         00
    0430448001                           09           12/01/97          0
    101607042                            O            11/01/27
    0


    1635243          514/G02             F           70,650.00         ZZ
                                         360         70,650.00          1
    10 PINE TRAIL                      8.875            562.12         90
                                       8.625            562.12       78,500.00
    AVON             CT   06001          1            10/08/97         01
    0430448126                           05           12/01/97         25
    362758                               O            11/01/27
    0


    1635248          B24/G02             F          238,500.00         ZZ
                                         360        238,500.00          1
    32 MALTBIE AVE                     9.000          1,919.02         65
                                       8.750          1,919.02      367,000.00
    STAMFORD         CT   06902          5            10/27/97         00
    0430440818                           05           12/01/97          0
    226896                               O            11/01/27
    0


    1635249          F22/G02             F          212,000.00         ZZ
                                         360        211,874.84          1
    160 MORNINGSIDE DRIVE              8.625          1,648.91         80
                                       8.375          1,648.91      265,000.00
    CORAL GABLES     FL   33133          1            09/15/97         00
    0430427146                           05           11/01/97          0
    68007902                             O            10/01/27
    0


    1635250          F22/G02             F          159,000.00         ZZ
                                         360        158,903.68          1
    444 FOX CREEK LANE                 8.500          1,222.57         80
                                       8.250          1,222.57      201,000.00
    LEXINGTON        NC   27292          2            09/02/97         00
    0430426981                           05           11/01/97          0
    70005818                             O            10/01/27
    0


    1635253          F22/G02             F          240,000.00         ZZ
                                         360        239,858.30          1
    339 RACCOON HOLLOW                 8.625          1,866.70         80
                                       8.375          1,866.70      300,000.00
1


    MOUNTAINSIDE     NJ   07092          5            09/04/97         00
    0430426965                           05           11/01/97          0
    73059825                             O            10/01/27
    0


    1635254          F22/G02             F          116,000.00         ZZ
                                         360        115,939.87          1
    9022 FAIRVIEW AVENUE               9.250            954.30         80
                                       9.000            954.30      145,000.00
    SAN GABRIEL      CA   91775          1            09/12/97         00
    0430427245                           05           11/01/97          0
    75001350                             O            10/01/27
    0


    1635258          F22/G02             F           85,000.00         ZZ
                                         360         84,953.57          1
    10500 NW 4TH STREET                9.000            683.93         57
                                       8.750            683.93      150,000.00
    PLANTATION       FL   33324          5            09/12/97         00
    0430427138                           05           11/01/97          0
    68007911                             O            10/01/27
    0


    1635259          F22/G02             F           60,000.00         ZZ
                                         360         59,966.36          1
    1300 RIO BLANCO STREET             8.875            477.39         32
                                       8.625            477.39      190,000.00
    MONTEBELLO       CA   90640          5            09/10/97         00
    0430427096                           03           11/01/97          0
    75001276                             O            10/01/27
    0


    1635261          069/G02             F          264,000.00         ZZ
                                         360        264,000.00          1
    177 LA VERNE AVENUE                8.625          2,053.37         80
                                       8.375          2,053.37      330,000.00
    LONG BEACH       CA   90803          5            10/06/97         00
    0430447052                           05           12/01/97          0
    2362212009                           O            11/01/27
    0


    1635263          862/G02             F          173,100.00         ZZ
                                         360        172,974.71          1
    509 OCEAN BREEZE WAY               7.625          1,225.20         75
                                       7.375          1,225.20      230,900.00
    CHULA VISTA      CA   91914          1            09/04/97         00
    0430446450                           05           11/01/97          0
    4495388                              O            10/01/27
    0
1




    1635271          F22/G02             F          160,000.00         ZZ
                                         360        159,910.30          2
    1947 BUNKER AVENUE                 8.875          1,273.03         80
                                       8.625          1,273.03      200,000.00
    EL MONTE         CA   91733          2            09/04/97         00
    0430427260                           05           11/01/97          0
    75001266                             O            10/01/27
    0


    1635276          F22/G02             F          184,000.00         ZZ
                                         360        183,902.09          1
    102 MERIDEN ROAD                   9.125          1,497.08         80
                                       8.875          1,497.08      230,000.00
    ROCKAWAY         NJ   07869          1            09/15/97         00
    0430427013                           05           11/01/97          0
    73059761                             O            10/01/27
    0


    1635277          B35/G02             F          119,850.00         ZZ
                                         360        119,715.10          1
    2327 SUSANANN DRIVE                8.875            953.59         85
                                       8.625            953.59      141,000.00
    HAMPSTEAD        MD   21074          5            08/21/97         01
    0430430058                           05           10/01/97         25
    9782010738                           O            09/01/27
    0


    1635278          H05/H05             F           39,600.00         ZZ
                                         360         39,600.00          1
    517 S. WAVERLY                     8.500            304.49         87
                                       8.250            304.49       46,000.00
    COLUMBUS         OH   43213          1            10/07/97         01
    7090248                              05           12/01/97         25
    7090248                              N            11/01/27
    0


    1635279          F03/G02             F          384,000.00         T
                                         360        384,000.00          1
    2368 EAST MORNINGSTAR DRIVE        8.750          3,020.93         80
                                       8.500          3,020.93      480,000.00
    PARK CITY        UT   84060          1            10/13/97         00
    0430474619                           05           12/01/97          0
    DEN11496                             O            11/01/27
    0


    1635280          H05/H05             F           58,050.00         ZZ
                                         360         58,050.00          1
1


    1944 WODETTE ROAD                  8.500            446.35         88
                                       8.250            446.35       66,500.00
    COLUMBUS         OH   43224          1            10/07/97         01
    7090259                              05           12/01/97         25
    7090259                              N            11/01/27
    0


    1635316          405/405             F          200,000.00         ZZ
                                         360        199,737.45          1
    94-834 LEOMANA WAY                 8.125          1,485.00         80
                                       7.875          1,485.00      250,000.00
    WAIPAHU          HI   96797          1            08/28/97         00
    8316432                              09           10/01/97          0
    8316432                              O            09/01/27
    0


    1635328          A52/G02             F           72,450.00         ZZ
                                         360         72,450.00          1
    16 BRIGHTON COURT                  9.000            582.95         90
                                       8.750            582.95       80,500.00
    CARTERSVILLE     GA   30121          1            10/14/97         04
    0430430561                           05           12/01/97         25
    0223262                              N            11/01/27
    0


    1635329          664/G02             F           80,900.00         ZZ
                                         360         80,856.95          2
    3209 W STREET                      9.125            658.23         90
                                       8.875            658.23       89,900.00
    VANCOUVER        WA   98663          1            09/15/97         01
    0430430934                           05           11/01/97         25
    2292654                              N            10/01/27
    0


    1635344          G44/G02             F           75,000.00         T
                                         360         75,000.00          1
    6881 BAY DRIVE                     8.500            576.69         65
    UNIT 12                            8.250            576.69      115,400.00
    MIAMI BEACH      FL   33141          1            10/16/97         00
    0430444430                           01           12/01/97          0
    0997015                              O            11/01/27
    0


    1635352          B75/G02             F          229,000.00         ZZ
                                         360        228,861.27          1
    1052 EAST 50 SOUTH                 8.500          1,760.81         90
                                       8.250          1,760.81      254,500.00
    LINDON           UT   84062          1            09/05/97         01
    0430426312                           05           11/01/97         25
1


    7092596                              O            10/01/27
    0


    1635370          H05/H05             F           46,890.00         ZZ
                                         360         46,890.00          1
    1303 BEECHWOOD ROAD                8.500            360.54         87
                                       8.250            360.54       54,100.00
    COLUMBUS         OH   43227          1            10/09/97         01
    7090254                              05           12/01/97         25
    7090254                              N            11/01/27
    0


    1635371          F22/G02             F          112,500.00         ZZ
                                         360        112,435.27          1
    52 ANDERSON AVENUE                 8.750            885.04         71
                                       8.500            885.04      160,000.00
    BERGENFIELD      NJ   07621          5            09/03/97         00
    0430427104                           05           11/01/97          0
    73059840                             O            10/01/27
    0


    1635372          F22/G02             F          138,400.00         ZZ
                                         360        138,322.41          1
    830 SHERMAN WAY                    8.875          1,101.17         80
                                       8.625          1,101.17      173,000.00
    RENO             NV   89506          5            09/04/97         00
    0430427211                           05           11/01/97          0
    75001307                             O            10/01/27
    0


    1635373          F22/G02             F          128,000.00         ZZ
                                         360        127,937.04          1
    11642 RANCHITO STREET              9.500          1,076.29         80
                                       9.250          1,076.29      160,000.00
    EL MONTE         CA   91732          1            09/11/97         00
    0430427237                           05           11/01/97          0
    75001368                             O            10/01/27
    0


    1635380          561/561             F           72,000.00         ZZ
                                         360         71,959.63          1
    1836 PEMBERTON STREET              8.875            572.87         67
                                       8.625            572.87      109,000.00
    PHILADELPHIA     PA   19146          5            09/19/97         00
    9123845                              05           11/01/97          0
    9123845                              N            10/01/27
    0


1


    1635381          561/561             F           65,300.00         ZZ
                                         360         65,260.43          1
    5206 E STREET, SE                  8.500            502.11         83
                                       8.250            502.11       79,500.00
    WASHINGTON       DC   20019          5            08/29/97         10
    9115684                              05           11/01/97         12
    9115684                              O            10/01/27
    0


    1635390          950/G02             F           99,000.00         ZZ
                                         360         99,000.00          1
    20219 25TH AVENUE NORTHEAST        9.000            796.58         60
                                       8.750            796.58      165,000.00
    SEATTLE          WA   98155          5            10/13/97         00
    0430474650                           05           12/01/97          0
    WO99776                              N            11/01/27
    0


    1635394          286/286             F          165,600.00         ZZ
                                         360        165,403.76          1
    31 BIRCH HILL RD                   8.625          1,288.02         80
                                       8.375          1,288.02      207,000.00
    FREEHOLD         NJ   07728          1            08/29/97         00
    8638802                              05           10/01/97          0
    8638802                              O            09/01/27
    0


    1635411          180/G02             F           40,500.00         ZZ
                                         360         40,477.29          1
    4408 WOODEDGE DRIVE                8.875            322.24         90
                                       8.625            322.24       45,000.00
    DEL CITY         OK   73115          1            09/17/97         04
    0430430843                           05           11/01/97         25
    12055778                             N            10/01/27
    0


    1635420          J33/G02             F           93,450.00         ZZ
                                         360         93,330.41          1
    4308 BUCKINGHAM CIRCLE             8.250            702.06         72
                                       8.000            702.06      130,000.00
    DECATUR          GA   30035          1            09/05/97         00
    0430400325                           05           10/01/97          0
    9710070247                           O            09/01/27
    0


    1635426          575/G02             F           82,000.00         ZZ
                                         360         81,944.98          1
    1961 CEDAR RIVER COURT             8.000            601.69         74
                                       7.750            601.69      110,860.00
1


    ORANGE PARK      FL   32073          1            09/22/97         00
    0430424648                           03           11/01/97          0
    972360543                            O            10/01/27
    0


    1635429          575/G02             F          116,000.00         ZZ
                                         360        115,926.03          1
    173 WEST EVERGREEN STREET          8.250            871.47         80
                                       8.000            871.47      145,000.00
    WEST GROVE       PA   19390          1            09/12/97         00
    0430400606                           05           11/01/97          0
    972391969                            N            10/01/27
    0


    1635434          K08/G02             F          154,400.00         ZZ
                                         360        154,311.16          1
    5025 TIMBERWAY TRAIL               8.750          1,214.67         80
                                       8.500          1,214.67      193,000.00
    INDEPENDENCE     MI   48346          1            09/15/97         00
    0410535603                           01           11/01/97          0
    410535603                            O            10/01/27
    0


    1635437          K08/G02             F           27,200.00         ZZ
                                         360         27,184.35          1
    8460 13TH STREET NORTH UNIT #B     8.750            213.98         80
                                       8.500            213.98       34,000.00
    ST. PETERSBURG   FL   33702          5            09/10/97         00
    0410526339                           01           11/01/97          0
    410526339                            O            10/01/27
    0


    1635442          K08/G02             F           81,000.00         ZZ
                                         360         80,575.76          1
    724 W 1720 NORTH #302              9.000            651.74         75
                                       8.750            651.74      108,000.00
    PROVO            UT   84604          1            09/15/97         00
    0410541254                           01           11/01/97          0
    410541254                            N            10/01/27
    0


    1635443          K08/G02             F          145,600.00         ZZ
                                         360        145,502.31          1
    76 RIDGEWOOD LANE                  8.000          1,068.36         80
                                       7.750          1,068.36      182,000.00
    ESTES PARK       CO   80517          5            09/12/97         00
    0410521702                           03           11/01/97          0
    410521702                            O            10/01/27
    0
1




    1635445          K08/G02             F          500,000.00         ZZ
                                         360        499,712.33          1
    319 ADDIE ROY ROAD                 8.750          3,933.50         79
                                       8.500          3,933.50      637,040.00
    AUSTIN           TX   78746          1            09/11/97         00
    0410481592                           05           11/01/97          0
    410481592                            O            10/01/27
    0


    1635462          H47/G02             F          228,000.00         ZZ
                                         360        227,854.61          1
    2004 SCARLET ROSE DRIVE            8.250          1,712.89         80
                                       8.000          1,712.89      285,000.00
    LAS VEGAS        NV   89134          5            09/22/97         00
    0430425728                           03           11/01/97          0
    225537                               O            10/01/27
    0


    1635484          375/G02             F          161,600.00         ZZ
                                         360        158,323.75          1
    2809 NATCHEZ TRAIL                 9.500          1,358.82         80
                                       9.250          1,358.82      202,000.00
    EDMOND           OK   73003          1            07/15/97         00
    0430393629                           03           09/01/97          0
    663585                               O            08/01/27
    0


    1635499          633/G02             F           68,750.00         ZZ
                                         360         68,750.00          1
    637 LOWE STREET                    7.875            498.49         71
                                       7.625            498.49       97,000.00
    REDDING          CA   96001          2            10/06/97         00
    0430447847                           05           12/01/97          0
    691098                               O            11/01/27
    0


    1635500          B28/G02             F           69,300.00         ZZ
                                         360         69,260.12          1
    740 WATERFALL LANE                 8.750            545.19         45
                                       8.500            545.19      155,000.00
    DURANGO          CO   81301          2            09/10/97         00
    0430414912                           03           11/01/97          0
    05970813                             N            10/01/27
    0


    1635503          B28/G02             F           69,300.00         ZZ
                                         360         69,260.12          1
1


    732 WATERFALL LANE                 8.750            545.19         45
                                       8.500            545.19      155,000.00
    DURANGO          CO   81301          2            09/10/97         00
    0430414961                           03           11/01/97          0
    05970756                             N            10/01/27
    0


    1635505          G22/G02             F          326,250.00         ZZ
                                         360        326,250.00          1
    220 MOTT AVENUE                    8.250          2,451.01         75
                                       8.000          2,451.01      435,000.00
    SANTA CRUZ       CA   95062          4            10/07/97         00
    0430476226                           05           12/01/97          0
    241115                               O            11/01/27
    0


    1635516          286/286             F          152,900.00         ZZ
                                         360        152,723.41          4
    232 S ALEXANDRIA AVE #1,2,3,4      8.750          1,202.87         90
                                       8.500          1,202.87      169,900.00
    LOS ANGELES      CA   90004          1            08/27/97         12
    9173271                              05           10/01/97         25
    9173271                              O            09/01/27
    0


    1635551          637/G02             F          324,000.00         ZZ
                                         360        323,606.05          1
    210 SCENIC DRIVE                   8.500          2,491.28         80
                                       8.250          2,491.28      405,000.00
    REDWOOD CITY     CA   94062          1            08/19/97         00
    0430401489                           05           10/01/97          0
    9627555                              O            09/01/27
    0


    1635553          E67/G02             F           78,980.00         ZZ
                                         360         78,925.65          1
    20769 AMBER WAY                    7.875            572.66         80
                                       7.625            572.66       98,725.00
    BEND             OR   97701          1            09/24/97         00
    0430424150                           05           11/01/97          0
    06706                                O            10/01/27
    0


    1635554          765/G02             F          127,200.00         ZZ
                                         360        127,122.94          1
    1744 10TH STREET #1                8.500            978.06         80
                                       8.250            978.06      159,000.00
    SANTA MONICA     CA   90404          1            09/10/97         00
    0430431486                           01           11/01/97          0
1


    325726                               O            10/01/27
    0


    1635559          765/G02             F           54,000.00         ZZ
                                         360         53,967.28          1
    23262-D LAMAR                      8.500            415.22         80
                                       8.250            415.22       67,500.00
    MISSION VIEJO    CA   92691          1            09/19/97         00
    0430401018                           05           11/01/97          0
    325984                               N            10/01/27
    0


    1635580          225/225             F           65,700.00         ZZ
                                         360         65,700.00          1
    13219 WEST BEARDSLEY ROAD          8.750            516.87         90
                                       8.500            516.87       73,000.00
    SUN CITY WEST    AZ   85375          1            10/03/97         14
    8062505                              03           12/01/97         25
    8062505                              N            11/01/27
    0


    1635583          637/G02             F          113,600.00         ZZ
                                         360        113,531.18          1
    5514 NORTH 71ST STREET             8.500            873.49         80
                                       8.250            873.49      142,000.00
    SCOTTSDALE       AZ   85253          1            09/05/97         00
    0430399055                           09           11/01/97          0
    9802737                              O            10/01/27
    0


    1635592          664/G02             F          110,000.00         ZZ
                                         360        109,936.70          1
    1093 NORTHWEST STANNIUM ROAD       8.750            865.38         74
                                       8.500            865.38      150,000.00
    BEND             OR   97701          4            09/09/97         00
    0430443846                           05           11/01/97          0
    2248169                              O            10/01/27
    0


    1635610          G88/G02             F          108,000.00         ZZ
                                         360        107,942.52          2
    127-127A CALAIS STREET             9.125            878.73         80
                                       8.875            878.73      136,000.00
    NASHUA           NH   03060          2            09/26/97         00
    0430425660                           05           11/01/97          0
    003403116                            O            10/01/27
    0


1


    1635641          609/609             F          400,000.00         ZZ
                                         360        400,000.00          1
    11991 EAST CAMP HAVEN ROAD         8.125          2,969.99         61
                                       7.875          2,969.99      660,000.00
    NORTHPORT        MI   49670          5            10/13/97         00
    138420                               05           12/01/97          0
    138420                               O            11/01/27
    0


    1635652          K08/G02             F          219,100.00         T
                                         360        217,164.42          1
    11333 NW 65 STREET                 8.250          1,646.03         80
                                       8.000          1,646.03      273,990.00
    MIAMI            FL   33178          1            08/29/97         23
    0410536023                           03           10/01/97          0
    410536023                            O            09/01/27
    0


    1635661          K08/G02             F          197,200.00         ZZ
                                         360        197,089.45          1
    926 WEST SPARROW HAWK DRIVE        8.875          1,569.01         90
                                       8.625          1,569.01      219,196.00
    LITTLETON        CO   80126          1            09/05/97         23
    0410522536                           03           11/01/97          0
    410522536                            O            10/01/27
    0


    1635663          757/757             F           85,500.00         ZZ
                                         360         85,446.85          1
    4454 WHITT STATION RUN             8.375            649.87         90
                                       8.125            649.87       95,000.00
    ACWORTH          GA   30144          1            09/19/97         01
    3208352                              05           11/01/97         25
    3208352                              N            10/01/27
    0


    1635682          B75/G02             F          311,500.00         ZZ
                                         360        311,320.78          1
    11628 EAST ONYX AVENUE             8.750          2,450.57         64
                                       8.500          2,450.57      490,000.00
    SCOTTSDALE       AZ   85257          5            09/03/97         00
    0430423475                           05           11/01/97          0
    7081813                              O            10/01/27
    0


    1635695          G86/G02             F          140,000.00         T
                                         360        139,903.65          1
    14741 NORTH 88TH LANE              7.875          1,015.10         70
                                       7.625          1,015.10      200,000.00
1


    PEORIA           AZ   85381          1            09/19/97         00
    0430423434                           03           11/01/97          0
    803397001                            O            10/01/27
    0


    1635699          H05/H05             F          197,000.00         ZZ
                                         360        196,877.56          1
    4 LYMAN WAY                        8.375          1,497.34         76
                                       8.125          1,497.34      260,000.00
    FRAMINGHAM       MA   01701          5            09/25/97         00
    7070218                              05           11/01/97          0
    7070218                              O            10/01/27
    0


    1635700          608/G02             F          153,600.00         ZZ
                                         360        153,427.14          1
    11 GROVER COURT                    8.875          1,222.11         80
                                       8.625          1,222.11      192,000.00
    JACKSON          NJ   08527          1            09/23/97         00
    0430425926                           05           11/01/97          0
    97090                                O            10/01/27
    0


    1635704          560/560             F          123,300.00         ZZ
                                         360        123,217.26          1
    5876  KENDRICK DRIVE               8.000            904.74         80
                                       7.750            904.74      154,187.00
    RIVERSIDE        CA   92507          1            09/15/97         00
    450845599                            05           11/01/97          0
    450845599                            O            10/01/27
    0


    1635706          757/757             F           24,300.00         ZZ
                                         360         24,286.37          1
    1215 SKIPPER DRIVE                 8.875            193.35         90
                                       8.625            193.35       27,000.00
    MOBILE           AL   36608          1            09/24/97         01
    3163243                              05           11/01/97         25
    3163243                              N            10/01/27
    0


    1635717          A46/G02             F           35,550.00         ZZ
                                         360         35,550.00          1
    1800 LAVACA #411                   9.000            286.04         90
                                       8.750            286.04       39,500.00
    AUSTIN           TX   78701          1            10/21/97         10
    0430472621                           08           12/01/97         30
    795019                               N            11/01/27
    0
1




    1635722          757/757             F           48,750.00         ZZ
                                         360         48,721.21          1
    6726 BLOXHAM AVENUE                8.625            379.18         75
                                       8.375            379.18       65,000.00
    JACKSONVILLE     FL   32208          5            09/18/97         00
    3145265                              05           11/01/97          0
    3145265                              O            10/01/27
    0


    1635728          G10/G02             F          153,000.00         ZZ
                                         360        152,911.97          1
    2680 REDLANDS DRIVE                8.750          1,203.66         90
                                       8.500          1,203.66      170,000.00
    COSTA MESA       CA   92647          1            09/15/97         04
    0430429787                           05           11/01/97         25
    970722                               O            10/01/27
    0


    1635734          286/286             F           47,250.00         ZZ
                                         360         47,225.50          1
    8034 HUDSON AVE                    9.250            388.72         90
                                       9.000            388.72       52,500.00
    WARREN           MI   48089          1            09/22/97         10
    8675426                              05           11/01/97         25
    8675426                              N            10/01/27
    0


    1635745          637/G02             F          130,000.00         ZZ
                                         360        130,000.00          1
    1143 NORTHWEST TURNBERRY TERR      7.750            931.34         38
                                       7.500            931.34      350,000.00
    BEAVERTON        OR   97006          5            10/10/97         00
    0430463620                           03           12/01/97          0
    8072076                              O            11/01/27
    0


    1635749          131/G02             F           90,000.00         ZZ
                                         360         89,893.35          1
    1700 LEBANON STREET SE             8.625            700.01         90
                                       8.375            700.01      100,000.00
    LACEY            WA   98503          1            08/20/97         10
    0430423418                           05           10/01/97         25
    6210026                              N            09/01/27
    0


    1635750          624/G02             F           50,900.00         ZZ
                                         360         50,900.00          1
1


    1102 WEST MARTIN STREET            8.625            395.89         90
                                       8.375            395.89       56,600.00
    ELMA             WA   98541          1            10/06/97         11
    0430435503                           05           12/01/97         25
    85000070113                          N            11/01/27
    0


    1635756          964/G02             F          208,000.00         ZZ
                                         360        208,000.00          1
    5661 CAMPO WALK                    8.500          1,599.34         80
                                       8.250          1,599.34      260,000.00
    LONG BEACH       CA   90803          1            10/08/97         00
    0430441170                           05           12/01/97          0
    28249                                N            11/01/27
    0


    1635760          624/G02             F           92,000.00         ZZ
                                         360         92,000.00          4
    505 HARDIN COURT                   9.000            740.25         80
                                       8.750            740.25      115,000.00
    AUSTIN           TX   78753          1            10/09/97         00
    0430441097                           05           12/01/97          0
    82005078013                          O            11/01/27
    0


    1635766          624/G02             F           70,400.00         ZZ
                                         360         70,400.00          1
    1842 SW 3RD STREET                 8.500            541.32         80
                                       8.250            541.32       88,000.00
    LOVELAND         CO   80537          1            10/06/97         00
    0430436659                           07           12/01/97          0
    7301157032                           N            11/01/27
    0


    1635771          F30/G02             F           57,000.00         ZZ
                                         360         36,963.66          1
    1126 EAST SNOWCREEK DRIVE          8.250            428.22         35
                                       8.000            428.22      167,000.00
    LAYTON           UT   84040          2            09/25/97         00
    0430407072                           05           11/01/97          0
    13459                                O            10/01/27
    0


    1635772          685/G02             F          224,000.00         ZZ
                                         360        223,860.77          1
    13834 MAGNOLIA BLVD                8.375          1,702.56         80
                                       8.125          1,702.56      280,000.00
    LOS ANGELES      CA   91423          1            09/18/97         00
    0430422873                           05           11/01/97          0
1


    108973                               O            10/01/27
    0


    1635774          G92/G02             F          500,000.00         ZZ
                                         360        499,697.10          1
    2970 BANNISTER AVENUE              8.500          3,844.57         59
                                       8.250          3,844.57      850,000.00
    GILROY           CA   95020          2            09/24/97         00
    0430423889                           05           11/01/97          0
    226686                               O            10/01/27
    0


    1635777          765/G02             F          228,000.00         ZZ
                                         360        227,847.01          1
    25531 CALLE BECERRA                8.000          1,672.99         80
                                       7.750          1,672.99      285,000.00
    LAGUNA NIGUEL    CA   92677          1            09/24/97         00
    0430425512                           05           11/01/97          0
    325309                               O            10/01/27
    0


    1635779          776/G02             F          348,000.00         ZZ
                                         360        347,778.09          1
    10315 NORTHWEST ENGLEMAN           8.250          2,614.41         80
                                       8.000          2,614.41      435,000.00
    PORTLAND         OR   97229          5            09/11/97         00
    0430434035                           03           11/01/97          0
    2323160                              O            10/01/27
    0


    1635781          737/G02             F          224,900.00         ZZ
                                         360        224,756.59          1
    10851 E BAHIA DRIVE                8.250          1,689.60         77
                                       8.000          1,689.60      293,874.00
    SCOTTSDALE       AZ   85259          1            09/19/97         00
    0430423020                           03           11/01/97          0
    513518                               O            10/01/27
    0


    1635790          003/G02             F           72,750.00         ZZ
                                         360         72,705.92          1
    2352 SOUTH HAIRSTON ROAD           8.500            559.39         75
                                       8.250            559.39       97,000.00
    DECATUR          GA   30035          2            09/23/97         00
    0430436147                           05           11/01/97          0
    33884350                             N            10/01/27
    0


1


    1635795          K08/G02             F          130,000.00         ZZ
                                         360        129,912.78          1
    14288 ROLLINS PARK DRIVE           8.000            953.89         71
                                       7.750            953.89      185,000.00
    GRASS VALLEY     CA   95945          1            09/24/97         00
    0410557037                           05           11/01/97          0
    410557037                            O            10/01/27
    0


    1635812          K08/G02             F          120,250.00         ZZ
                                         360        120,184.32          1
    100 SOUTH DOHENY DRIVE             9.000            967.56         65
    UNIT # 813                         8.750            967.56      185,000.00
    LOS ANGELES      CA   90048          2            09/18/97         00
    0410422083                           06           11/01/97          0
    410422083                            N            10/01/27
    0


    1635814          K08/G02             F           85,600.00         ZZ
                                         360         85,545.42          1
    3151 LA MANCHA WAY                 8.250            643.08         80
                                       8.000            643.08      107,000.00
    HENDERSON        NV   89014          1            09/24/97         00
    0410555619                           09           11/01/97          0
    410555619                            O            10/01/27
    0


    1635835          K08/G02             F          184,500.00         ZZ
                                         360        184,406.83          4
    196 FORESTHILL AVENUE              9.375          1,534.58         70
                                       9.125          1,534.58      264,780.00
    AUBURN           CA   95603          5            09/25/97         00
    0410466833                           05           11/01/97          0
    410466833                            N            10/01/27
    0


    1635881          758/G02             F           45,900.00         ZZ
                                         360         45,870.73          1
    1531 GRAND JUNCTION DRIVE          8.250            344.83         90
                                       8.000            344.83       51,000.00
    KATY             TX   77450          1            09/30/97         04
    0430429480                           03           11/01/97         25
    NA                                   N            10/01/27
    0


    1635883          E13/G02             F           76,500.00         ZZ
                                         360         74,678.35          1
    1404 POINT O WOODS COURT           8.875            608.67         90
                                       8.625            608.67       85,000.00
1


    ARNOLD           MD   21012          1            09/16/97         11
    0430422519                           01           11/01/97         25
    221416                               N            10/01/27
    0


    1635887          H05/H05             F           40,500.00         ZZ
                                         360         40,500.00          1
    1418 ORKNEY COURT                  9.250            333.18         87
                                       8.750            333.18       46,900.00
    SOUTH BEND       IN   46614          1            10/21/97         10
    7090235                              05           12/01/97         25
    7090235                              N            11/01/27
    0


    1635889          E26/G02             F          103,700.00         ZZ
                                         360        103,643.35          1
    220 PATIO PLACE                    9.000            834.40         85
                                       8.750            834.40      122,000.00
    COLUMBIA         SC   29212          5            09/09/97         11
    0430431874                           05           11/01/97         12
    33700058                             O            10/01/27
    0


    1635892          F30/G02             F           67,900.00         ZZ
                                         360         67,808.57          1
    466 HI COUNTRY DRIVE               8.000            498.23         80
                                       7.750            498.23       84,900.00
    WINTER PARK      CO   80482          1            08/14/97         14
    0430440115                           01           10/01/97         25
    31142                                N            09/01/27
    0


    1635898          664/G02             F           91,350.00         ZZ
                                         360         91,297.43          2
    3705 3707 N STREET                 8.750            718.66         90
                                       8.500            718.66      101,500.00
    VANCOUVER        WA   98663          1            09/19/97         01
    0430473363                           05           11/01/97         25
    2344851                              N            10/01/27
    0


    1635901          E86/G02             F          368,000.00         ZZ
                                         360        367,771.26          1
    50 CARTHAGE ROAD                   8.375          2,797.07         80
                                       8.125          2,797.07      460,000.00
    SCARSDALE        NY   10583          1            09/30/97         00
    0430431460                           05           11/01/97          0
    093097                               O            10/01/27
    0
1




    1635912          J93/G02             F          100,000.00         T
                                         360        100,000.00          1
    #29 BREAKER DRIVE                  8.875            795.64         56
                                       8.625            795.64      180,000.00
    TWO HARBORS      MN   55616          1            10/07/97         00
    0430442426                           01           12/01/97          0
    1635912                              O            11/01/27
    0


    1635917          G52/G02             F          113,000.00         ZZ
                                         360        113,000.00          1
    8791 NORTH ARNOLD PALMER DRIVE     7.875            819.33         84
                                       7.625            819.33      135,000.00
    TUCSON           AZ   85742          5            10/08/97         10
    0430449207                           03           12/01/97         20
    1635917                              O            11/01/27
    0


    1635918          F30/G02             F           28,000.00         ZZ
                                         360         28,000.00          1
    3934 E PICCADILLY ROAD             8.500            215.30         70
                                       8.250            215.30       40,000.00
    PHOENIX          AZ   85018          5            10/03/97         00
    0430427278                           05           12/01/97          0
    40569                                O            11/01/27
    0


    1635925          561/561             F          126,000.00         ZZ
                                         360        125,913.29          3
    22 MISSION STREET                  7.875            913.59         90
                                       7.625            913.59      140,000.00
    MONTCLAIR        NJ   07042          1            09/26/97         04
    9079187                              05           11/01/97         25
    9079187                              O            10/01/27
    0


    1635926          E22/G02             F           23,400.00         ZZ
                                         360         23,390.70          2
    3859 IOWA                         10.500            214.05         90
                                      10.250            214.05       26,000.00
    ST.LOUIS         MO   63118          1            09/15/97         04
    0410454458                           05           11/01/97         25
    410454458                            N            10/01/27
    0


    1635927          K08/G02             F          130,000.00         ZZ
                                         360        129,921.24          1
1


    37262 ROBINDALE                    8.500            999.59         74
                                       8.250            999.59      176,250.00
    CLINTON TWP      MI   48036          1            09/16/97         00
    0410533558                           05           11/01/97          0
    410533558                            O            10/01/27
    0


    1635930          K08/G02             F          280,000.00         ZZ
                                         360        279,838.90          1
    1208 THE CAPE                      8.750          2,202.77         76
                                       8.500          2,202.77      370,000.00
    HORSESHOE BAY    TX   78657          1            09/15/97         00
    0410545941                           03           11/01/97          0
    410545941                            O            10/01/27
    0


    1635932          K08/G02             F          151,300.00         ZZ
                                         360        151,203.52          1
    7612 SAXON ROAD                    8.250          1,136.67         85
                                       8.000          1,136.67      178,000.00
    BARNHART         MO   63012          5            09/12/97         04
    0410502041                           05           11/01/97         12
    410502041                            O            10/01/27
    0


    1635935          K08/G02             F           89,200.00         ZZ
                                         360         89,149.99          1
    75 S.W. 116TH AVENUE               8.875            709.72         85
                                       8.625            709.72      105,000.00
    MIAMI            FL   33174          5            09/12/97         23
    0410533632                           05           11/01/97          0
    410533632                            O            10/01/27
    0


    1635936          561/561             F          108,000.00         ZZ
                                         360        107,925.67          1
    3036 BANJO DRIVE                   7.875            783.08         80
                                       7.625            783.08      135,000.00
    COLORADO SPRING  CO   80918          1            09/26/97         00
    9108036                              05           11/01/97          0
    9108036                              O            10/01/27
    0


    1635938          K08/G02             F           29,750.00         ZZ
                                         360         29,733.75          1
    3665 NE 167 STREET                 9.000            239.38         70
    UNIT # 201                         8.750            239.38       42,500.00
    N MIAMI BEACH    FL   33160          1            09/17/97         00
    0410533665                           08           11/01/97          0
1


    410533665                            N            10/01/27
    0


    1635941          K08/G02             F           34,300.00         ZZ
                                         360         34,281.26          1
    78 CLAY STREET                     9.000            275.99         80
                                       8.750            275.99       42,875.00
    ANNAPOLIS        MD   21401          1            09/16/97         01
    0410541114                           07           11/01/97         12
    410541114                            N            10/01/27
    0


    1635943          K08/G02             F          210,400.00         ZZ
                                         360        210,265.84          1
    30309 BERRY CREEK DRIVE            8.250          1,580.66         80
                                       8.000          1,580.66      264,100.00
    GEORGETOWN       TX   78628          1            09/15/97         00
    0410525745                           03           11/01/97          0
    410525745                            O            10/01/27
    0


    1635945          K08/G02             F           83,700.00         ZZ
                                         360         83,654.28          1
    6891 AVRUM DRIVE                   9.000            673.47         90
                                       8.750            673.47       93,000.00
    DENVER           CO   80221          1            09/16/97         04
    0410541692                           05           11/01/97         25
    410541692                            N            10/01/27
    0


    1635948          K08/G02             F           51,000.00         ZZ
                                         360         50,969.10          1
    7206 51ST AVENUE NORTH             8.500            392.15         83
                                       8.250            392.15       62,000.00
    ST. PETERSBURG   FL   33709          5            09/11/97         23
    0410439889                           05           11/01/97          0
    410439889                            O            10/01/27
    0


    1635950          K08/G02             F           35,500.00         ZZ
                                         360         35,482.07          1
    1228 GRAND AVENUE                  9.375            295.27         90
                                       9.125            295.27       39,450.00
    CONNERSVILLE     IN   47331          1            09/16/97         04
    0410418958                           05           11/01/97         25
    410418958                            N            10/01/27
    0


1


    1635953          E22/G02             F           30,800.00         ZZ
                                         360         30,782.73          1
    6753 SOUTH OAKLEY AVENUE           8.875            245.06         80
                                       8.625            245.06       38,500.00
    CHICAGO          IL   60636          1            09/16/97         04
    0410531313                           05           11/01/97         12
    410531313                            N            10/01/27
    0


    1635955          003/G02             F          143,100.00         ZZ
                                         360        143,008.74          1
    1451 BRENTWOOD WAY                 8.250          1,075.07         80
                                       8.000          1,075.07      178,900.00
    MARIETTA         GA   30062          1            09/26/97         00
    0430445080                           03           11/01/97          0
    0003890183                           O            10/01/27
    0


    1635962          937/G02             F           73,500.00         ZZ
                                         360         73,454.32          1
    5257 SOUTH HAMLET CIRCLE           8.375            558.65         70
                                       8.125            558.65      105,000.00
    SALT LAKE CITY   UT   84118          5            09/26/97         00
    0430432591                           05           11/01/97          0
    36570002                             O            10/01/27
    0


    1635963          B37/G02             F           60,000.00         ZZ
                                         360         59,968.89          2
    673 NORTHWEST 102 STREET           9.250            493.61         80
                                       9.000            493.61       75,000.00
    MIAMI            FL   33150          5            09/12/97         00
    0430438721                           05           11/01/97          0
    2222922                              N            10/01/27
    0


    1635965          E57/G02             F           48,500.00         ZZ
                                         360         48,474.85          1
    37668 LASKER AVENUE                9.250            399.00         81
                                       9.000            399.00       60,000.00
    PALMDALE         CA   93550          1            09/12/97         11
    0430443952                           05           11/01/97         25
    114722001440                         N            10/01/27
    0


    1635966          E57/G02             F          168,800.00         ZZ
                                         360        168,710.17          1
    1383 EAST TICONDEROGA              9.125          1,373.41         80
                                       8.875          1,373.41      211,000.00
1


    FRESNO           CA   93720          3            09/12/97         00
    0430438853                           05           11/01/97          0
    62602006000                          N            10/01/27
    0


    1635967          F27/G02             F           79,100.00         ZZ
                                         360         79,046.92          1
    602 HARROGATE ROAD                 8.000            580.41         75
                                       7.750            580.41      105,500.00
    FREDERICKSBURG   VA   22406          1            09/08/97         00
    0430438861                           09           11/01/97          0
    116297121                            N            10/01/27
    0


    1635973          904/G02             F          105,600.00         ZZ
                                         360        105,534.36          1
    1217 EASTRIDGE DRIVE               8.375            802.64         78
                                       8.125            802.64      137,000.00
    LOGAN            UT   84321          2            09/29/97         00
    0430424416                           05           11/01/97          0
    10971027                             O            10/01/27
    0


    1635984          G65/G02             F          158,700.00         ZZ
                                         360        158,700.00          2
    30 EAST PROSPECT STREET            9.250          1,305.59         70
                                       9.000          1,305.59      226,763.00
    HAWTHORNE        NJ   07506          1            10/14/97         00
    0430441808                           05           12/01/97          0
    2756                                 N            11/01/27
    0


    1635987          498/G02             F           39,600.00         ZZ
                                         360         39,600.00          2
    1203 & 1203 1/2 AMY STREET         9.000            318.64         90
                                       8.750            318.64       44,000.00
    SAVANNAH         GA   31406          1            10/13/97         01
    0430441279                           05           12/01/97         25
    1500296                              N            11/01/27
    0


    1635991          A37/G02             F          143,450.00         ZZ
                                         360        143,377.56          3
    4506 NORTH SPRINGFIELD             9.375          1,193.14         95
                                       9.125          1,193.14      151,000.00
    CHICAGO          IL   60625          1            09/25/97         14
    0430422964                           05           11/01/97         30
    75317                                O            10/01/27
    0
1




    1635992          A37/G02             F          113,000.00         ZZ
                                         360        112,936.65          1
    1027 WIMBELDON DRIVE               8.875            899.08         90
                                       8.625            899.08      126,500.00
    ISLAND LAKE      IL   60042          1            09/25/97         01
    0430425751                           05           11/01/97         25
    122370                               O            10/01/27
    0


    1635998          687/G02             F          136,650.00         ZZ
                                         360        136,650.00          1
    2525 ASHBY WOODS DR                8.250          1,026.61         80
                                       8.000          1,026.61      170,828.00
    MATTHEWS         NC   28105          1            10/08/97         00
    0430442624                           03           12/01/97          0
    UNKNOWN                              O            11/01/27
    0


    1636007          253/253             F          376,000.00         ZZ
                                         360        376,000.00          1
    16320 E CRYSTAL RIDGE DR           8.250          2,824.77         80
                                       8.000          2,824.77      470,000.00
    FOUNTAIN HILLS   AZ   85268          1            10/10/97         00
    332732                               03           12/01/97          0
    332732                               O            11/01/27
    0


    1636012          H05/H05             F           43,300.00         ZZ
                                         360         43,278.13          1
    7 1\2 CONGRESS AVENUE              9.375            360.15         79
                                       9.125            360.15       55,000.00
    SARATOGA SPRING  NY   12866          2            09/15/97         00
    2588796                              05           11/01/97          0
    2588796                              N            10/01/27
    0


    1636029          757/757             F          285,000.00         ZZ
                                         360        284,822.85          1
    415 SHAWNEE PLACE                  8.375          2,166.21         68
                                       8.125          2,166.21      425,000.00
    LOUDON           TN   37774          2            09/25/97         00
    3163292                              03           11/01/97          0
    3163292                              O            10/01/27
    0


    1636033          G34/G02             F           34,500.00         ZZ
                                         360         34,465.92          1
1


    611 AND 613 I STREET               9.500            290.10         87
                                       9.250            290.10       40,000.00
    SAN ANTONIO      TX   78220          2            08/18/97         11
    0430430884                           05           10/01/97         30
    70885008                             N            09/01/27
    0


    1636036          498/G02             F           39,900.00         ZZ
                                         360         39,855.08          1
    156 SMITH STREET                   8.875            317.47         89
                                       8.625            317.47       45,000.00
    NEWNAN           GA   30263          1            08/28/97         10
    0430428706                           05           10/01/97         25
    1489614                              O            09/01/27
    0


    1636044          B75/G02             F          160,000.00         ZZ
                                         360        159,903.07          1
    17378 STARDUSTER DRIVE             8.500          1,230.26         72
                                       8.250          1,230.26      225,000.00
    NEVADA CITY      CA   95959          5            09/11/97         00
    0430426239                           05           11/01/97          0
    2998557                              O            10/01/27
    0


    1636049          F34/G02             F          115,000.00         T
                                         360        114,937.18          1
    216 POINCIANA ISLE DRIVE           9.000            925.32         64
    UNIT 206                           8.750            925.32      180,000.00
    MIAMI            FL   33160          1            09/09/97         00
    0430438358                           01           11/01/97          0
    9700772                              O            10/01/27
    0


    1636064          225/225             F          272,000.00         ZZ
                                         360        271,826.55          1
    2024 KEHOE AVENUE                  8.250          2,043.45         80
                                       8.000          2,043.45      340,000.00
    SAN MATEO        CA   94403          1            09/08/97         00
    806189800                            05           11/01/97          0
    806189800                            O            10/01/27
    0


    1636102          405/405             F          491,200.00         ZZ
                                         360        490,555.19          1
    2039 ACACIA AVENUE                 8.125          3,647.15         80
                                       7.875          3,647.15      614,752.00
    FULLERTON        CA   92831          1            08/20/97         00
    8214181                              03           10/01/97          0
1


    8214181                              O            09/01/27
    0


    1636104          B75/G02             F           37,100.00         ZZ
                                         360         37,079.21          1
    19500 MERIDIAN STREET              8.875            295.18         90
                                       8.625            295.18       41,250.00
    CORNELIUS        NC   28031          1            09/02/97         21
    0430424291                           05           11/01/97         25
    7081649                              N            10/01/27
    0


    1636130          624/G02             F          191,000.00         ZZ
                                         360        191,000.00          1
    262 LONDON STREET                  8.250          1,434.92         71
                                       8.000          1,434.92      270,000.00
    SAN FRANCISCO    CA   94112          2            10/06/97         00
    0430441105                           05           12/01/97          0
    86500170573                          O            11/01/27
    0


    1636131          637/G02             F           57,650.00         ZZ
                                         360         57,650.00          1
    1909 ABERCROMBIE ROAD              8.250            433.11         69
                                       8.000            433.11       83,900.00
    GULF BREZE       FL   32561          1            10/14/97         00
    0430462382                           05           12/01/97          0
    8194557                              O            11/01/27
    0


    1636135          F30/G02             F           52,000.00         ZZ
                                         360         51,968.49          1
    19401 N 10TH STREET                8.500            399.84         60
                                       8.250            399.84       87,000.00
    PHOENIX          AZ   85024          1            09/25/97         00
    0430431908                           05           11/01/97          0
    40373                                O            10/01/27
    0


    1636137          405/405             F           90,000.00         T
                                         360         89,949.53          1
    13514 GARRIS                       8.875            716.09         75
                                       8.625            716.09      120,000.00
    HUDSON           FL   34667          5            09/19/97         00
    0008325565                           05           11/01/97          0
    0008325565                           O            10/01/27
    0


1


    1636141          927/G02             F           99,300.00         ZZ
                                         360         99,236.68          1
    5870 STARCREST AVENUE              8.250            746.01         80
                                       8.000            746.01      124,150.00
    RENO             NV   89523          1            09/18/97         00
    0430426841                           05           11/01/97          0
    268060                               O            10/01/27
    0


    1636147          744/G02             F          200,000.00         ZZ
                                         360        199,884.93          4
    152-54 & 462-64 S LOCUST ST        8.750          1,573.40         80
                                       8.500          1,573.40      250,000.00
    CANBY            OR   97013          1            09/24/97         00
    0430426817                           05           11/01/97          0
    19786                                N            10/01/27
    0


    1636150          J96/G02             F          119,700.00         ZZ
                                         360        119,700.00          1
    675/677 TIMM VALLEY ROAD           8.375            909.81         90
                                       8.125            909.81      133,000.00
    ATLANTA          GA   30305          1            10/08/97         04
    0430430157                           05           12/01/97         25
    9780264                              O            11/01/27
    0


    1636154          405/405             F           73,900.00         ZZ
                                         360         73,671.61          3
    38 LEONARD STREET                  9.375            614.67         85
                                       9.125            614.67       87,000.00
    DORCHESTER       MA   02122          1            04/25/97         04
    0004189890                           23           06/01/97         20
    0004189890                           N            05/01/27
    0


    1636161          A78/G02             F          145,000.00         ZZ
                                         360        144,914.39          1
    2525 WEST 36TH STREET              8.625          1,127.80         71
                                       8.375          1,127.80      205,000.00
    LOVELAND         CO   80538          2            09/08/97         00
    0430428003                           05           11/01/97          0
    020131800                            O            10/01/27
    0


    1636165          664/G02             F          268,300.00         ZZ
                                         360        268,128.91          1
    7231 NW 68TH DRIVE                 8.250          2,015.65         80
                                       8.000          2,015.65      335,406.00
1


    PARKLAND         FL   33067          1            09/17/97         00
    0430414516                           03           11/01/97          0
    2377828                              O            10/01/27
    0


    1636167          776/G02             F          128,200.00         ZZ
                                         360        128,122.33          1
    7971 CHASTAIN AVENUE               8.500            985.75         95
                                       8.250            985.75      135,000.00
    RESEDA AREA      CA   91335          2            09/01/97         14
    0430436865                           05           11/01/97         30
    2330769                              O            10/01/27
    0


    1636169          776/G02             F           55,000.00         ZZ
                                         360         54,967.53          1
    3609 ARGINES STREET                8.625            427.78         64
                                       8.375            427.78       86,000.00
    LAS VEGAS        NV   89108          1            09/02/97         00
    0430446500                           03           11/01/97          0
    6343394                              O            10/01/27
    0


    1636173          A68/G02             F           82,950.00         ZZ
                                         360         82,950.00          2
    6803 WOODHUE DRIVE                 8.875            659.99         90
                                       8.625            659.99       92,185.00
    AUSTIN           TX   78745          1            10/10/97         11
    0430449678                           05           12/01/97         25
    228283                               N            11/01/27
    0


    1636180          450/450             F           42,500.00         ZZ
                                         360         42,474.91          1
    1811 E MARSHALL                    8.625            330.56         85
                                       8.375            330.56       50,000.00
    FERNDALE         MI   48220          5            09/18/97         14
    4402327                              05           11/01/97         12
    4402327                              O            10/01/27
    0


    1636198          E83/E83             F           60,000.00         ZZ
                                         360         59,961.74          1
    15 BRUNEL DRIVE                    8.250            450.76         58
                                       8.000            450.76      105,000.00
    BOICEVILLE       NY   12412          1            09/12/97         00
    97080043                             05           11/01/97          0
    97080043                             O            10/01/27
    0
1




    1636201          K08/G02             F           55,800.00         ZZ
                                         360         55,771.82          1
    2206 OAKMAN BLVD                   9.375            464.12         90
                                       9.125            464.12       62,000.00
    DETROIT          MI   48238          1            09/17/97         10
    0410539142                           05           11/01/97         25
    410539142                            N            10/01/27
    0


    1636202          K08/G02             F           35,750.00         ZZ
                                         360         35,730.48          1
    2311 ROY CIRCLE                    9.000            287.65         65
                                       8.750            287.65       55,000.00
    HOUSTON          TX   77007          5            09/17/97         00
    0410538961                           05           11/01/97          0
    410538961                            N            10/01/27
    0


    1636205          K08/G02             F          102,400.00         ZZ
                                         360        102,331.30          1
    2 CASCADE COURT                    8.000            751.37         80
                                       7.750            751.37      128,000.00
    ESSEX JUNCTION   VT   05452          5            09/12/97         00
    0410528525                           05           11/01/97          0
    410528525                            O            10/01/27
    0


    1636206          K08/G02             F          150,250.00         ZZ
                                         360        150,154.19          1
    226 DEER RUN                       8.250          1,128.78         53
                                       8.000          1,128.78      284,955.00
    CARBONDALE       CO   81623          2            09/12/97         00
    0410536619                           03           11/01/97          0
    410536619                            O            10/01/27
    0


    1636208          K08/G02             F           63,750.00         ZZ
                                         360         63,711.38          1
    333 S. CATHERINE STREET            8.500            490.18         75
                                       8.250            490.18       85,000.00
    MIDDLETOWN       PA   17057          5            09/05/97         00
    0410502520                           05           11/01/97          0
    410502520                            O            10/01/27
    0


    1636209          K08/G02             F           80,000.00         ZZ
                                         360         79,953.97          1
1


    2035 OLD ALABAMA ROAD              8.750            629.36         80
                                       8.500            629.36      100,000.00
    AUSTELL          GA   30001          5            09/12/97         00
    0410512743                           05           11/01/97          0
    410512743                            O            10/01/27
    0


    1636210          E22/G02             F           71,000.00         ZZ
                                         360         70,827.16          1
    207 WOODLAND DRIVE                 9.625            603.49         88
                                       9.375            603.49       81,000.00
    LOWELL           IN   46356          1            06/06/97         04
    0410413645                           05           08/01/97         30
    410413645                            N            07/01/27
    0


    1636211          K08/G02             F          352,000.00         ZZ
                                         360        351,792.18          1
    5819 CLOVERLAND DRIVE              8.625          2,737.82         75
                                       8.375          2,737.82      470,000.00
    BRENTWOOD        TN   37027          5            09/12/97         00
    0410526362                           05           11/01/97          0
    410526362                            O            10/01/27
    0


    1636217          405/405             F          124,200.00         ZZ
                                         360        124,122.80          1
    150 MELROSE AVENUE EAST #505       8.375            944.01         90
                                       8.125            944.01      138,000.00
    SEATTLE          WA   98102          1            09/12/97         01
    8326233                              08           11/01/97         25
    8326233                              N            10/01/27
    0


    1636219          K08/G02             F           77,850.00         ZZ
                                         360         77,807.48          3
    211 S. ROSEMONT AVENUE             9.000            626.40         90
                                       8.750            626.40       86,500.00
    DALLAS           TX   75208          1            09/17/97         01
    0410537146                           05           11/01/97         25
    410537146                            N            10/01/27
    0


    1636220          K08/G02             F           41,550.00         ZZ
                                         360         41,526.10          1
    1167 GRENELEFE DRIVE               8.750            326.87         85
                                       8.500            326.87       48,900.00
    CANTONMENT       FL   32533          1            09/18/97         04
    0410495790                           05           11/01/97         20
1


    410495790                            N            10/01/27
    0


    1636222          K08/G02             F           30,250.00         ZZ
                                         360         30,235.12          1
    4343 N. CLARENDON UNIT #607        9.500            254.36         55
                                       9.250            254.36       55,000.00
    CHICAGO          IL   60613          5            09/16/97         00
    0410331391                           06           11/01/97          0
    410331391                            N            10/01/27
    0


    1636225          K08/G02             F           74,400.00         ZZ
                                         360         74,198.91          1
    1060 W.BEAVER CREEK BOULEVARD      8.750            585.31         65
    UNIT #203                          8.500            585.31      114,500.00
    AVON             CO   81620          5            09/17/97         00
    0410505424                           01           11/01/97          0
    410505424                            N            10/01/27
    0


    1636226          E22/G02             F           62,600.00         ZZ
                                         360         62,563.04          1
    121 W. VOLUSIA LANE                8.625            486.90         75
                                       8.375            486.90       83,500.00
    COCOA BEACH      FL   32931          1            09/17/97         00
    0410535827                           05           11/01/97          0
    410535827                            O            10/01/27
    0


    1636228          K08/G02             F           39,950.00         ZZ
                                         360         39,926.41          1
    909 W. OAK RIDGE ROAD              8.625            310.73         80
    UNIT # 911C                        8.375            310.73       49,990.00
    ORLANDO          FL   32809          1            09/18/97         11
    0410544746                           01           11/01/97         12
    410544746                            O            10/01/27
    0


    1636229          K08/G02             F          175,500.00         ZZ
                                         360        175,376.14          1
    69 ROOSEVELT AVE                   7.750          1,257.30         75
                                       7.500          1,257.30      234,000.00
    HASBROUCK HEIGH  NJ   07604          1            09/18/97         00
    0410434781                           05           11/01/97          0
    410434781                            O            10/01/27
    0


1


    1636231          K08/G02             F           56,000.00         ZZ
                                         360         55,926.08          1
    5711 FORREST STREET                8.500            430.59         80
                                       8.250            430.59       70,000.00
    HOLLYWOOD        FL   33021          1            09/18/97         00
    0410541197                           05           11/01/97          0
    410541197                            O            10/01/27
    0


    1636232          K08/G02             F           88,800.00         ZZ
                                         360         88,747.57          1
    105-36 133RD STREET                8.625            690.68         80
                                       8.375            690.68      111,000.00
    RICHMOND HILL    NY   11419          1            09/17/97         00
    0410531156                           05           11/01/97          0
    410531156                            O            10/01/27
    0


    1636233          405/405             F          248,000.00         ZZ
                                         360        247,845.85          1
    19625 SCHOENBORN STREET            8.375          1,884.98         80
                                       8.125          1,884.98      310,000.00
    LOS ANGELES      CA   91324          1            09/09/97         00
    8333197                              05           11/01/97          0
    8333197                              O            10/01/27
    0


    1636241          225/225             F          112,000.00         ZZ
                                         360        111,935.56          1
    305 SAN VITO COURT                 8.750            881.11         89
                                       8.500            881.11      126,000.00
    SAN JOSE         CA   95116          1            09/10/97         14
    806398600                            09           11/01/97         25
    806398600                            N            10/01/27
    0


    1636243          G66/G02             F          330,000.00         ZZ
                                         360        330,000.00          1
    18915 CADDINGTON CIRCLE            8.750          2,596.11         63
                                       8.500          2,596.11      532,000.00
    HUNTINGTON BEAC  CA   92648          2            10/03/97         00
    0430441667                           03           12/01/97          0
    892                                  O            11/01/27
    0


    1636250          286/286             F           92,000.00         ZZ
                                         360         91,882.26          1
    5929 E GUNSIGHT RD                 8.250            691.17         80
                                       8.000            691.17      115,000.00
1


    CAVE CREEK       AZ   85331          1            08/18/97         00
    0009164852                           05           10/01/97          0
    0009164852                           O            09/01/27
    0


    1636252          286/286             F           50,000.00         ZZ
                                         360         49,939.20          1
    17538 46TH CT. N                   8.500            384.46         55
                                       8.250            384.46       92,000.00
    LOXAHATCHEE      FL   33470          1            09/05/97         00
    0008687127                           05           10/01/97          0
    0008687127                           O            09/01/27
    0


    1636256          286/286             F           66,750.00         T
                                         360         66,712.83          1
    15 BRICE LN                        9.000            537.09         74
                                       8.750            537.09       90,415.00
    PALM COAST       FL   32137          1            09/05/97         00
    8687069                              05           11/01/97          0
    8687069                              O            10/01/27
    0


    1636260          F03/G02             F          236,250.00         ZZ
                                         360        236,250.00          1
    2294 BUFFALO BILL DRIVE            8.500          1,816.56         90
                                       8.250          1,816.56      262,500.00
    PARK CITY        UT   84060          1            10/07/97         10
    0430448985                           05           12/01/97         25
    DEN11503                             N            11/01/27
    0


    1636264          286/286             F          114,500.00         ZZ
                                         360        114,364.31          1
    335 W FAIRFIELD ST                 8.625            890.57         90
                                       8.375            890.57      127,250.00
    GLADSTONE        OR   97027          1            08/29/97         12
    0008650426                           05           10/01/97         25
    0008650426                           N            09/01/27
    0


    1636265          286/286             F          102,000.00         ZZ
                                         360        101,934.95          1
    8109 SW 6TH AVE                    8.250            766.30         51
                                       8.000            766.30      202,000.00
    PORTLAND         OR   97219          1            09/05/97         00
    8650457                              05           11/01/97          0
    8650457                              O            10/01/27
    0
1




    1636268          286/286             F           28,950.00         ZZ
                                         360         28,934.19          1
    2067 BAKER ROAD                    9.000            232.94         90
                                       8.750            232.94       32,200.00
    ATLANTA          GA   30318          1            09/09/97         12
    0008697733                           05           11/01/97         25
    0008697733                           N            10/01/27
    0


    1636269          B75/G02             F           36,450.00         ZZ
                                         360         36,431.10          2
    3302-04 CASTIGLIONE STREET         9.250            299.87         90
                                       9.000            299.87       40,500.00
    NEW ORLEANS      LA   70119          1            09/15/97         14
    0430435768                           05           11/01/97         25
    7083140                              N            10/01/27
    0


    1636274          E91/G02             F          207,900.00         ZZ
                                         360        207,756.92          1
    4794 CAMINITO FACETO               7.875          1,507.42         80
                                       7.625          1,507.42      259,900.00
    SAN DIEGO        CA   92130          1            09/23/97         00
    0430432526                           01           11/01/97          0
    58909233                             O            10/01/27
    0


    1636275          904/G02             F          440,000.00         ZZ
                                         360        439,740.22          1
    2352 WEST TEMPLE VIEW LANE         8.625          3,422.28         80
                                       8.375          3,422.28      550,000.00
    SOUTH JORDAN     UT   84095          2            09/25/97         00
    0430424705                           05           11/01/97          0
    12961793                             O            10/01/27
    0


    1636277          G52/G02             F          128,000.00         ZZ
                                         360        127,920.43          1
    7243 EAST CACTUS WREN ROAD         8.375            972.90         80
                                       8.125            972.90      160,000.00
    SCOTTSDALE       AZ   85250          1            09/19/97         00
    0430426155                           09           11/01/97          0
    VALENTINE                            O            10/01/27
    0


    1636301          369/G02             F          111,250.00         T
                                         360        111,180.84          1
1


    3140 E. CARDENAS DRIVE             8.375            845.59         80
                                       8.125            845.59      139,100.00
    VAIL             AZ   85641          1            09/12/97         00
    0430427591                           05           11/01/97          0
    0048468631                           O            10/01/27
    0


    1636304          369/G02             F          212,700.00         ZZ
                                         360        212,536.57          1
    103 JAVA COURT                     8.375          1,616.68         80
                                       8.125          1,616.68      265,863.00
    APEX             NC   27502          1            09/15/97         00
    0430431833                           03           11/01/97          0
    0049662117                           O            10/01/27
    0


    1636310          K08/G02             F           95,200.00         ZZ
                                         360         95,139.29          1
    22572 FIFTH STREET                 8.250            715.21         80
                                       8.000            715.21      119,000.00
    HAYWARD          CA   94541          1            09/16/97         00
    0410549877                           05           11/01/97          0
    410549877                            O            10/01/27
    0


    1636311          K08/G02             F           86,000.00         ZZ
                                         360         85,940.82          1
    3484 SHELTER CREEK DRIVE           7.875            623.56         79
                                       7.625            623.56      110,000.00
    NAPA             CA   94558          2            09/17/97         00
    0410533079                           09           11/01/97          0
    410533079                            N            10/01/27
    0


    1636312          K08/G02             F          191,200.00         ZZ
                                         360        191,074.93          1
    979 PLEASANT HILL ROAD             8.125          1,419.65         80
                                       7.875          1,419.65      239,000.00
    SEBASTOPOL       CA   95472          1            09/24/97         00
    0410554703                           05           11/01/97          0
    410554703                            O            10/01/27
    0


    1636314          K08/G02             F          216,000.00         ZZ
                                         360        215,869.15          1
    319 SPRINGSIDE WAY                 8.500          1,660.85         80
                                       8.250          1,660.85      270,000.00
    MILL VALLEY      CA   94941          5            09/17/97         00
    0410526933                           01           11/01/97          0
1


    410526933                            O            10/01/27
    0


    1636315          K08/G02             F          224,950.00         ZZ
                                         360        224,802.85          1
    1401 MILLERTOWN ROAD               8.125          1,670.25         78
                                       7.875          1,670.25      289,900.00
    AUBURN           CA   95603          1            09/23/97         00
    0410554778                           05           11/01/97          0
    410554778                            O            10/01/27
    0


    1636316          K08/G02             F           98,800.00         ZZ
                                         360         98,740.14          1
    3156 ASPEN GROVE ROAD              8.500            759.69         80
                                       8.250            759.69      123,500.00
    TRUCKEE          CA   96161          1            09/24/97         00
    0410539118                           01           11/01/97          0
    410539118                            N            10/01/27
    0


    1636318          369/G02             F          159,000.00         T
                                         360        158,915.38          1
    2805 DRIFTING LILLY LOOP           9.125          1,293.68         80
                                       8.875          1,293.68      198,808.00
    KISSIMMEE        FL   34747          1            09/11/97         00
    0430428326                           05           11/01/97          0
    60674694                             O            10/01/27
    0


    1636325          131/G02             F           50,000.00         ZZ
                                         360         49,915.29          1
    661 FALMOUTH ROAD                  8.875            397.82         59
                                       8.625            397.82       86,000.00
    MASHPEE          MA   02649          1            07/18/97         00
    0430433201                           01           09/01/97          0
    1071271                              O            08/01/27
    0


    1636329          369/G02             F           47,700.00         ZZ
                                         360         47,673.94          1
    2207 EAST FLORIDA STREET           9.000            383.81         90
                                       8.750            383.81       53,000.00
    GREENSBORO       NC   27401          1            09/15/97         01
    0430427856                           05           11/01/97         25
    60891173                             N            10/01/27
    0


1


    1636337          696/G02             F          110,000.00         ZZ
                                         360        109,931.63          1
    11801 ROCKVILLE PIKE #1004         8.375            836.08         80
                                       8.125            836.08      137,500.00
    ROCKVILLE        MD   20852          1            09/26/97         00
    0430427617                           06           11/01/97          0
    3275640                              O            10/01/27
    0


    1636346          369/G02             F           75,150.00         ZZ
                                         360         75,110.00          1
    5109 MARTIN AVENUE                 9.125            611.45         90
                                       8.875            611.45       83,500.00
    AUSTIN           TX   78751          1            09/09/97         01
    0430431601                           05           11/01/97         25
    0049914518                           N            10/01/27
    0


    1636351          927/G02             F           58,000.00         ZZ
                                         360         57,936.38          1
    5214 SOUTH PROSPECT STREET         9.000            466.69         80
                                       8.750            466.69       72,500.00
    TACOMA           WA   98404          1            09/02/97         00
    0430431999                           05           10/01/97          0
    319798                               N            09/01/27
    0


    1636352          369/G02             F           56,800.00         ZZ
                                         360         56,767.32          1
    731 BROOKLYN MOUNTAIN ROAD         8.750            446.85         80
                                       8.500            446.85       71,000.00
    BOROUGH OF HOPA  NJ   07843          1            09/09/97         00
    0430427898                           05           11/01/97          0
    0060944493                           O            10/01/27
    0


    1636353          369/G02             F           70,000.00         ZZ
                                         360         69,960.75          1
    20 VANCOUVER COURT                 8.875            556.96         88
                                       8.625            556.96       80,000.00
    LAFAYETTE        IN   47905          1            09/10/97         01
    0430427575                           05           11/01/97         25
    0060011608                           N            10/01/27
    0


    1636528          F27/G02             F          150,000.00         ZZ
                                         360        149,798.03          1
    92 BASALT DRIVE                    8.000          1,100.65         74
                                       7.750          1,100.65      203,450.00
1


    FALMOUTH         VA   22406          1            08/28/97         00
    0430439059                           05           10/01/97          0
    116264865                            O            09/01/27
    0


    1636629          369/G02             F           85,500.00         ZZ
                                         360         85,453.29          1
    1143 N CLARK DRIVE                 9.000            687.96         90
                                       8.750            687.96       95,000.00
    EL PASO          TX   79905          1            09/10/97         01
    0430430504                           05           11/01/97         25
    0060124138                           N            10/01/27
    0


    1636631          F27/G02             F          216,000.00         ZZ
                                         360        215,429.03          1
    3694 BRIDGEWATER DRIVE             8.125          1,603.80         80
                                       7.875          1,603.80      272,045.00
    WILLIAMSBURG     VA   23185          1            06/26/97         00
    0430439018                           05           08/01/97          0
    116275184                            O            07/01/27
    0


    1636632          369/G02             F           60,400.00         ZZ
                                         360         60,337.90          1
    2621 NORDMAN AVENUE                8.750            475.17         80
                                       8.500            475.17       75,500.00
    NEW SMYRNA BEAC  FL   32168          1            09/12/97         00
    0430435628                           05           11/01/97          0
    61063350                             O            10/01/27
    0


    1636635          201/G02             F           47,700.00         ZZ
                                         360         47,649.03          2
    1114 S FEDERAL HIGHWAY             9.125            388.11         90
                                       8.875            388.11       53,000.00
    LAKE WORTH       FL   33461          1            08/29/97         01
    0430431817                           05           10/01/97         30
    3509017657                           N            09/01/27
    0


    1636639          369/G02             F           46,350.00         ZZ
                                         360         46,324.68          1
    1602 PICHARD STREET                9.000            372.95         90
                                       8.750            372.95       51,500.00
    GREENSBORO       NC   27401          1            09/09/97         01
    0430414680                           05           11/01/97         25
    0060891165                           N            10/01/27
    0
1




    1636643          229/G02             F           71,100.00         ZZ
                                         360         70,870.75          1
    1617 WEST SPEEDWAY BLVD            9.125            578.50         90
                                       8.875            578.50       79,000.00
    TUCSON           AZ   85745          1            06/24/97         10
    0430426262                           05           08/01/97         25
    7505456                              N            07/01/27
    0


    1636644          F34/G02             F          148,000.00         T
                                         360        147,898.14          1
    19451 NW 23 STREET                 7.875          1,073.11         80
                                       7.625          1,073.11      185,050.00
    PEMBROKE PINES   FL   33029          1            09/05/97         00
    0430428672                           03           11/01/97          0
    9700584                              O            10/01/27
    0


    1636646          480/G02             F           65,600.00         ZZ
                                         360         65,557.09          1
    29 CROWE SPRINGS SPUR              8.125            487.08         80
                                       7.875            487.08       82,000.00
    CARTERSVILLE     GA   30120          1            09/10/97         00
    0430427906                           05           11/01/97          0
    2139707                              O            10/01/27
    0


    1636647          B75/G02             F           67,500.00         ZZ
                                         360         67,463.13          4
    7941 BULLARD ROAD                  9.000            543.12         90
                                       8.750            543.12       75,000.00
    NEW ORLEANS      LA   70128          1            09/18/97         01
    0430440313                           05           11/01/97         25
    2990919                              N            10/01/27
    0


    1636649          561/561             F          140,000.00         ZZ
                                         360        139,912.97          1
    9201 S. BELOIT AVE.                8.375          1,064.11         67
                                       8.125          1,064.11      211,350.00
    BRIDGEVIEW       IL   60455          1            09/04/97         00
    9082595                              05           11/01/97          0
    9082595                              O            10/01/27
    0


    1636652          757/757             F           85,600.00         ZZ
                                         360         85,552.00          1
1


    2962 SUMMIT PEAK WAY               8.875            681.08         80
                                       8.625            681.08      107,000.00
    SNELLVILLE       GA   30072          1            09/30/97         00
    3163250                              05           11/01/97          0
    3163250                              N            10/01/27
    0


    1636657          757/757             F           59,400.00         ZZ
                                         360         59,363.07          1
    301 ELM STREET                     8.375            451.49         90
                                       8.125            451.49       66,000.00
    BARNESVILLE      GA   30204          2            09/30/97         01
    3209301                              05           11/01/97         25
    3209301                              N            10/01/27
    0


    1636661          575/G02             F           61,200.00         ZZ
                                         360         61,165.69          1
    1108 S 3RD STREET                  8.875            486.93         90
                                       8.625            486.93       68,000.00
    LAFAYETTE        IN   47905          1            09/24/97         10
    0430431981                           05           11/01/97         25
    972403525                            N            10/01/27
    0


    1636671          B24/G02             F           83,200.00         ZZ
                                         360         83,200.00          1
    1633 WASHINGTON BLVD               8.750            654.53         80
    UNIT # 1G                          8.500            654.53      104,000.00
    STAMFORD         CT   06902          1            10/08/97         00
    0430397406                           08           12/01/97          0
    229134                               O            11/01/27
    0


    1636673          405/405             F           33,075.00         ZZ
                                         360         33,035.80          1
    166 SYKE STREET                    8.625            257.26         90
                                       8.375            257.26       36,750.00
    ROCHESTER        NY   14611          1            09/04/97         14
    8276859                              05           10/01/97         25
    8276859                              N            09/01/27
    0


    1636686          F03/G02             F          256,000.00         ZZ
                                         360        256,000.00          1
    1225 WINDING RIDGE TERRACE         8.375          1,945.79         80
                                       8.125          1,945.79      320,000.00
    COLORADO SPRING  CO   80919          5            10/10/97         00
    0430448357                           05           12/01/97          0
1


    DEN11509                             O            11/01/27
    0


    1636697          K08/G02             F          196,000.00         ZZ
                                         360        195,871.79          1
    215 PROSPECT STREET                8.125          1,455.29         80
                                       7.875          1,455.29      245,000.00
    NEVADA CITY      CA   95959          5            09/18/97         00
    0410544134                           05           11/01/97          0
    410544134                            O            10/01/27
    0


    1636704          744/G02             F          332,600.00         ZZ
                                         360        332,376.83          1
    3922 DEVON PLACE                   8.000          2,440.50         80
                                       7.750          2,440.50      415,802.00
    LIVERMORE        CA   94550          1            09/12/97         00
    0430429407                           05           11/01/97          0
    81306                                O            10/01/27
    0


    1636710          K08/G02             F          156,800.00         ZZ
                                         360        156,800.00          1
    3552 AMARILLO                      7.750          1,123.33         80
                                       7.500          1,123.33      196,000.00
    SIMI VALLEY      CA   93063          1            10/01/97         00
    0410564249                           05           12/01/97          0
    410564249                            O            11/01/27
    0


    1636712          K08/G02             F          173,600.00         ZZ
                                         360        173,483.51          1
    5002 YEARLING AVENUE               8.000          1,273.82         80
                                       7.750          1,273.82      217,000.00
    IRVINE           CA   92714          2            09/18/97         00
    0410545115                           05           11/01/97          0
    410545115                            O            10/01/27
    0


    1636716          B75/G02             F          131,000.00         ZZ
                                         360        130,916.47          1
    23624 ODOM DRIVE                   8.250            984.16         74
                                       8.000            984.16      179,000.00
    HAYWARD          CA   94541          2            09/11/97         00
    0430431387                           05           11/01/97          0
    7073687                              N            10/01/27
    0


1


    1637047          B75/G02             F          122,800.00         ZZ
                                         360        120,265.10          1
    12001 NORTHWEST 14TH COURT         8.500            944.23         80
                                       8.250            944.23      153,500.00
    PEMBROKE PINES   FL   33026          1            09/16/97         00
    0430426296                           05           11/01/97          0
    7074685                              O            10/01/27
    0


    1637051          A38/G02             F           61,200.00         ZZ
                                         360         61,200.00          2
    1718-1720 PATRICIA STREET          8.750            481.46         90
                                       8.500            481.46       68,000.00
    ARLINGTON        TX   76012          1            10/14/97         12
    0430443259                           05           12/01/97         25
    1210969                              N            11/01/27
    0


    1637057          369/G02             F           66,750.00         ZZ
                                         360         66,713.54          1
    109 POE DRIVE SE                   9.000            537.09         90
                                       8.750            537.09       74,200.00
    WINTER HAVEN     FL   33884          1            09/10/97         01
    0430427583                           05           11/01/97         25
    60933173                             N            10/01/27
    0


    1637063          405/405             F          192,000.00         ZZ
                                         360        191,883.68          4
    9680-9686 NORTHWEST 35TH           8.500          1,476.32         80
    STREET                             8.250          1,476.32      240,000.00
    CORAL SPRINGS    FL   33065          1            09/18/97         00
    8326639                              05           11/01/97          0
    8326639                              N            10/01/27
    0


    1637067          369/G02             F          154,950.00         ZZ
                                         360        154,761.58          1
    20743 PALM CIRCLE                  8.500          1,191.44         80
                                       8.250          1,191.44      193,700.00
    ELKHORN          NE   68022          1            09/03/97         00
    0430435719                           05           10/01/97          0
    60769502                             O            09/01/27
    0


    1637073          450/450             F          150,000.00         ZZ
                                         360        149,896.78          1
    3431 CEDAR LAKE RD                 7.875          1,087.60         71
                                       7.625          1,087.60      212,500.00
1


    MARION TWP       MI   48843          2            09/15/97         00
    4264230                              05           11/01/97          0
    4264230                              O            10/01/27
    0


    1637078          450/450             F          150,000.00         ZZ
                                         240        149,745.34          1
    39252 PLUMBROOK DR                 8.000          1,254.66         60
                                       7.750          1,254.66      250,000.00
    FARMINGTON HILL  MI   48331          1            09/16/97         00
    4385936                              05           11/01/97          0
    4385936                              O            10/01/17
    0


    1637082          H09/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
    27 ARGOS                           8.375          3,040.29         80
                                       8.125          3,040.29      500,000.00
    LAGUNA NIGUEL    CA   92677          5            10/10/97         00
    0430439893                           05           12/01/97          0
    0226982                              O            11/01/27
    0


    1637087          737/G02             F          115,200.00         ZZ
                                         360        115,131.99          1
    124 CONCH COURT                    8.625            896.01         90
                                       8.375            896.01      128,000.00
    EMERALD ISLE     NC   28594          1            09/22/97         01
    0430436543                           05           11/01/97         25
    950891                               N            10/01/27
    0


    1637099          961/G02             F          130,000.00         ZZ
                                         360        129,917.10          1
    1200 INDIANA AVENUE #4             8.250            976.65         64
                                       8.000            976.65      203,500.00
    SOUTH PASADENA   CA   91030          1            09/17/97         00
    0430423822                           01           11/01/97          0
    09110466                             O            10/01/27
    0


    1637100          664/G02             F          162,000.00         ZZ
                                         360        161,904.36          1
    2210 RIO VISTA                     8.625          1,260.02         75
                                       8.375          1,260.02      216,000.00
    ROCKFORD         IL   61107          5            09/24/97         00
    0430423863                           05           11/01/97          0
    2358752                              O            10/01/27
    0
1




    1637103          664/G02             F          135,900.00         ZZ
                                         360        135,819.76          1
    19730 SW FRANCIS STREET            8.625          1,057.02         90
                                       8.375          1,057.02      151,000.00
    ALOHA            OR   97006          2            09/22/97         01
    0430426908                           05           11/01/97         25
    2289924                              N            10/01/27
    0


    1637108          731/G02             F          168,000.00         ZZ
                                         360        167,884.38          1
    5934 JAMAR DRIVE                   7.875          1,218.12         80
                                       7.625          1,218.12      210,000.00
    SAN DIEGO        CA   92117          1            09/23/97         00
    0430430371                           05           11/01/97          0
    61310948                             O            10/01/27
    0


    1637132          E73/G02             F          122,500.00         ZZ
                                         360        122,427.67          3
    238 PLYMOUTH AVENUE                8.625            952.80         70
                                       8.375            952.80      175,000.00
    ORELAND          PA   19075          5            09/18/97         00
    0430429100                           05           11/01/97          0
    8200013537                           N            10/01/27
    0


    1637146          286/286             F          145,600.00         ZZ
                                         360        145,418.37          1
    6027 CAMEO STREET                  8.375          1,106.67         59
                                       8.125          1,106.67      247,000.00
    RANCHO CUCAMONG  CA   91701          5            08/21/97         00
    0009178032                           05           10/01/97          0
    0009178032                           O            09/01/27
    0


    1638098          E08/G02             F           72,900.00         ZZ
                                         360         72,856.96          1
    17 LAREDO PLACE UNIT 1 - 5         8.625            567.01         90
                                       8.375            567.01       81,000.00
    DAVIE            FL   33324          3            09/30/97         10
    0430443804                           01           11/01/97         25
    213887                               N            10/01/27
    0


    1638104          776/G02             F          103,000.00         ZZ
                                         360        102,935.98          1
1


    8801 EAST SECOND PLACE             8.375            782.87         63
                                       8.125            782.87      165,000.00
    TUCSON           AZ   85710          5            09/04/97         00
    0430435842                           05           11/01/97          0
    2325314                              O            10/01/27
    0


    1638105          776/G02             F           86,000.00         ZZ
                                         360         85,903.23          1
    1011 WALNUTWOOD COURT              8.875            684.25         78
                                       8.625            684.25      111,000.00
    LOS BANOS        CA   93635          2            08/25/97         00
    0430434019                           05           10/01/97          0
    2287761                              N            09/01/27
    0


    1638110          G51/G02             F           51,400.00         ZZ
                                         360         51,370.42          1
    273 ZURBRICK                       8.750            404.37         80
                                       8.500            404.37       64,300.00
    DEPEW            NY   14043          1            09/29/97         00
    0430444885                           05           11/01/97          0
    9700419                              O            10/01/27
    0


    1638112          G51/G02             F          110,700.00         ZZ
                                         360        110,636.31          1
    4940 BARCELONA WAY                 8.750            870.88         90
                                       8.500            870.88      123,000.00
    COLORADO SPRING  CO   80917          1            09/30/97         10
    0430427518                           05           11/01/97         25
    2233293                              O            10/01/27
    0


    1638113          E57/G02             F          124,000.00         ZZ
                                         360        123,924.88          1
    539 WEST SAMPLE AVENUE             8.500            953.45         80
                                       8.250            953.45      155,000.00
    FRESNO           CA   93704          1            09/19/97         00
    0430436170                           05           11/01/97          0
    62792006000                          O            10/01/27
    0


    1638120          K30/G02             F          157,250.00         ZZ
                                         360        157,147.13          1
    595 33 3/4 ROAD                    8.125          1,167.58         85
                                       7.875          1,167.58      185,000.00
    CLIFTON          CO   81520          5            09/25/97         11
    0430422790                           05           11/01/97         20
1


    49817                                O            10/01/27
    0


    1638122          180/G02             F           22,500.00         ZZ
                                         360         22,487.71          1
    216 NORTH XENOPHON                 9.000            181.04         90
                                       8.750            181.04       25,000.00
    TULSA            OK   74127          1            09/19/97         10
    0430429043                           05           11/01/97         25
    12038964                             N            10/01/27
    0


    1638450          G92/G02             F          195,000.00         ZZ
                                         360        194,716.83          1
    1964 OAK CREST DRIVE               7.625          1,380.20         57
                                       7.375          1,380.20      345,000.00
    OAKLAND          CA   94602          2            08/19/97         00
    0430426718                           05           10/01/97          0
    MOIR                                 O            09/01/27
    0


    1638464          591/G02             F           82,450.00         ZZ
                                         360         82,450.00          1
    104 BAY COURT ROAD                 8.500            633.97         85
                                       8.250            633.97       97,000.00
    BALTIMORE        MD   21220          1            10/23/97         04
    0430448050                           05           12/01/97         20
    101405801                            N            11/01/27
    0


    1638466          K08/G02             F          246,400.00         ZZ
                                         360        246,258.24          1
    9432 LOOKOUT POINTE                8.750          1,938.43         80
                                       8.500          1,938.43      308,000.00
    LAINGSBURG       MI   48848          5            09/15/97         00
    0410530646                           05           11/01/97          0
    410530646                            O            10/01/27
    0


    1638468          K08/G02             F          264,000.00         ZZ
                                         360        263,848.11          1
    3040 CANTERBURY DRIVE              8.750          2,076.89         80
                                       8.500          2,076.89      330,000.00
    BOCA RATON       FL   33434          1            09/19/97         00
    0410520050                           03           11/01/97          0
    410520050                            O            10/01/27
    0


1


    1638472          K08/G02             F           55,850.00         ZZ
                                         240         55,760.92          1
    6829 THOMAS DRIVE UNIT #1          8.500            484.68         75
                                       8.250            484.68       74,500.00
    PANAMA CITY BEA  FL   32408          1            09/16/97         00
    0410543128                           01           11/01/97          0
    410543128                            N            10/01/17
    0


    1638474          K08/G02             F           80,000.00         ZZ
                                         360         79,948.99          1
    4118 N.W. 69TH STREET              8.250            601.01         80
                                       8.000            601.01      100,000.00
    GAINESVILLE      FL   32606          1            09/19/97         00
    0410540751                           05           11/01/97          0
    410540751                            O            10/01/27
    0


    1638475          K08/G02             F           67,200.00         ZZ
                                         360         67,159.29          1
    10714 TULSA ROAD NORTH             8.500            516.71         80
                                       8.250            516.71       84,000.00
    JACKSONVILLE     FL   32218          2            09/15/97         00
    0410441356                           05           11/01/97          0
    410441356                            O            10/01/27
    0


    1638477          K08/G02             F           54,000.00         ZZ
                                         360         53,968.93          1
    1033 WASHINGTON STREET #2          8.750            424.82         90
                                       8.500            424.82       60,000.00
    WOOSTER          OH   44691          1            09/12/97         04
    0410538342                           01           11/01/97         25
    410538342                            N            10/01/27
    0


    1638480          K08/G02             F           35,100.00         ZZ
                                         360         35,080.83          1
    2468 EDSEL                         9.000            282.42         90
                                       8.750            282.42       39,000.00
    COLUMBUS         OH   43207          1            09/19/97         01
    0410548721                           05           11/01/97         25
    410548721                            N            10/01/27
    0


    1638481          K08/G02             F           92,000.00         ZZ
                                         360         91,939.82          1
    1783 NORTHEAST LIMA CALLE          8.125            683.10         80
                                       7.875            683.10      115,000.00
1


    JENSEN BEACH     FL   34957          1            09/19/97         00
    0410537245                           03           11/01/97          0
    410537245                            O            10/01/27
    0


    1638483          K08/G02             F           15,000.00         ZZ
                                         360         14,991.81          1
    509 CLUB WALK VILLA                9.000            120.69         75
                                       8.750            120.69       20,000.00
    BROOKELAND       TX   75931          1            09/19/97         00
    0410481204                           01           11/01/97          0
    410481204                            N            10/01/27
    0


    1638485          K08/G02             F          118,500.00         ZZ
                                         360        118,420.49          1
    10335 N.W. 13TH LANE               8.000            869.51         80
                                       7.750            869.51      148,231.00
    GAINESVILLE      FL   32606          1            09/19/97         00
    0410549208                           03           11/01/97          0
    410549208                            O            10/01/27
    0


    1638488          K08/G02             F           62,000.00         ZZ
                                         360         61,963.40          1
    4250 WILMETTE PLACE                8.625            482.23         80
                                       8.375            482.23       77,500.00
    SARASOTA         FL   34233          1            09/19/97         00
    0410550826                           05           11/01/97          0
    410550826                            O            10/01/27
    0


    1638490          K08/G02             F           95,100.00         T
                                         360         94,847.25          1
    11325 NW 52 STREET                 8.375            722.83         67
                                       8.125            722.83      143,990.00
    MIAMI            FL   33178          1            08/29/97         00
    0410524714                           03           10/01/97          0
    410524714                            O            09/01/27
    0


    1638493          K08/G02             F           54,000.00         ZZ
                                         360         53,970.50          2
    7719 SOUTHEAST END AVENUE          9.000            434.50         90
                                       8.750            434.50       60,000.00
    CHICAGO          IL   60649          1            09/19/97         11
    0410525448                           05           11/01/97         25
    410525448                            N            10/01/27
    0
1




    1638494          K08/G02             F           31,200.00         ZZ
                                         360         31,159.04          1
    1721-D WESTVIEW TERRACE            8.125            231.66         80
                                       7.875            231.66       39,000.00
    ARLINGTON        TX   76013          1            08/29/97         14
    0410532071                           01           10/01/97         12
    410532071                            O            09/01/27
    0


    1638495          K08/G02             F           37,800.00         ZZ
                                         360         37,776.50          1
    5004 HAYNSWORTH AVENUE             8.375            287.31         70
                                       8.125            287.31       54,000.00
    EL PASO          TX   79903          1            09/16/97         00
    0410527980                           05           11/01/97          0
    410527980                            N            10/01/27
    0


    1638497          K08/G02             F           24,000.00         ZZ
                                         240         23,961.72          1
    2001 SOUTH BEACON                  8.500            208.28         64
                                       8.250            208.28       37,500.00
    MUNCIE           IN   47302          5            09/19/97         00
    0410542377                           05           11/01/97          0
    410542377                            N            10/01/17
    0


    1638498          K08/G02             F           74,800.00         ZZ
                                         360         74,749.81          1
    95 WOODACRE DRIVE                  8.000            548.86         80
                                       7.750            548.86       93,500.00
    WIMBERLEY        TX   78676          1            09/19/97         00
    0410545297                           05           11/01/97          0
    410545297                            O            10/01/27
    0


    1638499          K08/G02             F           61,600.00         ZZ
                                         360         61,564.56          2
    1614 GROVE AVENUE                  8.750            484.61         80
                                       8.500            484.61       77,000.00
    NORTH CHICAGO    IL   60064          1            09/19/97         00
    0410533897                           05           11/01/97          0
    410533897                            O            10/01/27
    0


    1638500          K08/G02             F           45,000.00         ZZ
                                         360         44,975.42          1
1


    6819 NORTH 12TH STREET #7          9.000            362.08         90
                                       8.750            362.08       50,000.00
    PHOENIX          AZ   85014          1            09/18/97         04
    0410529713                           01           11/01/97         30
    410529713                            O            10/01/27
    0


    1638504          K08/G02             F           83,500.00         ZZ
                                         360         83,448.10          1
    805 ROBERTSON                      8.375            634.66         90
                                       8.125            634.66       92,800.00
    BRIGHTON         MI   48116          1            09/19/97         04
    0410395537                           05           11/01/97         25
    410395537                            N            10/01/27
    0


    1638794          K08/G02             F          113,850.00         T
                                         360        113,782.79          1
    2800 DRIFTING LILLY LOOP           8.625            885.51         70
                                       8.375            885.51      162,663.00
    KISSIMMEE        FL   34747          1            09/10/97         00
    0410438386                           03           11/01/97          0
    410438386                            O            10/01/27
    0


    1638795          K08/G02             F           51,000.00         ZZ
                                         360         50,680.95          1
    2705 ROMA LANE                     8.500            392.15         85
                                       8.250            392.15       60,000.00
    ST JOSEPH        MO   64505          5            09/15/97         14
    0410524656                           05           11/01/97         12
    410524656                            O            10/01/27
    0


    1638803          K08/G02             F           45,000.00         ZZ
                                         360         44,977.87          1
    12621 WESTHAMPTON CIRCLE           9.500            378.38         90
                                       9.250            378.38       50,000.00
    WELLINGTON       FL   33414          1            09/19/97         11
    0410531214                           01           11/01/97         25
    410531214                            N            10/01/27
    0


    1638804          K08/G02             F           94,300.00         ZZ
                                         360         94,242.87          1
    58411 SUMMERWIND COURT             8.500            725.09         80
                                       8.250            725.09      117,900.00
    ELKHART          IN   46517          1            09/18/97         00
    0410550073                           05           11/01/97          0
1


    410550073                            O            10/01/27
    0


    1638805          K08/G02             F           61,500.00         ZZ
                                         360         61,466.41          1
    519 2ND STREET SOUTHWEST           9.000            494.84         90
                                       8.750            494.84       68,400.00
    CROSBY           MN   56441          1            09/18/97         04
    0410540629                           05           11/01/97         25
    410540629                            N            10/01/27
    0


    1638810          225/225             F          104,000.00         ZZ
                                         360        103,931.97          1
    3070 GREENBROOK DRIVE              8.125            772.20         80
                                       7.875            772.20      130,000.00
    CAMINO           CA   95709          1            09/03/97         00
    8063297                              05           11/01/97          0
    8063297                              O            10/01/27
    0


    1638827          561/561             F          136,000.00         ZZ
                                         360        135,921.75          1
    40 WEST FARMS ROAD                 8.750          1,069.92         80
                                       8.500          1,069.92      171,000.00
    FARMINGDALE      NJ   07727          5            09/12/97         00
    972266145                            05           11/01/97          0
    972266145                            O            10/01/27
    0


    1638830          B28/G02             F          100,000.00         ZZ
                                         360         99,943.93          1
    77 COUNTY ROAD 82E                 8.875            795.65         35
                                       8.625            795.65      286,500.00
    ALLENSPARK       CO   80510          5            09/08/97         00
    0430426502                           05           11/01/97          0
    01970894                             O            10/01/27
    0


    1638831          455/G02             F           42,250.00         ZZ
                                         360         42,229.75          2
    567 HOLDERNESS STREET              9.625            359.13         65
                                       9.375            359.13       66,000.00
    ATLANTA          GA   30310          5            09/18/97         00
    0430432732                           05           11/01/97          0
    56694                                N            10/01/27
    0


1


    1638835          455/G02             F           42,250.00         ZZ
                                         360         42,229.75          2
    2091 EMERY PLACE SE                9.625            359.13         65
                                       9.375            359.13       65,000.00
    ATLANTA          GA   30317          5            09/18/97         00
    0430432864                           05           11/01/97          0
    56695                                N            10/01/27
    0


    1638836          J33/G02             F           75,690.00         ZZ
                                         360         75,646.45          1
    937 CHIPPENDALE LANE               8.750            595.46         90
                                       8.500            595.46       84,100.00
    NORCROSS         GA   30092          1            09/22/97         10
    0430447532                           09           11/01/97         25
    9710030287                           N            10/01/27
    0


    1638841          455/G02             F           29,250.00         ZZ
                                         360         29,235.23          1
    1375 DESOTO AVE                    9.375            243.29         65
                                       9.125            243.29       45,000.00
    ATLANTA          GA   30310          5            09/18/97         00
    0430427625                           05           11/01/97          0
    56692                                N            10/01/27
    0


    1638846          B75/G02             F           78,300.00         ZZ
                                         360         78,252.56          1
    6367 DIAMOND HEAD CIRCLE           8.500            602.06         90
    #C                                 8.250            602.06       87,000.00
    DALLAS           TX   75225          1            09/17/97         14
    0430440693                           01           11/01/97         25
    7074842                              N            10/01/27
    0


    1638851          225/225             F          260,000.00         ZZ
                                         360        259,834.20          1
    64 FRANKLIN AVENUE                 8.250          1,953.30         70
                                       8.000          1,953.30      375,000.00
    SO SAN FRANCISC  CA   94080          2            09/08/97         00
    806251300                            05           11/01/97          0
    806251300                            N            10/01/27
    0


    1638864          F34/G02             F          219,800.00         ZZ
                                         360        219,504.04          1
    14331 SW 34 STREET                 8.000          1,612.82         90
                                       7.750          1,612.82      244,326.00
1


    MIAMI            FL   33175          1            09/04/97         01
    0430443358                           05           10/01/97         25
    9700711                              O            09/01/27
    0


    1638868          B75/G02             F           95,200.00         ZZ
                                         360         95,142.32          1
    1230 GULF BLVD #508                8.500            732.01         70
                                       8.250            732.01      136,000.00
    CLEARWATER       FL   33767          1            09/22/97         00
    0430445437                           06           11/01/97          0
    7096373                              O            10/01/27
    0


    1638870          B75/G02             F           64,000.00         ZZ
                                         360         63,958.13          1
    728 LAKE AVENUE N E                8.125            475.20         55
                                       7.875            475.20      118,000.00
    ATLANTA          GA   30307          5            09/18/97         00
    0430442343                           05           11/01/97          0
    7095540                              N            10/01/27
    0


    1638876          B75/G02             F          295,000.00         ZZ
                                         360        294,811.89          1
    1851 WEST 155TH PLACE              8.250          2,216.24         68
                                       8.000          2,216.24      435,000.00
    BROOMFIELD       CO   80020          1            09/25/97         00
    0430442327                           05           11/01/97          0
    7057607                              O            10/01/27
    0


    1638883          638/G02             F          112,700.00         ZZ
                                         360        112,700.00          1
    1017 SAN GABRIEL CIRCLE            7.875            817.15         70
    #532                               7.625            817.15      161,000.00
    DALY CITY        CA   94014          1            10/14/97         00
    0430449561                           01           12/01/97          0
    08673633                             O            11/01/27
    0


    1638914          757/757             F           48,500.00         ZZ
                                         360         48,470.61          1
    202 PINERIDGE DRIVE                8.500            372.93         55
                                       8.250            372.93       89,500.00
    GREENVILLE       NC   27858          1            09/29/97         00
    3209293                              05           11/01/97          0
    3209293                              O            10/01/27
    0
1




    1638920          638/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
    4404 JENKINS DRIVE                 7.750          1,002.98         80
                                       7.500          1,002.98      176,190.00
    PLANO            TX   75025          1            10/14/97         00
    0430462267                           05           12/01/97          0
    08673863                             O            11/01/27
    0


    1638923          700/G02             F           42,200.00         ZZ
                                         360         42,173.10          1
    1400 HERITAGE LANDING              8.250            317.03         90
    #307                               8.000            317.03       46,900.00
    ST CHARLES       MO   63303          1            09/19/97         12
    0430475004                           01           11/01/97         25
    124405                               O            10/01/27
    0


    1638930          757/757             F          108,800.00         ZZ
                                         360        108,735.76          1
    930 SPRING IVES DRIVE              8.625            846.24         90
                                       8.375            846.24      120,900.00
    LAWRENCEVILLE    GA   30043          1            09/30/97         01
    3209236                              05           11/01/97         25
    3209236                              N            10/01/27
    0


    1638936          757/757             F           47,500.00         ZZ
                                         360         47,470.47          1
    3520 STINSONVILLE ROAD             8.375            361.04         68
                                       8.125            361.04       70,000.00
    MACON            GA   31204          2            09/30/97         00
    3163342                              05           11/01/97          0
    3163342                              N            10/01/27
    0


    1638940          685/G02             F          220,000.00         ZZ
                                         360        219,852.39          1
    1826 CHANDELEUR DRIVE              8.000          1,614.28         80
                                       7.750          1,614.28      275,000.00
    LOS ANGELES      CA   90732          5            09/23/97         00
    0430426700                           05           11/01/97          0
    109049                               N            10/01/27
    0


    1638941          830/830             F          250,000.00         ZZ
                                         360        249,848.55          1
1


    3301 SOUTH BOUNTIFUL DRIVE         8.500          1,922.28         72
                                       8.250          1,922.28      350,000.00
    BOUNTIFUL        UT   84010          5            09/25/97         00
    532706                               05           11/01/97          0
    532706                               O            10/01/27
    0


    1638946          144/144             F          127,000.00         ZZ
                                         360        127,000.00          1
    10 ALICE STREET                    8.250            954.11         75
                                       8.000            954.11      170,000.00
    HAVERSTRAW       NY   10923          5            10/22/97         00
    160330886                            05           12/01/97          0
    160330886                            O            11/01/27
    0


    1638957          965/G02             F           39,000.00         ZZ
                                         360         38,977.57          1
    209 E. HIGHLINE CIRCLE #305        8.750            306.81         69
                                       8.500            306.81       57,000.00
    LITTLETON        CO   80122          1            09/30/97         00
    0430426635                           01           11/01/97          0
    80122                                N            10/01/27
    0


    1638962          560/560             F          112,500.00         ZZ
                                         360        112,430.07          1
    2413 TAMARAC DRIVE                 8.375            855.09         90
                                       8.125            855.09      125,000.00
    FT COLLINS       CO   80521          1            09/05/97         21
    450838586                            05           11/01/97         25
    450838586                            N            10/01/27
    0


    1638966          E26/G02             F          150,000.00         ZZ
                                         360        149,904.35          1
    9 JESSAMINE COURT                  8.250          1,126.90         75
                                       8.000          1,126.90      200,000.00
    GREENVILLE       SC   29615          1            09/11/97         00
    0430428987                           03           11/01/97          0
    52700184                             N            10/01/27
    0


    1638969          637/G02             F          140,250.00         ZZ
                                         360        140,175.36          4
    5965 E. NORLAND STREET             9.125          1,141.12         85
                                       8.875          1,141.12      165,000.00
    MESA             AZ   85215          1            09/02/97         04
    0430427823                           05           11/01/97         20
1


    9987678                              N            10/01/27
    0


    1638970          560/560             F           64,800.00         ZZ
                                         360         64,717.06          2
    5628-5630 APPLE BLOSSOM DRIVE      8.250            486.83         90
                                       8.000            486.83       72,000.00
    MEMPHIS          TN   38115          1            09/05/97         21
    450838784                            05           10/01/97         25
    450838784                            N            09/01/27
    0


    1638971          E26/G02             F          116,450.00         ZZ
                                         360        116,375.74          1
    5019 GERONIMO STREET               8.250            874.85         85
                                       8.000            874.85      137,000.00
    COLLEGE PARK     MD   20740          2            09/24/97         11
    0430428250                           05           11/01/97         12
    42700893                             O            10/01/27
    0


    1638976          560/560             F           36,900.00         ZZ
                                         360         36,878.21          2
    14-14.5 COTTAGE STREET             8.625            287.01         90
                                       8.375            287.01       41,000.00
    SANFORD          ME   04073          1            09/15/97         04
    450845896                            05           11/01/97         25
    450845896                            N            10/01/27
    0


    1638979          560/560             F          141,500.00         ZZ
                                         360        141,416.45          1
    85 RIDGE ROAD                      8.625          1,100.58         42
                                       8.375          1,100.58      340,000.00
    NEWTON           MA   02158          2            09/18/97         00
    450851027                            05           11/01/97          0
    450851027                            N            10/01/27
    0


    1638994          180/G02             F           98,600.00         ZZ
                                         360         98,544.72          1
    82 WEST SOUTHERN AVENUE            8.875            784.51         90
                                       8.625            784.51      110,000.00
    MESA             AZ   85210          1            09/03/97         04
    0430431288                           05           11/01/97         25
    12060612                             N            10/01/27
    0


1


    1638995          286/286             F          137,600.00         ZZ
                                         360        137,520.83          1
    158-19 84TH ROAD                   8.750          1,082.50         80
                                       8.500          1,082.50      172,000.00
    JAMAICA          NY   11432          1            09/08/97         00
    0008698732                           05           11/01/97          0
    0008698732                           O            10/01/27
    0


    1638997          560/560             F           47,000.00         ZZ
                                         360         46,971.53          1
    642 PINE MEADOWS #1 DRIVE          8.500            361.39         83
                                       8.250            361.39       57,000.00
    SPARKS           NV   89431          1            09/12/97         21
    450847975                            01           11/01/97         20
    450847975                            N            10/01/27
    0


    1639001          560/560             F          151,200.00         ZZ
                                         360        151,108.40          1
    11111 FIELDCREST MEADOW            8.500          1,162.60         80
                                       8.250          1,162.60      189,000.00
    WHITE LAKE       MI   48386          5            09/10/97         00
    462235805                            05           11/01/97          0
    462235805                            O            10/01/27
    0


    1639002          575/G02             F          117,900.00         ZZ
                                         360        117,833.90          2
    3372-74 SOUTH MAPLE WAY            8.875            938.07         90
                                       8.625            938.07      131,000.00
    WEST VALLEY CIT  UT   84119          1            09/10/97         12
    0430428417                           05           11/01/97         25
    972405181                            N            10/01/27
    0


    1639005          286/286             F           81,000.00         ZZ
                                         360         80,879.32          3
    51 FILLMORE ST                     9.000            651.75         90
                                       8.750            651.75       90,000.00
    NEW HAVEN        CT   06513          1            09/15/97         12
    0008676151                           05           11/01/97         25
    0008676151                           N            10/01/27
    0


    1639011          286/286             F          235,000.00         ZZ
                                         360        234,861.25          1
    5454 N BERNARD ST                  8.625          1,827.81         77
                                       8.375          1,827.81      307,000.00
1


    CHICAGO          IL   60625          5            09/09/97         00
    8642050                              05           11/01/97          0
    8642050                              O            10/01/27
    0


    1639025          K08/G02             F          198,000.00         ZZ
                                         360        197,873.74          1
    5728 MERIDIAN AVENUE               8.250          1,487.51         90
                                       8.000          1,487.51      220,000.00
    SAN JOSE         CA   95118          2            09/23/97         04
    0410503544                           05           11/01/97         25
    410503544                            O            10/01/27
    0


    1639034          K08/G02             F          111,750.00         ZZ
                                         360        111,750.00          2
    119 KEYSTONE AVENUE                8.875            889.13         75
                                       8.625            889.13      149,000.00
    RENO             NV   89503          1            10/01/97         00
    0410556591                           05           12/01/97          0
    410556591                            N            11/01/27
    0


    1639035          K08/G02             F           47,450.00         ZZ
                                         360         47,450.00          2
    10448-50 BUENA PLAZA CIRCLE        8.750            373.29         65
                                       8.500            373.29       73,000.00
    RANCHO CORDOVA   CA   95670          5            09/26/97         00
    0410553556                           05           12/01/97          0
    410553556                            N            11/01/27
    0


    1639037          K08/G02             F          260,800.00         ZZ
                                         360        260,629.40          1
    11 SILVEROAK                       8.125          1,936.43         80
                                       7.875          1,936.43      326,030.00
    IRVINE           CA   92620          1            09/29/97         00
    0410554745                           03           11/01/97          0
    410554745                            O            10/01/27
    0


    1639038          K08/G02             F          120,000.00         ZZ
                                         360        119,919.48          1
    18706 9TH STREET                   8.000            880.52         43
                                       7.750            880.52      280,000.00
    SUMNER           WA   98390          5            09/16/97         00
    0410526610                           05           11/01/97          0
    410526610                            O            10/01/27
    0
1




    1639039          K08/G02             F          107,600.00         ZZ
                                         360        107,600.00          1
    150 WOOD RIVER DRIVE UNIT #D1      8.250            808.36         75
                                       8.000            808.36      143,500.00
    KETCHUM          ID   83353          1            09/30/97         00
    0410549174                           01           12/01/97          0
    410549174                            O            11/01/27
    0


    1639055          E18/G02             F           44,100.00         ZZ
                                         360         44,100.00          2
    549 CHERRY STREET                  8.875            350.88         90
                                       8.625            350.88       49,000.00
    NORRISTOWN       PA   19403          1            10/21/97         01
    0430462176                           07           12/01/97         25
    1639055                              N            11/01/27
    0


    1639058          K08/G02             F          210,000.00         T
                                         360        209,031.25          1
    STATE RD. 472 (PO BOX 424)         8.750          1,652.07         60
                                       8.500          1,652.07      350,000.00
    STANLEY          NM   87506          5            09/15/97         00
    0410480214                           05           11/01/97          0
    410480214                            O            10/01/27
    0


    1639061          K08/G02             F           67,000.00         ZZ
                                         360         66,965.27          1
    1637 GARFIELD AVENUE               9.250            551.19         90
                                       9.000            551.19       74,600.00
    FERNDALE         MI   48220          1            09/17/97         04
    0410540058                           05           11/01/97         25
    410540058                            N            10/01/27
    0


    1639063          E22/G02             F           56,200.00         T
                                         360         56,169.30          1
    5224 CURRY FORD ROAD               9.000            452.20         75
    UNIT # 310                         8.750            452.20       74,990.00
    ORLANDO          FL   32812          1            09/05/97         00
    0410436851                           01           11/01/97          0
    410436851                            O            10/01/27
    0


    1639064          K08/G02             F           48,000.00         ZZ
                                         360         47,972.38          1
1


    104 GROSSE AVENUE NORTH            8.750            377.62         74
                                       8.500            377.62       65,000.00
    TARPON SPRINGS   FL   34689          5            09/15/97         00
    0410439947                           05           11/01/97          0
    410439947                            O            10/01/27
    0


    1639065          K08/G02             F           49,500.00         ZZ
                                         360         49,473.66          1
    1552 DOUGLAS AVENUE                9.125            402.75         90
                                       8.875            402.75       55,000.00
    DUNEDIN          FL   34698          1            09/19/97         04
    0410527113                           05           11/01/97         25
    410527113                            N            10/01/27
    0


    1639067          K08/G02             F           94,400.00         ZZ
                                         360         94,341.32          1
    5716 SENTINEL DRIVE                8.375            717.51         75
                                       8.125            717.51      125,900.00
    RALEIGH          NC   27609          1            09/22/97         00
    0410536288                           09           11/01/97          0
    410536288                            N            10/01/27
    0


    1639070          K08/G02             F           46,050.00         ZZ
                                         360         46,024.85          1
    3001 SAN SOUCI                     9.000            370.53         95
                                       8.750            370.53       48,500.00
    LAKE ST. LOUIS   MO   63367          1            09/22/97         04
    0410525711                           01           11/01/97         30
    410525711                            O            10/01/27
    0


    1639076          K08/G02             F           68,800.00         T
                                         360         68,759.38          1
    5308 LONESOME DOVE DRIVE   KIS     8.625            535.12         80
                                       8.375            535.12       86,000.00
    KISSIMMEE        FL   34746          1            09/22/97         23
    0410520365                           05           11/01/97          0
    410520365                            O            10/01/27
    0


    1639077          664/G02             F           93,600.00         ZZ
                                         360         93,538.77          1
    8900 NE 96TH STREET                8.125            694.98         80
                                       7.875            694.98      117,000.00
    VANCOUVER        WA   98682          1            09/18/97         00
    0430423087                           05           11/01/97          0
1


    2346310                              O            10/01/27
    0


    1639091          K08/G02             F           27,200.00         T
                                         360         27,183.53          1
    2435 N.W. 55TH TERRACE             8.500            209.14         80
                                       8.250            209.14       34,000.00
    LAUDERHILL       FL   33313          1            09/22/97         23
    0410491906                           09           11/01/97          0
    410491906                            O            10/01/27
    0


    1639097          405/405             F          180,800.00         ZZ
                                         360        180,690.47          4
    9660-9666 NORTHWEST 35TH STREE     8.500          1,390.20         80
    T                                  8.250          1,390.20      226,000.00
    CORAL SPRINGS    FL   33065          1            09/18/97         00
    008326654                            05           11/01/97          0
    008326654                            N            10/01/27
    0


    1639104          G10/G02             F           94,500.00         ZZ
                                         360         94,451.01          1
    8925 BACE DRIVE                    9.250            777.43         90
                                       9.000            777.43      105,000.00
    HOUSTON          TX   77055          1            09/15/97         04
    0430425447                           05           11/01/97         25
    970959                               N            10/01/27
    0


    1639110          E26/G02             F          157,300.00         ZZ
                                         360        157,202.22          1
    5159 MUSSETTER ROAD                8.375          1,195.60         65
                                       8.125          1,195.60      242,000.00
    IJAMSVILLE       MD   21754          1            09/25/97         00
    0430428094                           05           11/01/97          0
    45700588                             O            10/01/27
    0


    1639308          G86/G02             F           74,700.00         ZZ
                                         360         74,654.74          1
    1646 EAST COPPER STREET            8.500            574.38         79
                                       8.250            574.38       95,000.00
    TUCSON           AZ   85719          2            09/24/97         00
    0430426411                           05           11/01/97          0
    804892001                            N            10/01/27
    0


1


    1639309          937/G02             F          101,200.00         ZZ
                                         360        101,138.69          1
    9658 SOUTH STONEHAVEN STREET       8.500            778.14         80
                                       8.250            778.14      126,500.00
    SOUTH JORDAN     UT   84095          1            10/01/97         00
    0430428227                           05           11/01/97          0
    11522070                             O            10/01/27
    0


    1639310          G51/G02             F          199,100.00         ZZ
                                         360        198,973.03          1
    3690 ARBORVIEW COURT               8.250          1,495.78         80
                                       8.000          1,495.78      248,925.00
    COLORADO SPRING  CO   80918          1            09/29/97         00
    0430434985                           05           11/01/97          0
    227943                               O            10/01/27
    0


    1639312          B37/G02             F          110,400.00         ZZ
                                         360        110,327.78          1
    2417 TIMBER RIDGE LANE             8.125            819.72         80
                                       7.875            819.72      138,000.00
    FLOWER MOUND     TX   75028          1            09/24/97         00
    0430426163                           05           11/01/97          0
    225547                               O            10/01/27
    0


    1639316          937/G02             F          154,800.00         ZZ
                                         360        154,715.44          2
    425-427 EAST 7670 SOUTH            9.000          1,245.56         90
                                       8.750          1,245.56      172,000.00
    MIDVALE          UT   84047          1            10/01/97         01
    0430426320                           05           11/01/97         25
    11688070                             N            10/01/27
    0


    1639317          937/G02             F          152,550.00         ZZ
                                         360        152,466.68          2
    440-442 EAST  7670 SOUTH           9.000          1,227.45         90
                                       8.750          1,227.45      169,500.00
    MIDVALE          UT   84047          1            10/01/97         01
    0430426304                           05           11/01/97         25
    11690070                             N            10/01/27
    0


    1639318          937/G02             F           56,500.00         ZZ
                                         360         56,464.88          1
    900 NORTH HWY 89                   8.375            429.44         59
                                       8.125            429.44       97,000.00
1


    FAIRVIEW         UT   84629          2            09/26/97         00
    0430436105                           27           11/01/97          0
    11431070                             O            10/01/27
    0


    1639320          E23/G02             F           80,000.00         ZZ
                                         360         79,950.27          1
    245 PERALTA AVENUE                 8.375            608.06         47
                                       8.125            608.06      172,000.00
    SAN LEANDRO      CA   94577          1            09/25/97         00
    0430447524                           05           11/01/97          0
    60500125                             O            10/01/27
    0


    1639322          420/G02             F          103,500.00         ZZ
                                         360        103,435.66          1
    300 TRADEWINDS DRIVE #5            8.375            786.68         75
                                       8.125            786.68      138,000.00
    SAN JOSE         CA   95123          5            09/17/97         00
    0430426007                           01           11/01/97          0
    363044                               O            10/01/27
    0


    1639323          E60/G02             F           94,500.00         ZZ
                                         360         94,444.20          1
    7915 PORTOLA AVENUE #142           8.625            735.02         90
                                       8.375            735.02      105,000.00
    ATASCADERO       CA   93422          1            09/24/97         10
    0430429142                           05           11/01/97         25
    510410                               O            10/01/27
    0


    1639331          560/560             F           95,100.00         ZZ
                                         360         95,024.32          1
    66 SILVER LAKE AVE                 8.625            739.68         80
                                       8.375            739.68      118,900.00
    SOUTH KINGSTOWN  RI   02879          1            09/15/97         00
    450845763                            05           11/01/97          0
    450845763                            O            10/01/27
    0


    1639358          E26/G02             F           67,500.00         ZZ
                                         360         67,462.15          2
    8531 CHESTNUT OAK ROAD             8.875            537.07         90
                                       8.625            537.07       75,000.00
    BALTIMORE        MD   21235          1            09/26/97         11
    0430436154                           05           11/01/97         25
    42700915                             N            10/01/27
    0
1




    1639359          B28/G02             F          468,000.00         ZZ
                                         360        467,701.57          1
    42 CALLE FINAL                     8.250          3,515.93         80
                                       8.000          3,515.93      585,000.00
    PLACITAS         NM   87043          2            09/12/97         00
    0430428201                           05           11/01/97          0
    5970239                              O            10/01/27
    0


    1639377          G18/G02             F          105,750.00         ZZ
                                         360        105,750.00          1
    3907 THOMAS AVENUE SOUTH           8.125            785.19         90
                                       7.875            785.19      117,500.00
    MINNEAPOLIS      MN   55410          1            10/13/97         10
    0430447078                           05           12/01/97         25
    97027                                N            11/01/27
    0


    1639389          608/G02             F           79,200.00         ZZ
                                         360         79,157.85          1
    234 ALTHEA AVENUE                  9.125            644.40         90
                                       8.875            644.40       88,000.00
    MORRISVILLE      PA   19067          1            09/25/97         04
    0430428078                           05           11/01/97         25
    98604                                N            10/01/27
    0


    1639395          E26/G02             F           66,800.00         ZZ
                                         360         66,762.54          1
    9523K UNIVERSITY TERRACE           8.875            531.50         90
                                       8.625            531.50       74,250.00
    CHARLOTTE        NC   28262          1            09/22/97         11
    0430433839                           01           11/01/97         25
    50700932                             N            10/01/27
    0


    1639396          003/G02             F           71,000.00         ZZ
                                         360         70,958.07          1
    1780 GEORGIAN TERRACE              8.625            552.24         80
                                       8.375            552.24       88,750.00
    CHAMBLEE         GA   30341          1            09/30/97         00
    0430428599                           05           11/01/97          0
    0003881083                           N            10/01/27
    0


    1639402          003/G02             F           63,000.00         ZZ
                                         360         62,967.33          1
1


    110 WILLIAMS ROAD                  9.250            518.29         90
                                       9.000            518.29       70,000.00
    HOLLYWOOD        FL   33023          1            09/30/97         10
    0430428334                           05           11/01/97         25
    0010020519                           N            10/01/27
    0


    1639408          003/G02             F          169,700.00         ZZ
                                         360        169,597.19          1
    5202 CHARLEMAGNE WAY               8.500          1,304.85         67
                                       8.250          1,304.85      257,000.00
    LILBURN          GA   30047          2            09/25/97         00
    0430428623                           05           11/01/97          0
    0010024016                           O            10/01/27
    0


    1639409          608/G02             F          137,250.00         ZZ
                                         360        137,175.04          2
    4022 ASBURY AVENUE, UNIT 2         9.000          1,104.34         90
                                       8.750          1,104.34      152,500.00
    OCEAN CITY       NJ   08226          1            09/30/97         01
    0430431882                           07           11/01/97         25
    98753                                N            10/01/27
    0


    1639411          201/G02             F          102,600.00         ZZ
                                         360        102,540.97          1
    3004 LIGHTHOUSE LANE               8.750            807.16         95
    COUNTY OF MIDDLESEX                8.500            807.16      108,000.00
    THE BOROUGH OF   NJ   08872          1            09/11/97         11
    0430428995                           01           11/01/97         30
    19970179                             O            10/01/27
    0


    1639414          830/830             F          256,000.00         ZZ
                                         360        255,832.54          1
    3292 FORMBY LANE                   8.125          1,900.79         80
                                       7.875          1,900.79      320,000.00
    FAIRFIELD        CA   94533          5            09/23/97         00
    531958                               05           11/01/97          0
    531958                               O            10/01/27
    0


    1639419          A38/G02             F          172,800.00         ZZ
                                         360        172,800.00          4
    2421 KIPLING STREET                8.875          1,374.88         90
                                       8.625          1,374.88      192,000.00
    HOUSTON          TX   77098          1            10/14/97         23
    0430443416                           05           12/01/97          0
1


    9610570                              N            11/01/27
    0


    1639453          A19/G02             F           85,800.00         ZZ
                                         360         85,800.00          3
    33 BLOOMFIELD STREET               8.750            674.99         63
                                       8.500            674.99      138,000.00
    LYNN             MA   01901          5            10/28/97         00
    0430442178                           05           12/01/97          0
    231714                               N            11/01/27
    0


    1639467          069/G02             F          157,000.00         ZZ
                                         360        157,000.00          1
    2 MILAGRO                          8.500          1,207.20         80
                                       8.250          1,207.20      196,309.00
    RANCHO SANTA MA  CA   92688          1            10/09/97         00
    0430472605                           09           12/01/97          0
    2211951                              O            11/01/27
    0


    1639478          A38/G02             F           49,400.00         ZZ
                                         360         49,400.00          1
    3123 SAN VICENTE AVE               8.250            371.13         90
                                       8.000            371.13       54,900.00
    DALLAS           TX   75228          1            10/10/97         04
    0430443184                           05           12/01/97         25
    16C0173                              N            11/01/27
    0


    1639483          180/G02             F           81,450.00         ZZ
                                         360         81,405.51          1
    2434 EAST 58TH STREET              9.000            655.37         90
                                       8.750            655.37       90,500.00
    INDIANAPOLIS     IN   46220          1            09/22/97         04
    0430431254                           05           11/01/97         25
    12041877                             N            10/01/27
    0


    1639507          405/405             F           75,000.00         ZZ
                                         360         74,955.71          3
    933 SOUTH FIR AVENUE #A,B,C        8.625            583.35         58
                                       8.375            583.35      130,000.00
    INGLEWOOD        CA   90300          5            09/17/97         00
    8311847                              05           11/01/97          0
    8311847                              N            10/01/27
    0


1


    1639520          180/G02             F           40,950.00         ZZ
                                         360         40,926.44          1
    4364 WEST MARYLAND AVENUE          8.750            322.15         90
    #24                                8.500            322.15       45,500.00
    GLENDALE         AZ   85301          1            09/15/97         10
    0430432021                           09           11/01/97         25
    12058376                             N            10/01/27
    0


    1639529          561/561             F           39,150.00         ZZ
                                         360         39,078.62          1
    3160 DONALD AVENUE                 9.000            315.01         90
                                       8.750            315.01       43,500.00
    INDIANAPOLIS     IN   46224          1            09/30/97         10
    9116187                              05           11/01/97         25
    9116187                              N            10/01/27
    0


    1639531          664/G02             F          161,100.00         ZZ
                                         360        161,009.68          1
    21821 BURBANK BOULEVARD #145       8.875          1,281.79         90
                                       8.625          1,281.79      179,000.00
    WOODLAND HILLS   CA   91367          1            09/20/97         14
    0430440974                           01           11/01/97         25
    2387371                              O            10/01/27
    0


    1639534          405/405             F           75,000.00         ZZ
                                         360         74,955.71          3
    939 SOUTH FIR AVENUE #A,B,C        8.625            583.35         58
                                       8.375            583.35      130,000.00
    INGLEWOOD        CA   90300          5            09/17/97         00
    8313009                              05           11/01/97          0
    8313009                              N            10/01/27
    0


    1639535          003/G02             F          134,100.00         ZZ
                                         360        134,020.82          1
    3852 MEADOW LANE                   8.625          1,043.02         90
                                       8.375          1,043.02      149,000.00
    MARIETTA         GA   30062          1            09/29/97         10
    0430429050                           05           11/01/97         25
    3884293                              N            10/01/27
    0


    1639550          J99/G02             F          110,950.00         ZZ
                                         360        110,881.04          1
    2321 SAIDEL DRIVE #2               8.375            843.30         80
                                       8.125            843.30      138,950.00
1


    SAN JOSE         CA   95124          1            09/18/97         00
    0430431353                           01           11/01/97          0
    MB62                                 O            10/01/27
    0


    1639551          757/757             F           90,400.00         ZZ
                                         360         90,340.86          1
    1091 ROSE DRIVE                    8.125            671.22         80
                                       7.875            671.22      113,000.00
    WATKINSVILLE     GA   30677          5            09/24/97         00
    3209269                              05           11/01/97          0
    3209269                              O            10/01/27
    0


    1639554          F30/G02             F           68,400.00         ZZ
                                         360         68,400.00          1
    715 HEALY                          8.500            525.94         90
                                       8.250            525.94       76,000.00
    OGDEN            UT   84403          1            10/01/97         12
    0430428607                           05           12/01/97         30
    12955                                N            11/01/27
    0


    1639555          K08/G02             F          288,750.00         T
                                         360        288,570.52          1
    7877 RICHARD DRIVE                 8.375          2,194.71         75
                                       8.125          2,194.71      385,000.00
    LUCERNE          CA   95458          5            09/22/97         00
    0410531537                           03           11/01/97          0
    410531537                            O            10/01/27
    0


    1639557          811/G02             F          263,200.00         ZZ
                                         360        263,032.17          2
    105 105 1/2 SANTA FE AVENUE        8.250          1,977.33         80
                                       8.000          1,977.33      329,000.00
    EL CERRITO       CA   94530          1            09/26/97         00
    0430430207                           05           11/01/97          0
    FM02101805                           O            10/01/27
    0


    1639559          K08/G02             F          156,800.00         ZZ
                                         360        156,697.43          1
    4801 KELLER RIDGE DRIVE            8.125          1,164.24         80
                                       7.875          1,164.24      196,000.00
    CLAYTON          CA   94517          1            09/29/97         00
    0410561419                           01           11/01/97          0
    410561419                            O            10/01/27
    0
1




    1639560          560/560             F          109,350.00         ZZ
                                         360        109,283.75          1
    8300 SHARI DRIVE                   8.500            840.81         90
                                       8.250            840.81      121,500.00
    WESTLAND         MI   48185          1            09/24/97         21
    450856059                            05           11/01/97         25
    450856059                            N            10/01/27
    0


    1639563          B75/G02             F           38,600.00         ZZ
                                         360         38,577.79          1
    4665 OAKLAN                        8.750            303.67         90
                                       8.500            303.67       42,900.00
    BATON ROUGE      LA   70811          1            09/26/97         01
    0430431148                           05           11/01/97         25
    7087745                              N            10/01/27
    0


    1639564          K08/G02             F          210,400.00         ZZ
                                         360        210,272.54          1
    622 SERRANO LANE                   8.500          1,617.79         80
                                       8.250          1,617.79      263,000.00
    CHULA VISTA      CA   91910          1            09/29/97         00
    0410558811                           05           11/01/97          0
    410558811                            O            10/01/27
    0


    1639565          K08/G02             F          117,350.00         ZZ
                                         360        117,277.07          2
    846-848 WEST 18TH STREET           8.375            891.94         75
    (SAN PEDRO)                        8.125            891.94      156,500.00
    LOS ANGELES      CA   90731          1            09/24/97         00
    0410556690                           05           11/01/97          0
    410556690                            N            10/01/27
    0


    1639566          765/G02             F          184,000.00         ZZ
                                         360        183,891.36          1
    3407 BUENA VISTA AVENUE            8.625          1,431.14         80
                                       8.375          1,431.14      230,000.00
    GLENDALE         CA   91208          1            09/15/97         00
    0430428896                           05           11/01/97          0
    325983                               O            10/01/27
    0


    1639567          480/G02             F          425,000.00         ZZ
                                         360        424,755.48          1
1


    1027 WHITE DRIVE                   8.750          3,343.48         85
                                       8.500          3,343.48      500,000.00
    DELRAY BEACH     FL   33483          5            09/12/97         10
    0430431809                           05           11/01/97         12
    1998905                              O            10/01/27
    0


    1639569          927/G02             F           94,250.00         ZZ
                                         360         94,188.34          1
    750  BUCKEYE ROAD                  8.125            699.81         38
                                       7.875            699.81      250,000.00
    RENO             NV   89511          4            09/10/97         00
    0430431593                           05           11/01/97          0
    267740                               O            10/01/27
    0


    1639572          K08/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
    3910 SUMMIT DRIVE                  8.125            950.40         80
                                       7.875            950.40      160,000.00
    HOOD RIVER       OR   97031          1            09/26/97         00
    0410218887                           05           12/01/97          0
    410218887                            O            11/01/27
    0


    1639573          K08/G02             F          285,000.00         ZZ
                                         360        285,000.00          1
    NO HOUSE NUMBER PIONEER ROAD       8.500          2,191.40         59
                                       8.250          2,191.40      485,000.00
    OLGA             WA   98279          1            09/30/97         00
    0410557680                           05           12/01/97          0
    410557680                            N            11/01/27
    0


    1639574          K08/G02             F          157,200.00         ZZ
                                         360        157,200.00          1
    19816 SOUTH CASTLEBERRY LOOP       7.750          1,126.20         80
                                       7.500          1,126.20      196,500.00
    OREGON CITY      OR   97045          1            10/02/97         00
    0410554570                           05           12/01/97          0
    410554570                            O            11/01/27
    0


    1639576          637/G02             F           66,300.00         ZZ
                                         360         66,261.85          1
    430 21ST ST SE                     8.750            521.59         90
                                       8.500            521.59       73,700.00
    CAPE CORAL       FL   33990          1            09/18/97         01
    0430429001                           05           11/01/97         25
1


    8192890                              N            10/01/27
    0


    1639579          560/560             F           69,000.00         ZZ
                                         360         68,958.19          2
    5216 18 BISCYNE AVENUE             8.500            530.56         59
                                       8.250            530.56      117,000.00
    RACINE           WI   53406          5            09/17/97         00
    0450848601                           05           11/01/97          0
    0450848601                           N            10/01/27
    0


    1639581          F30/G02             F           66,400.00         ZZ
                                         360         66,358.73          1
    4283 WEST 1500 NORTH               8.375            504.69         80
                                       8.125            504.69       83,000.00
    DELTA            UT   84624          1            09/29/97         00
    0430432286                           05           11/01/97          0
    13307                                O            10/01/27
    0


    1639584          685/G02             F          129,600.00         ZZ
                                         360        129,517.36          1
    610 N. MILLS ST                    8.250            973.64         80
                                       8.000            973.64      162,000.00
    SANTA PAULA      CA   93060          1            09/15/97         00
    0430430470                           05           11/01/97          0
    108892                               O            10/01/27
    0


    1639594          560/560             F          238,750.00         ZZ
                                         360        238,605.36          2
    30 32 GILBERT STREET               8.500          1,835.79         70
                                       8.250          1,835.79      345,000.00
    WATERTOWN        MA   02172          2            09/23/97         00
    0450856802                           05           11/01/97          0
    0450856802                           N            10/01/27
    0


    1639597          560/560             F           37,100.00         ZZ
                                         360         37,078.10          1
    8701 BLACKBERRY STREET             8.625            288.56         70
    UNIT A-3                           8.375            288.56       53,000.00
    ANCHORAGE        AK   99502          1            09/10/97         00
    450851811                            01           11/01/97          0
    450851811                            N            10/01/27
    0


1


    1639600          560/560             F           83,300.00         ZZ
                                         360         83,249.53          1
    69 FREMONT STREET                  8.500            640.51         70
                                       8.250            640.51      119,000.00
    PROVIDENCE       RI   02906          5            09/17/97         00
    450852777                            05           11/01/97          0
    450852777                            O            10/01/27
    0


    1639604          560/560             F           49,400.00         ZZ
                                         360         49,369.29          1
    184 GRAVEL STREET                  8.375            375.48         95
    28                                 8.125            375.48       52,000.00
    MERIDEN          CT   06450          1            09/23/97         21
    450855093                            01           11/01/97         30
    450855093                            O            10/01/27
    0


    1639606          G32/G32             F           58,000.00         ZZ
                                         360         57,967.48          1
    2629 N HAMPDEN COURT               8.875            461.48         89
    UNIT 315                           8.625            461.48       65,500.00
    CHICAGO          IL   60614          1            09/30/97         10
    1001130                              08           11/01/97         25
    1001130                              O            10/01/27
    0


    1639607          560/560             F           40,720.00         ZZ
                                         360         40,694.68          1
    60 WALDO AVENUE                    8.375            309.51         80
                                       8.125            309.51       50,900.00
    IRONDEQUOIT      NY   14609          1            09/19/97         00
    450851779                            05           11/01/97          0
    450851779                            O            10/01/27
    0


    1639611          560/560             F          138,900.00         ZZ
                                         360        138,744.89          1
    1939 DARRAH AVENUE                 8.000          1,019.20         69
                                       7.750          1,019.20      204,000.00
    CERES            CA   95307          5            09/18/97         00
    450857735                            05           11/01/97          0
    450857735                            N            10/01/27
    0


    1639626          560/560             F           44,100.00         ZZ
                                         360         44,073.96          1
    990 WHITTAKER WAY                  8.625            343.01         56
                                       8.375            343.01       80,000.00
1


    DINUBA           CA   93618          5            09/12/97         00
    450853197                            05           11/01/97          0
    450853197                            N            10/01/27
    0


    1639629          286/286             F           72,000.00         ZZ
                                         360         71,958.57          1
    7401 PARKLINE DR                   8.750            566.43         90
                                       8.500            566.43       80,000.00
    RICHMOND         VA   23226          1            09/15/97         10
    8647967                              05           11/01/97         25
    8647967                              N            10/01/27
    0


    1639635          560/560             F           95,000.00         ZZ
                                         360         94,934.62          1
    103 BOOREAM AVENUE                 7.875            688.82         80
                                       7.625            688.82      120,000.00
    MILLTOWN         NJ   08850          1            09/25/97         00
    450857560                            05           11/01/97          0
    450857560                            O            10/01/27
    0


    1639641          286/286             F          159,200.00         ZZ
                                         360        159,108.40          1
    54 CLARK STREET                    8.750          1,252.43         80
                                       8.500          1,252.43      199,000.00
    LONG BEACH       NY   11561          1            09/15/97         00
    0008699038                           05           11/01/97          0
    0008699038                           O            10/01/27
    0


    1639647          286/286             F           48,000.00         ZZ
                                         360         47,972.38          3
    753 S MAIN ST                      8.750            377.62         31
                                       8.500            377.62      157,000.00
    SEYMOUR          CT   06483          5            09/17/97         00
    8635269                              05           11/01/97          0
    8635269                              N            10/01/27
    0


    1639648          964/G02             F          112,800.00         ZZ
                                         360        112,726.21          1
    3253 N TRUCKEE LANE                8.125            837.54         80
                                       7.875            837.54      141,000.00
    SPARKS           NV   89434          2            09/24/97         00
    0430423848                           05           11/01/97          0
    28160                                N            10/01/27
    0
1




    1639651          286/286             F           58,590.00         ZZ
                                         360         58,523.16          1
    311 DURHAM DR                      9.000            471.43         90
                                       8.750            471.43       65,100.00
    FREDERICKSBURG   VA   22407          1            09/05/97         10
    8647975                              05           10/01/97         25
    8647975                              N            09/01/27
    0


    1639653          560/560             F          145,200.00         ZZ
                                         360        145,102.57          1
    1944 DARRAH STREET                 8.000          1,065.43         64
                                       7.750          1,065.43      228,000.00
    CERES            CA   95307          5            09/18/97         00
    450857784                            05           11/01/97          0
    450857784                            N            10/01/27
    0


    1639656          286/286             F          110,000.00         ZZ
                                         360        109,879.39          4
    21 PAWTUXET TERRACE                9.000            885.08         90
                                       8.750            885.08      122,500.00
    WEST WARWICK     RI   02893          1            08/15/97         10
    054660516                            05           10/01/97         25
    054660516                            N            09/01/27
    0


    1639657          560/560             F           50,000.00         ZZ
                                         360         49,967.29          1
    10760 STRATFORD DRIVE              8.125            371.25         35
                                       7.875            371.25      145,000.00
    HAYDEN LAKE      ID   83835          1            09/12/97         00
    450850235                            05           11/01/97          0
    450850235                            O            10/01/27
    0


    1639661          560/560             F          138,900.00         ZZ
                                         360        138,806.80          1
    1947 DARRAH STREET                 8.000          1,019.20         69
                                       7.750          1,019.20      204,000.00
    CERES            CA   95307          5            09/18/97         00
    450857800                            05           11/01/97          0
    450857800                            N            10/01/27
    0


    1639662          964/G02             F           74,800.00         ZZ
                                         360         74,749.81          1
1


    2592 ROCK SPRINGS PLACE            8.000            548.86         80
                                       7.750            548.86       93,500.00
    ONTARIO          CA   91761          1            09/26/97         00
    0430423210                           03           11/01/97          0
    28331                                O            10/01/27
    0


    1639686          286/286             F           49,500.00         ZZ
                                         360         49,471.52          3
    109 HUNTINGTON TER,                8.750            389.42         90
                                       8.500            389.42       55,000.00
    NEWARK           NJ   07102          1            09/17/97         10
    8639420                              05           11/01/97         25
    8639420                              N            10/01/27
    0


    1639687          560/560             F          138,900.00         ZZ
                                         360        138,806.80          4
    1943 DARRAH STREET                 8.000          1,019.20         69
    1-4                                7.750          1,019.20      204,000.00
    CERES            CA   95307          5            09/18/97         00
    450857792                            05           11/01/97          0
    450857792                            N            10/01/27
    0


    1639691          286/286             F          155,400.00         ZZ
                                         360        155,298.34          1
    7 RICHMOND ST,                     8.125          1,153.85         80
                                       7.875          1,153.85      194,250.00
    HAVERHILL        MA   01830          1            09/18/97         00
    8698837                              05           11/01/97          0
    8698837                              O            10/01/27
    0


    1639692          209/G02             F          292,000.00         ZZ
                                         360        291,827.60          1
    1251 EMMAUS ROAD                   8.625          2,271.15         79
                                       8.375          2,271.15      370,000.00
    WOODBINE         MD   21797          2            09/26/97         00
    0430434456                           05           11/01/97          0
    975976352                            O            10/01/27
    0


    1639697          286/286             F           40,400.00         ZZ
                                         360         40,338.79          1
    1592 BEULAHTOWN RD                 9.000            325.07         90
                                       8.750            325.07       44,900.00
    KENLY            NC   27542          1            09/20/97         11
    8646937                              05           10/01/97         25
1


    8646937                              N            09/01/27
    0


    1639704          387/387             F          125,600.00         ZZ
                                         360        125,364.16          1
    2915 WEST 49TH AVENUE              8.375            954.65         80
                                       8.125            954.65      157,000.00
    DENVER           CO   80221          5            07/03/97         00
    1168061                              05           09/01/97          0
    1168061                              O            08/01/27
    0


    1639705          387/387             F          161,500.00         ZZ
                                         360        161,204.40          1
    9331 SOUTH EAST END AVENUE         8.500          1,241.80         95
                                       8.250          1,241.80      170,000.00
    CHICAGO          IL   60617          2            07/28/97         14
    1167436                              05           09/01/97         30
    1167436                              O            08/01/27
    0


    1639707          387/387             F          168,000.00         ZZ
                                         360        167,756.05          1
    1334 BRADFORD DRIVE                7.625          1,189.09         80
                                       7.375          1,189.09      210,000.00
    COPPELL          TX   75019          1            08/15/97         00
    1190594                              03           10/01/97          0
    1190594                              O            09/01/27
    0


    1639708          387/387             F           38,300.00         ZZ
                                         360         38,253.44          1
    6911 ROCKERGATE                    8.500            294.49         90
                                       8.250            294.49       42,600.00
    MISSOURI CITY    TX   77489          1            08/13/97         04
    1189752                              03           10/01/97         25
    1189752                              N            09/01/27
    0


    1639710          387/387             F           64,800.00         ZZ
                                         360         64,721.20          1
    5035 STANHOPE DRIVE                8.500            498.26         88
                                       8.250            498.26       73,900.00
    HOUSTON          TX   77084          1            08/15/97         04
    1189976                              03           10/01/97         25
    1189976                              N            09/01/27
    0


1


    1639711          387/387             F          135,000.00         ZZ
                                         360        134,759.15          1
    10256 GAUL WAY                     8.625          1,050.02         89
                                       8.375          1,050.02      152,000.00
    SPRING VALLEY    CA   91977          2            07/11/97         10
    1165323                              05           09/01/97         25
    1165323                              N            08/01/27
    0


    1639712          387/387             F           24,750.00         ZZ
                                         360         24,705.85          1
    5617 HARVEST HILL ROAD             8.625            192.51         87
    UNIT 2016                          8.375            192.51       28,500.00
    DALLAS           TX   75230          2            07/02/97         04
    1165729                              01           09/01/97         25
    1165729                              N            08/01/27
    0


    1639713          387/387             F          124,250.00         ZZ
                                         360        124,095.00          2
    1021 & 1025 CHEDDAR COURT          8.375            944.39         80
                                       8.125            944.39      155,350.00
    ARLINGTON        TX   76017          1            08/06/97         00
    1165810                              05           10/01/97          0
    1165810                              O            09/01/27
    0


    1639714          387/387             F          130,400.00         ZZ
                                         360        130,241.46          1
    3112 FIELDSTONE COURT              8.500          1,002.66         80
                                       8.250          1,002.66      163,000.00
    KENNESAW         GA   30152          3            08/08/97         00
    1188820                              03           10/01/97          0
    1188820                              O            09/01/27
    0


    1639715          387/387             F          180,800.00         ZZ
                                         360        180,550.32          1
    126 CROSS TIMBERS TRAIL            7.875          1,310.93         80
                                       7.625          1,310.93      226,000.00
    COPPELL          TX   75019          1            08/08/97         00
    1187202                              05           10/01/97          0
    1187202                              O            09/01/27
    0


    1639716          387/387             F          142,600.00         ZZ
                                         360        142,398.06          1
    1321 BARTON CREEK                  7.750          1,021.60         80
                                       7.500          1,021.60      178,300.00
1


    SAN ANTONIO      TX   78258          1            08/11/97         00
    1183904                              03           10/01/97          0
    1183904                              O            09/01/27
    0


    1639717          387/387             F           83,850.00         ZZ
                                         360         83,696.55          2
    3416 DUNLIEGH DRIVE UNIT A & B     8.500            644.73         90
                                       8.250            644.73       93,200.00
    AUSTIN           TX   78745          1            07/30/97         14
    1183672                              05           09/01/97         25
    1183672                              N            08/01/27
    0


    1639720          387/387             F           46,200.00         ZZ
                                         360         46,021.42          1
    3730 MONROE STREET                 8.500            355.24         70
                                       8.250            355.24       66,000.00
    DENVER           CO   80205          5            08/01/97         00
    1182534                              05           09/01/97          0
    1182534                              N            08/01/27
    0


    1639721          387/387             F          163,200.00         ZZ
                                         360        162,968.90          1
    9940 SWATH COURT                   7.750          1,169.18         80
                                       7.500          1,169.18      204,000.00
    SAN DIEGO        CA   92129          1            08/12/97         00
    1181668                              05           10/01/97          0
    1181668                              O            09/01/27
    0


    1639722          387/387             F           61,600.00         ZZ
                                         360         61,484.35          1
    2205 STANLEY AVENUE                8.375            468.20         80
                                       8.125            468.20       77,000.00
    FORT WORTH       TX   76110          1            07/30/97         00
    1181197                              05           09/01/97          0
    1181197                              N            08/01/27
    0


    1639724          387/387             F          200,400.00         ZZ
                                         360        199,972.94          1
    13785 QUINTON ROAD                 7.750          1,435.69         80
                                       7.500          1,435.69      250,500.00
    SAN DIEGO        CA   92129          1            07/28/97         00
    1180504                              05           09/01/97          0
    1180504                              O            08/01/27
    0
1




    1639725          387/387             F          115,900.00         ZZ
                                         360        115,646.74          1
    4100 ADMIRALITY WAY                7.625            820.34         80
                                       7.375            820.34      144,900.00
    IRVING           TX   75061          1            07/31/97         00
    1180397                              05           09/01/97          0
    1180397                              O            08/01/27
    0


    1640262          387/387             F          108,000.00         ZZ
                                         360        107,742.16          2
    1632 & 1634 BROWN TRAIL DRIVE      8.625            840.02         90
                                       8.375            840.02      120,000.00
    HURST            TX   76054          1            06/27/97         04
    1162270                              03           08/01/97         25
    1162270                              N            07/01/27
    0


    1640263          387/387             F           99,900.00         ZZ
                                         360         99,615.20          1
    975 PAUL WILSON ROAD               7.750            715.70         80
                                       7.500            715.70      124,900.00
    SAINT PAUL       TX   75098          1            07/02/97         00
    1161322                              05           08/01/97          0
    1161322                              O            07/01/27
    0


    1640265          387/387             F           61,200.00         ZZ
                                         360         61,090.82          2
    1612 & 1614 BLUEBONNETT DRIVE      8.625            476.01         90
                                       8.375            476.01       68,000.00
    MARBLE FALLS     TX   78654          1            07/28/97         04
    1167352                              05           09/01/97         25
    1167352                              N            08/01/27
    0


    1640266          387/387             F           85,400.00         ZZ
                                         360         85,168.51          1
    1105 LEAH LANE                     8.000            626.64         80
                                       7.750            626.64      106,866.00
    ROUND ROCK       TX   78664          1            06/27/97         00
    1158815                              05           08/01/97          0
    1158815                              O            07/01/27
    0


    1640267          387/387             F           68,000.00         ZZ
                                         360         67,878.68          1
1


    1313 ALEGRIA ROAD                  8.625            528.90         80
                                       8.375            528.90       85,000.00
    AUSTIN           TX   78757          1            07/25/97         00
    1164037                              05           09/01/97          0
    1164037                              N            08/01/27
    0


    1640268          387/387             F           50,000.00         ZZ
                                         360         49,880.66          1
    3073 SHADOW WALK LANE              8.625            388.89         80
                                       8.375            388.89       62,500.00
    TUCKER           GA   30084          1            07/03/97         00
    1164094                              07           08/01/97          0
    1164094                              N            07/01/27
    0


    1640269          387/387             F          216,750.00         ZZ
                                         360        216,353.28          1
    734 BAYBERRY DRIVE                 8.500          1,666.62         85
                                       8.250          1,666.62      255,000.00
    CARY             IL   60013          5            07/17/97         10
    1163674                              05           09/01/97         25
    1163674                              O            08/01/27
    0


    1640271          387/387             F          399,200.00         ZZ
                                         360        398,411.29          1
    2200 VIZCAYA CIRCLE                8.125          2,964.05         80
                                       7.875          2,964.05      499,000.00
    SAN JOSE         CA   95124          5            07/01/97         00
    1161033                              03           09/01/97          0
    1161033                              O            08/01/27
    0


    1640272          387/387             F          101,000.00         ZZ
                                         360        100,853.34          1
    2763 SCARBOROUGH DRIVE             7.625            714.87         80
                                       7.375            714.87      126,312.00
    GRAND PRAIRIE    TX   75052          1            08/15/97         00
    1160720                              03           10/01/97          0
    1160720                              O            09/01/27
    0


    1640273          387/387             F          160,000.00         ZZ
                                         360        159,618.07          1
    11722 JOHNSON LAKE ROAD            8.625          1,244.46         62
                                       8.375          1,244.46      259,000.00
    LAKESIDE         CA   92040          5            06/25/97         00
    1159227                              05           08/01/97          0
1


    1159227                              O            07/01/27
    0


    1640274          387/387             F           95,300.00         ZZ
                                         360         95,066.62          1
    322 BARCLAY AVENUE                 8.500            732.78         90
                                       8.250            732.78      106,000.00
    COPPELL          TX   75019          1            06/27/97         04
    1159573                              05           08/01/97         25
    1159573                              N            07/01/27
    0


    1640275          387/387             F           83,600.00         ZZ
                                         360         83,447.00          1
    784 PIERRE LANE                    8.500            642.81         80
                                       8.250            642.81      104,500.00
    PLANO            TX   75023          1            07/16/97         00
    1171545                              05           09/01/97          0
    1171545                              N            08/01/27
    0


    1640276          387/387             F          260,000.00         ZZ
                                         360        259,295.16          1
    5893 REVINGTON DRIVE               8.000          1,907.79         80
                                       7.750          1,907.79      325,000.00
    NORCROSS         GA   30092          2            06/27/97         00
    1161389                              05           08/01/97          0
    1161389                              O            07/01/27
    0


    1640278          387/387             F          108,000.00         ZZ
                                         360        107,707.21          1
    2207 ALTA VISTA AVENUE             8.000            792.47         80
                                       7.750            792.47      135,000.00
    AUSTIN           TX   78704          1            06/27/97         00
    1156843                              05           08/01/97          0
    1156843                              O            07/01/27
    0


    1640279          387/387             F          163,200.00         ZZ
                                         360        162,850.84          1
    4305 NORTH NEWLAND AVENUE          8.500          1,254.87         80
                                       8.250          1,254.87      204,000.00
    HARWOOD HEIGHTS  IL   60634          1            07/11/97         00
    1156652                              05           09/01/97          0
    1156652                              O            08/01/27
    0


1


    1640280          387/387             F           39,000.00         ZZ
                                         360         38,930.42          1
    408 OAKHILL DRIVE                  8.625            303.34         65
                                       8.375            303.34       60,000.00
    GRANIT SHOALS    TX   78654          5            07/30/97         00
    1159284                              05           09/01/97          0
    1159284                              N            08/01/27
    0


    1640281          387/387             F          128,000.00         ZZ
                                         360        127,727.22          1
    3532 MISSION MESA WAY              7.750            917.01         80
                                       7.500            917.01      160,000.00
    SAN DIEGO        CA   92120          2            07/01/97         00
    1158245                              09           09/01/97          0
    1158245                              O            08/01/27
    0


    1640283          387/387             F          119,200.00         ZZ
                                         360        118,915.42          1
    2207 TRAILSIDE DRIVE               8.625            927.13         75
    UNIT A&B                           8.375            927.13      159,000.00
    AUSTIN           TX   78704          1            06/30/97         00
    1154251                              05           08/01/97          0
    1154251                              N            07/01/27
    0


    1640284          387/387             F          153,500.00         ZZ
                                         360        153,114.35          1
    10009 LACHLAN DRIVE                8.375          1,166.72         80
                                       8.125          1,166.72      191,891.00
    AUSTIN           TX   78717          1            06/27/97         00
    1153436                              03           08/01/97          0
    1153436                              O            07/01/27
    0


    1640285          387/387             F          291,900.00         ZZ
                                         360        291,293.38          1
    2665 AUTUMN RIDGE DRIVE            7.875          2,116.48         80
                                       7.625          2,116.48      364,950.00
    THOUSAND OAKS    CA   91362          1            07/24/97         00
    1152099                              05           09/01/97          0
    1152099                              O            08/01/27
    0


    1640286          387/387             F          134,400.00         ZZ
                                         360        134,141.13          1
    1420 SOMERSET STREET               8.250          1,009.70         80
                                       8.000          1,009.70      168,000.00
1


    DEERFIELD        IL   60015          1            07/25/97         00
    1129436                              05           09/01/97          0
    1129436                              O            08/01/27
    0


    1640287          387/387             F          112,000.00         ZZ
                                         360        111,725.71          1
    151 LAKEVIEW AVENUE                8.500            861.18         80
                                       8.250            861.18      140,000.00
    SPRING VALLEY    CA   91977          5            06/25/97         00
    1129535                              05           08/01/97          0
    1129535                              O            07/01/27
    0


    1640291          387/387             F          223,600.00         ZZ
                                         360        223,190.74          1
    705 SOUTHEAST 10TH STREET          8.500          1,719.29         80
                                       8.250          1,719.29      279,500.00
    NORTH BEND       WA   98045          1            07/15/97         00
    615955                               03           09/01/97          0
    615955                               O            08/01/27
    0


    1640292          387/387             F          195,000.00         ZZ
                                         360        194,737.45          1
    2433 GERANIUM STREET               8.000          1,430.84         75
                                       7.750          1,430.84      260,000.00
    SAN DIEGO        CA   92109          1            08/05/97         00
    1107796                              05           10/01/97          0
    1107796                              O            09/01/27
    0


    1640293          387/387             F          125,100.00         ZZ
                                         360        124,951.77          2
    1330 NORTH CAMPBELL                8.625            973.01         90
                                       8.375            973.01      139,000.00
    CHICAGO          IL   60622          1            08/08/97         10
    1114313                              03           10/01/97         30
    1114313                              N            09/01/27
    0


    1640294          387/387             F          105,000.00         ZZ
                                         360        104,466.98          1
    6520 BROOKHOLLOW DRIVE             8.250            788.83         68
                                       8.000            788.83      155,000.00
    RALEIGH          NC   27615          1            06/30/97         00
    1092980                              05           08/01/97          0
    1092980                              O            07/01/27
    0
1




    1640296          G32/G02             F           67,500.00         ZZ
                                         360         67,500.00          1
    8923 KNIGHT                        9.000            543.13         75
                                       8.750            543.13       90,000.00
    DES PLAINES      IL   60016          2            10/03/97         00
    0430431304                           01           12/01/97          0
    1001134                              O            11/01/27
    0


    1640304          737/G02             F          180,000.00         ZZ
                                         360        179,882.26          1
    4565 EAST MEXICO AVENUE            8.125          1,336.49         80
    #1                                 7.875          1,336.49      225,500.00
    DENVER           CO   80222          2            09/25/97         00
    0430427310                           03           11/01/97          0
    575971                               O            10/01/27
    0


    1640306          737/G02             F           62,800.00         ZZ
                                         360         62,761.95          1
    300 OSPRAY RIDGE DRIVE             8.500            482.88         80
    UNIT 1                             8.250            482.88       78,500.00
    EMERALD ISLE     NC   28594          1            09/26/97         00
    0430427286                           09           11/01/97          0
    951011                               O            10/01/27
    0


    1640311          201/G02             F          101,250.00         T
                                         360        101,044.82          1
    13333 JOHNSON BEACH ROAD #503C     8.000            742.94         63
                                       7.750            742.94      162,000.00
    COUNTY OF ESCAM  FL   32507          2            07/17/97         00
    0430441675                           08           09/01/97          0
    9005034443                           O            08/01/27
    0


    1640318          455/G02             F          219,200.00         ZZ
                                         360        219,052.91          1
    4815 CLARA'S WALK                  8.000          1,608.42         80
                                       7.750          1,608.42      274,000.00
    LILBURN          GA   30247          1            09/30/97         00
    0430428763                           03           11/01/97          0
    56870                                O            10/01/27
    0


    1640323          608/G02             F           62,200.00         ZZ
                                         360         62,160.34          2
1


    7325 RUSKIN ROAD                   8.250            467.29         90
                                       8.000            467.29       69,150.00
    PHILADELPHIA     PA   19151          1            09/15/97         04
    0430432484                           07           11/01/97         25
    98089                                N            10/01/27
    0


    1640326          A38/G02             F           61,200.00         ZZ
                                         360         61,200.00          1
    11931 LAKEWOOD WEST DR             9.000            492.43         90
                                       8.750            492.43       68,000.00
    CYPRESS          TX   77429          1            10/14/97         12
    0430444869                           05           12/01/97         25
    8610303                              N            11/01/27
    0


    1640332          828/G02             F           33,150.00         ZZ
                                         360         33,150.00          1
    3220 VIEW STREET                   8.500            254.90         85
                                       8.250            254.90       39,000.00
    FORT WORTH       TX   76103          1            10/15/97         01
    0430445171                           05           12/01/97         17
    70040556                             N            11/01/27
    0


    1640414          828/G02             F          130,000.00         ZZ
                                         360        130,000.00          1
    143 HONEYSUCKLE DRIVE              7.750            931.34         45
                                       7.500            931.34      290,000.00
    SAN ANTONIO      TX   78213          1            10/15/97         00
    0430442699                           05           12/01/97          0
    76660024                             O            11/01/27
    0


    1640418          638/G02             F          133,200.00         ZZ
                                         360        133,200.00          4
    3321 WEST LOMA LANE                8.875          1,059.80         90
                                       8.625          1,059.80      148,000.00
    PHOENIX          AZ   85051          1            10/16/97         10
    0430475517                           05           12/01/97         25
    08672859                             N            11/01/27
    0


    1640419          450/450             F          163,500.00         ZZ
                                         360        163,500.00          1
    6755 OLD CREEK RD                  8.375          1,242.72         42
                                       8.125          1,242.72      397,000.00
    BLOOMFIELD TWP   MI   48301          5            09/29/97         00
    4404943                              05           12/01/97          0
1


    4404943                              O            11/01/27
    0


    1640422          561/561             F           61,000.00         ZZ
                                         360         60,965.80          1
    114 SALAIGNAC STREET               8.875            485.35         90
                                       8.625            485.35       67,800.00
    PHILADELPHIA     PA   19127          1            09/30/97         01
    9140484                              07           11/01/97         25
    9140484                              N            10/01/27
    0


    1640475          686/686             F          190,000.00         ZZ
                                         360        189,879.21          1
    11580 BARNETT VALLEY ROAD          8.265          1,429.42         75
                                       8.015          1,429.42      255,000.00
    SEBASTOPOL       CA   95472          5            09/23/97         00
    818533697                            05           11/01/97          0
    818533697                            O            10/01/27
    0


    1640494          731/G02             F           79,800.00         ZZ
                                         360         79,750.40          1
    2505 MASSACHUSETTS AVENUE          8.375            606.54         60
                                       8.125            606.54      133,000.00
    LEMON GROVE      CA   91945          2            09/15/97         00
    0430427831                           05           11/01/97          0
    612410977                            N            10/01/27
    0


    1640545          F30/G02             F          252,000.00         ZZ
                                         360        251,839.31          1
    14515 WELD COUNTY ROAD 7           8.250          1,893.19         80
                                       8.000          1,893.19      315,000.00
    LONGMONT         CO   80504          5            09/25/97         00
    0430430348                           05           11/01/97          0
    31229                                O            10/01/27
    0


    1640546          664/G02             F           53,150.00         ZZ
                                         360         53,117.80          1
    406 DEAN STREET                    8.500            408.68         90
                                       8.250            408.68       59,100.00
    ZILLAH           WA   98953          1            09/24/97         10
    0430438606                           05           11/01/97         25
    2323301                              N            10/01/27
    0


1


    1640547          731/G02             F           83,200.00         ZZ
                                         360         83,145.57          1
    3131 MASSACHUSETTS AVENUE          8.125            617.76         73
                                       7.875            617.76      115,000.00
    LEMON GROVE      CA   91945          5            09/15/97         00
    0430428508                           05           11/01/97          0
    612410978                            O            10/01/27
    0


    1640554          664/G02             F          168,000.00         ZZ
                                         360        167,890.10          3
    910-916 NORTH 10TH STREET          8.125          1,247.40         80
                                       7.875          1,247.40      210,000.00
    TACOMA           WA   98403          1            09/26/97         00
    0430441824                           05           11/01/97          0
    2369551                              N            10/01/27
    0


    1640555          624/G02             F           97,650.00         ZZ
                                         360         97,595.25          1
    1817 EAST REVERE ROAD              8.875            776.95         90
                                       8.625            776.95      108,500.00
    FRESNO           CA   93720          1            09/26/97         01
    0430432518                           05           11/01/97         25
    33500170113                          N            10/01/27
    0


    1640561          E19/G02             F          188,000.00         ZZ
                                         360        187,877.02          1
    2541 RUDDER ROAD                   8.125          1,395.90         76
                                       7.875          1,395.90      250,000.00
    OCEANSIDE        CA   92054          2            09/24/97         00
    0430431130                           05           11/01/97          0
    100035610                            O            10/01/27
    0


    1640562          664/G02             F           51,500.00         ZZ
                                         360         51,466.31          1
    972 NORTH MILL ROAD                8.125            382.39         31
                                       7.875            382.39      170,000.00
    ADDISON          IL   60101          2            09/25/97         00
    0430428961                           05           11/01/97          0
    2358638                              O            10/01/27
    0


    1640586          387/387             F          368,000.00         ZZ
                                         360        367,195.87          1
    15 ANACAPRI                        7.625          2,604.68         80
                                       7.375          2,604.68      460,000.00
1


    LAGUNA NIGUEL    CA   92677          1            07/24/97         00
    1179910                              03           09/01/97          0
    1179910                              O            08/01/27
    0


    1640588          387/387             F           66,400.00         ZZ
                                         360         66,268.80          1
    6702 ISABELLE DRIVE                8.125            493.02         80
                                       7.875            493.02       83,000.00
    AUSTIN           TX   78752          1            07/30/97         00
    1175876                              05           09/01/97          0
    1175876                              O            08/01/27
    0


    1640589          387/387             F          150,000.00         ZZ
                                         360        149,725.46          4
    2291-2297 HIGHPOINT ROAD           8.500          1,153.37         89
                                       8.250          1,153.37      170,000.00
    SNELLVILLE       GA   30278          1            07/31/97         01
    1174234                              05           09/01/97         25
    1174234                              N            08/01/27
    0


    1640593          387/387             F           67,500.00         ZZ
                                         360         67,370.00          1
    3701 BASFORD ROAD                  8.250            507.10         90
                                       8.000            507.10       75,000.00
    AUSTIN           TX   78722          1            07/29/97         14
    1174093                              05           09/01/97         25
    1174093                              N            08/01/27
    0


    1640594          387/387             F           74,700.00         ZZ
                                         360         74,563.26          1
    2702 HOLY CROSS LANE               8.500            574.38         90
                                       8.250            574.38       83,000.00
    GARLAND          TX   75044          1            07/24/97         14
    1175124                              05           09/01/97         25
    1175124                              N            08/01/27
    0


    1640595          F22/G02             F           63,900.00         ZZ
                                         360         63,861.28          1
    129 WHITMAN AVENUE                 8.500            491.34         80
                                       8.250            491.34       79,900.00
    STRATFORD        NJ   08084          1            09/30/97         00
    0430439158                           07           11/01/97          0
    73059978                             O            10/01/27
    0
1




    1640597          387/387             F          112,000.00         ZZ
                                         360        111,860.29          1
    6029 WEST SCHOOL STREET            8.375            851.28         80
                                       8.125            851.28      140,100.00
    CHICAGO          IL   60634          1            08/12/97         00
    1177740                              05           10/01/97          0
    1177740                              O            09/01/27
    0


    1640600          387/387             F          136,300.00         ZZ
                                         360        136,015.01          1
    2352 BRIARWOOD PLACE               7.875            988.27         80
                                       7.625            988.27      170,400.00
    ESCONDIDO        CA   92026          1            07/29/97         00
    1173335                              05           09/01/97          0
    1173335                              O            08/01/27
    0


    1640601          F22/G02             F          125,600.00         ZZ
                                         360        125,525.85          1
    3901 CASHEW DRIVE                  8.625            976.90         80
                                       8.375            976.90      157,000.00
    RALEIGH          NC   27612          1            09/30/97         01
    0430439067                           05           11/01/97         12
    70005762                             O            10/01/27
    0


    1640604          387/387             F          134,800.00         ZZ
                                         360        134,627.49          1
    4250 NORTH MEADE AVENUE            8.250          1,012.71         80
                                       8.000          1,012.71      168,500.00
    CHICAGO          IL   60634          1            08/07/97         00
    1172303                              05           10/01/97          0
    1172303                              O            09/01/27
    0


    1640606          387/387             F           95,750.00         ZZ
                                         360         95,560.83          1
    611 EAST 45TH STREET               8.125            710.94         95
    #19-D                              7.875            710.94      100,800.00
    AUSTIN           TX   78751          1            07/15/97         10
    1172089                              01           09/01/97         30
    1172089                              O            08/01/27
    0


    1640610          387/387             F          170,000.00         ZZ
                                         360        169,637.72          1
1


    3818 FOX GLEN COURT                7.750          1,217.90         83
                                       7.500          1,217.90      205,000.00
    ATLANTA          GA   30319          5            07/10/97         01
    1170570                              05           09/01/97         12
    1170570                              O            08/01/27
    0


    1640613          387/387             F          119,700.00         ZZ
                                         360        119,469.42          1
    1447 SYLVAN CIRCLE                 8.250            899.27         90
                                       8.000            899.27      133,000.00
    ATLANTA          GA   30319          1            07/21/97         11
    1173509                              05           09/01/97         25
    1173509                              N            08/01/27
    0


    1640615          387/387             F           72,900.00         ZZ
                                         360         72,766.48          1
    108 MULINGAR COURT #2C             8.500            560.54         90
                                       8.250            560.54       81,000.00
    SCHAUMBURG       IL   60193          1            08/01/97         10
    1169747                              01           10/01/97         25
    1169747                              N            09/01/27
    0


    1640617          F22/G02             F          175,000.00         ZZ
                                         360        174,758.35          4
    3043 SEAMAN AVENUE A,B,C,D         7.875          1,268.87         78
                                       7.625          1,268.87      225,000.00
    EL MONTE         CA   91733          2            08/22/97         00
    0430439422                           05           10/01/97          0
    75001290                             O            09/01/27
    0


    1640619          387/387             F           49,600.00         ZZ
                                         360         49,509.22          2
    1322 NORTH CAMPBELL AVENUE         8.500            381.38         80
                                       8.250            381.38       62,000.00
    CHICAGO          IL   60622          1            07/29/97         00
    1171172                              05           09/01/97          0
    1171172                              N            08/01/27
    0


    1640621          387/387             F           64,700.00         ZZ
                                         360         64,578.50          1
    348 COLLYER STREET UNIT 205        8.375            491.77         90
                                       8.125            491.77       71,900.00
    LONGMONT         CO   80501          1            07/08/97         01
    1168376                              01           09/01/97         25
1


    1168376                              N            08/01/27
    0


    1640626          B24/G02             F          108,500.00         ZZ
                                         360        108,500.00          2
    515 WEST STREET                    8.375            824.68         70
                                       8.125            824.68      155,000.00
    LONG BRANCH      NJ   07740          1            10/16/97         00
    0430430835                           05           12/01/97          0
    230068                               N            11/01/27
    0


    1640634          757/757             F          279,200.00         ZZ
                                         360        279,026.45          1
    LOT 16 BLOCK 1 SEMINOLE WAY        8.375          2,122.13         80
                                       8.125          2,122.13      349,000.00
    LAKE TOXAWAY     NC   28747          1            09/26/97         00
    3144979                              03           11/01/97          0
    3144979                              O            10/01/27
    0


    1640635          F22/G02             F          324,000.00         ZZ
                                         360        323,823.02          1
    43 WILLOWBROOK DRIVE               9.000          2,606.98         80
                                       8.750          2,606.98      405,000.00
    NORTH CALDWELL   NJ   07006          1            09/22/97         00
    0430439224                           05           11/01/97          0
    9706239908                           O            10/01/27
    0


    1640644          F22/G02             F          107,350.00         ZZ
                                         360        107,286.62          1
    7311 SW 128 AVENUE                 8.625            834.96         95
                                       8.375            834.96      113,000.00
    MIAMI            FL   33183          1            09/26/97         12
    0430438986                           03           11/01/97         30
    68007942                             O            10/01/27
    0


    1640647          F22/G02             F          126,750.00         ZZ
                                         360        126,684.29          2
    147 MAGNOLIA AVENUE                9.250          1,042.74         77
                                       9.000          1,042.74      165,000.00
    KEARNY           NJ   07032          5            09/25/97         00
    0430439117                           05           11/01/97          0
    73059843                             O            10/01/27
    0


1


    1640649          F22/G02             F           85,600.00         ZZ
                                         360         85,549.46          1
    274 BATH AVENUE UNIT 20            8.625            665.79         80
                                       8.375            665.79      107,000.00
    LONG BRANCH      NJ   07740          1            09/29/97         00
    0430439208                           01           11/01/97          0
    73059395                             O            10/01/27
    0


    1640652          F22/G02             F          236,250.00         ZZ
                                         360        236,124.27          1
    3741 RUNWAY STREET                 9.125          1,922.21         75
                                       8.875          1,922.21      315,000.00
    NORTH FT MYERS   FL   33917          5            09/25/97         00
    0430438952                           05           11/01/97          0
    68007981                             O            10/01/27
    0


    1640673          F22/G02             F          100,000.00         ZZ
                                         360         99,945.38          1
    3 RACHELE COURT                    9.000            804.62         65
    OLD BRIDGE                         8.750            804.62      154,000.00
    MATAWAN          NJ   07747          5            09/22/97         00
    0430439190                           05           11/01/97          0
    73059780                             O            10/01/27
    0


    1640676          K08/G02             F           94,500.00         ZZ
                                         360         94,447.03          1
    2011 LINDA VISTA DRIVE             8.875            751.88         90
                                       8.625            751.88      105,000.00
    CASPER           WY   82609          1            09/22/97         04
    0410536643                           05           11/01/97         25
    410536643                            N            10/01/27
    0


    1640678          K08/G02             F          121,050.00         ZZ
                                         360        120,976.67          1
    8253 HUNLEY RIDGE ROAD             8.500            930.77         90
                                       8.250            930.77      134,500.00
    MATTHEWS         NC   28105          1            09/22/97         04
    0410451751                           05           11/01/97         25
    410451751                            N            10/01/27
    0


    1640680          K08/G02             F           52,000.00         ZZ
                                         360         51,965.98          1
    340 LINKS ROAD                     8.125            386.10         80
                                       7.875            386.10       65,000.00
1


    MARTHASVILLE     MO   63357          5            09/17/97         00
    0410540918                           05           11/01/97          0
    410540918                            O            10/01/27
    0


    1640684          K08/G02             F           59,900.00         ZZ
                                         360         59,866.42          1
    1626 LIBBEY DRIVE                  8.875            476.59         85
                                       8.625            476.59       71,000.00
    HOUSTON          TX   77018          2            09/23/97         04
    0410538268                           05           11/01/97         20
    410538268                            N            10/01/27
    0


    1640686          K08/G02             F           58,400.00         ZZ
                                         360         58,362.76          1
    1881 BERING DRIVE #27              8.250            438.74         95
                                       8.000            438.74       61,500.00
    HOUSTON          TX   77057          1            09/19/97         11
    0410425789                           01           11/01/97         30
    410425789                            O            10/01/27
    0


    1640688          K08/G02             F           50,850.00         ZZ
                                         360         50,821.49          1
    20225 WESTHAMPTON                  8.875            404.59         90
                                       8.625            404.59       56,500.00
    SOUTHFIELD       MI   48075          1            09/18/97         04
    0410545370                           05           11/01/97         25
    410545370                            N            10/01/27
    0


    1640689          K08/G02             F           99,350.00         ZZ
                                         360         99,267.71          4
    533 PALOMAS DRIVE SE               8.875            790.47         75
                                       8.625            790.47      132,500.00
    ALBUQUERQUE      NM   87108          1            09/22/97         00
    0410536510                           05           11/01/97          0
    410536510                            N            10/01/27
    0


    1640690          K08/G02             F           31,500.00         ZZ
                                         360         31,485.31          2
    19639 RUSSELL                      9.750            270.63         90
                                       9.500            270.63       35,000.00
    DETROIT          MI   48203          1            09/23/97         04
    0410502892                           05           11/01/97         25
    410502892                            N            10/01/27
    0
1




    1640691          K08/G02             F          288,000.00         ZZ
                                         360        287,825.53          1
    4623 SPYGLASS DR                   8.500          2,214.47         80
                                       8.250          2,214.47      360,000.00
    DALLAS           TX   75287          2            09/17/97         00
    0410545438                           05           11/01/97          0
    410545438                            O            10/01/27
    0


    1640696          K08/G02             F           84,000.00         ZZ
                                         360         83,950.41          1
    151 PALMETTO BAY ROAD              8.625            653.34         80
    UNIT # 104D                        8.375            653.34      105,000.00
    HILTON HEAD ISL  SC   29928          5            09/18/97         00
    0410541890                           08           11/01/97          0
    410541890                            O            10/01/27
    0


    1640698          E22/G02             F           82,100.00         ZZ
                                         360         81,991.91          1
    ROUTE 2 BOX 274B                   8.000            602.42         75
                                       7.750            602.42      110,500.00
    FLAT ROCK        NC   28731          2            09/17/97         00
    0410525638                           05           11/01/97          0
    410525638                            O            10/01/27
    0


    1640707          K08/G02             F           35,100.00         ZZ
                                         360         35,079.28          1
    3223 CARLISLE  #143                8.625            273.00         90
                                       8.375            273.00       39,000.00
    DALLAS           TX   75204          1            09/22/97         01
    0410554182                           01           11/01/97         25
    410554182                            O            10/01/27
    0


    1640708          K08/G02             F          117,000.00         ZZ
                                         360        116,934.41          1
    514 TURNER AVENUE                  8.875            930.90         90
                                       8.625            930.90      130,000.00
    DREXEL HILL      PA   19026          1            09/22/97         10
    0410552517                           05           11/01/97         25
    410552517                            N            10/01/27
    0


    1640711          K08/G02             F           87,150.00         T
                                         360         87,097.20          1
1


    1552 INDIAN OAKS TRAIL             8.500            670.11         75
                                       8.250            670.11      116,210.00
    KISSIMMEE        FL   34747          1            09/15/97         00
    0410437552                           05           11/01/97          0
    410437552                            O            10/01/27
    0


    1640714          K08/G02             F          101,700.00         ZZ
                                         360        101,633.47          1
    8213 SPRUCE STREET                 8.125            755.12         80
                                       7.875            755.12      127,150.00
    MANASSAS         VA   20111          1            09/26/97         00
    0410533624                           05           11/01/97          0
    410533624                            O            10/01/27
    0


    1640716          K08/G02             F          126,700.00         T
                                         360        126,628.97          1
    197 WIMBLEDON CIRCLE               8.875          1,008.08         70
                                       8.625          1,008.08      181,000.00
    HEATHROW         FL   32746          1            09/12/97         00
    0410538615                           03           11/01/97          0
    410538615                            O            10/01/27
    0


    1640718          K08/G02             F           87,750.00         ZZ
                                         360         87,693.52          1
    100 BLANCHE CIRCLE                 8.375            666.96         75
                                       8.125            666.96      117,000.00
    WINCHESTER       VA   22602          1            09/22/97         00
    0410514186                           05           11/01/97          0
    410514186                            N            10/01/27
    0


    1640720          K08/G02             F          236,000.00         ZZ
                                         360        235,860.67          1
    3741 FLAGLER AVENUE                8.625          1,835.58         75
                                       8.375          1,835.58      315,000.00
    KEY WEST         FL   33040          5            09/16/97         00
    0410534721                           05           11/01/97          0
    410534721                            O            10/01/27
    0


    1640722          K08/G02             F           58,500.00         ZZ
                                         360         58,468.86          1
    88 STATE ROAD SOUTH                9.125            475.98         90
                                       8.875            475.98       65,000.00
    CAMBRIDGE CITY   IN   47327          1            09/22/97         04
    0410547251                           05           11/01/97         25
1


    410547251                            N            10/01/27
    0


    1640724          K08/G02             F          210,000.00         ZZ
                                         360        209,866.09          1
    13936 ISLETON AVENUE NORTH         8.250          1,577.66         70
                                       8.000          1,577.66      300,000.00
    HUGO             MN   55038          5            09/19/97         00
    0410331557                           05           11/01/97          0
    410331557                            O            10/01/27
    0


    1640729          K08/G02             F          416,000.00         ZZ
                                         360        415,754.39          1
    3745 NORWOOD CREEK ROAD            8.625          3,235.61         80
                                       8.375          3,235.61      520,000.00
    SAN JOSE         CA   95148          5            09/24/97         00
    0410543409                           05           11/01/97          0
    410543409                            O            10/01/27
    0


    1640731          E22/G02             F          166,500.00         ZZ
                                         360        166,500.00          1
    914 ASHWOOD COURT                  7.750          1,192.83         75
                                       7.500          1,192.83      222,000.00
    PETALUMA         CA   94954          1            09/29/97         00
    0410460992                           05           12/01/97          0
    410460992                            O            11/01/27
    0


    1640740          K08/G02             F           99,350.00         ZZ
                                         360         99,267.71          4
    537 PALOMAS DRIVE SE               8.875            790.47         75
                                       8.625            790.47      132,500.00
    ALBUQUERQUE      NM   87108          1            09/22/97         00
    0410536411                           05           11/01/97          0
    410536411                            N            10/01/27
    0


    1640743          253/253             F           47,000.00         ZZ
                                         360         46,935.03          1
    5908 KESLER DRIVE                  8.250            353.10         49
                                       8.000            353.10       97,000.00
    ARLINGTON        TX   76017          1            09/28/97         00
    901702                               05           11/01/97          0
    901702                               O            10/01/27
    0


1


    1640745          K08/G02             F           45,800.00         ZZ
                                         360         45,773.65          1
    601 SOUTHWEST 142ND AVENUE         8.750            360.31         75
    UNIT # 111                         8.500            360.31       61,090.00
    PEMBROKE PINES   FL   33027          1            09/18/97         00
    0410550420                           01           11/01/97          0
    410550420                            O            10/01/27
    0


    1640753          B75/G02             F          101,500.00         ZZ
                                         360        101,436.92          1
    3680 PERSHING LANE                 8.375            771.47         70
                                       8.125            771.47      145,000.00
    CARSON CITY      NV   89704          5            09/24/97         00
    0430431494                           05           11/01/97          0
    7077886                              N            10/01/27
    0


    1640756          480/G02             F          155,200.00         ZZ
                                         360        155,095.87          1
    7349 CHESAPEAKE CIRCLE             8.000          1,138.80         80
                                       7.750          1,138.80      194,000.00
    BOYNTON BEACH    FL   33462          1            09/22/97         00
    0430432963                           03           11/01/97          0
    2072288                              O            10/01/27
    0


    1640762          514/G02             F          132,900.00         ZZ
                                         360        132,817.39          1
    8522 MALLARD CREST DRIVE           8.375          1,010.14         80
                                       8.125          1,010.14      166,150.00
    HUMBLE           TX   77346          1            09/30/97         00
    0430435420                           05           11/01/97          0
    362889                               O            10/01/27
    0


    1640768          514/G02             F           46,000.00         ZZ
                                         360         45,972.85          1
    1 BOULDER ROAD                     8.625            357.78         80
                                       8.375            357.78       57,500.00
    COLCHESTER       CT   06415          1            09/26/97         00
    0430432104                           01           11/01/97          0
    362612                               O            10/01/27
    0


    1640770          K13/G02             F          178,500.00         ZZ
                                         360        178,500.00          1
    2136 WEATHERLY PLACE               7.875          1,294.25         75
                                       7.625          1,294.25      238,000.00
1


    FULLERTON        CA   92833          5            10/02/97         00
    0430433375                           03           12/01/97          0
    9709058                              O            11/01/27
    0


    1640773          H86/G02             F          136,000.00         ZZ
                                         360        135,913.28          1
    9569 WEST 83RD AVENUE              8.250          1,021.72         80
                                       8.000          1,021.72      170,000.00
    ARVADA           CO   80005          1            09/29/97         00
    0430472365                           03           11/01/97          0
    090936                               O            10/01/27
    0


    1640774          H86/G02             F           70,000.00         ZZ
                                         360         69,955.36          1
    4072 SOUTH RIFLE WAY               8.250            525.89         60
                                       8.000            525.89      117,900.00
    AURORA           CO   80013          1            09/30/97         00
    0430433342                           03           11/01/97          0
    091996                               O            10/01/27
    0


    1640775          E57/G02             F           59,650.00         ZZ
                                         360         59,617.42          1
    631 WEST 102ND STREET              9.000            479.96         70
                                       8.750            479.96       85,227.00
    LOS ANGELES      CA   90044          1            09/23/97         00
    0430434316                           05           11/01/97          0
    226398                               N            10/01/27
    0


    1640779          E84/G02             F          151,000.00         ZZ
                                         360        150,910.85          3
    1907 NORTH KEDZIE AVENUE           8.625          1,174.46         95
                                       8.375          1,174.46      159,000.00
    CHICAGO          IL   60647          1            09/24/97         10
    0430436923                           05           11/01/97         30
    9700004                              O            10/01/27
    0


    1640986          E84/G02             F           46,100.00         ZZ
                                         360         46,074.16          1
    1880 BONNIE LANE #213              8.875            366.79         90
                                       8.625            366.79       51,250.00
    SCHAUMBURG       IL   60194          1            09/26/97         14
    0430434217                           01           11/01/97         30
    970956                               N            10/01/27
    0
1




    1640987          E60/G02             F          293,000.00         ZZ
                                         360        292,803.39          1
    3499 STUDIO DRIVE                  8.000          2,149.94         69
                                       7.750          2,149.94      425,000.00
    CAYUCOS          CA   93430          5            09/15/97         00
    0430432278                           05           11/01/97          0
    510406                               O            10/01/27
    0


    1640988          E23/G02             F          161,000.00         ZZ
                                         360        160,889.20          1
    6432 BEN AVENUE                    7.875          1,167.36         79
                                       7.625          1,167.36      205,000.00
    NORTH HOLLYWOOD  CA   91606          2            09/25/97         00
    0430434787                           05           11/01/97          0
    50501206                             O            10/01/27
    0


    1640989          E23/G02             F           54,900.00         ZZ
                                         360         54,900.00          1
    16402 NORTH 31TH STREET            9.000            441.74         90
    #216                               8.750            441.74       61,000.00
    PHOENIX          AZ   85032          1            10/01/97         04
    0430434266                           05           12/01/97         25
    40500284                             O            11/01/27
    0


    1640990          937/G02             F          351,000.00         ZZ
                                         360        350,781.83          1
    1511 SOUTH TENAYA WAY              8.375          2,667.86         90
                                       8.125          2,667.86      390,000.00
    LAS VEGAS        NV   89117          1            09/10/97         04
    0430441063                           05           11/01/97         25
    48853006                             O            10/01/27
    0


    1641000          F88/G02             F          268,000.00         ZZ
                                         360        268,000.00          1
    70790 IRONWOOD DRIVE               8.250          2,013.39         80
                                       8.000          2,013.39      335,000.00
    RANCHO MIRAGE    CA   92270          1            10/10/97         00
    0430441907                           05           12/01/97          0
    97394309                             O            11/01/27
    0


    1641006          253/253             F          118,000.00         ZZ
                                         360        117,932.11          1
1


    136 MIMOSA DR                      8.750            928.31         78
                                       8.500            928.31      152,500.00
    CENTERVILLE      OH   45459          1            09/29/97         00
    901620                               05           11/01/97          0
    901620                               N            10/01/27
    0


    1641021          F34/G02             F           60,750.00         ZZ
                                         360         60,713.19          1
    1852 SW 7 STREET UNIT #213         8.500            467.12         90
                                       8.250            467.12       67,500.00
    MIAMI            FL   33135          1            09/29/97         10
    0430434043                           01           11/01/97         25
    9700800                              O            10/01/27
    0


    1641025          F34/G02             F          168,800.00         ZZ
                                         360        168,689.58          1
    13300 SW 98TH PLACE                8.125          1,253.34         80
                                       7.875          1,253.34      211,000.00
    MIAMI            FL   33176          1            09/12/97         00
    0430434639                           05           11/01/97          0
    9700774                              O            10/01/27
    0


    1641026          F34/G02             F           49,600.00         ZZ
                                         360         49,572.19          1
    7570 N.W. 30 AVENUE                8.875            394.64         80
                                       8.625            394.64       62,000.00
    MIAMI            FL   33147          1            09/23/97         00
    0430434621                           05           11/01/97          0
    9700811                              O            10/01/27
    0


    1641035          575/G02             F           76,800.00         ZZ
                                         360         76,753.47          1
    9332 CINNEBAR DR.                  8.500            590.53         80
                                       8.250            590.53       96,000.00
    INDIANAPOLIS     IN   46268          1            09/30/97         00
    0430436287                           01           11/01/97          0
    972412245                            O            10/01/27
    0


    1641054          F22/G02             F          326,350.00         ZZ
                                         360        326,152.30          1
    8836 WINE VALLEY CIRCLE            8.500          2,509.35         80
                                       8.250          2,509.35      407,991.00
    SAN JOSE         CA   95135          1            09/25/97         00
    0430439273                           05           11/01/97          0
1


    75001472                             O            10/01/27
    0


    1641060          F22/G02             F           45,000.00         ZZ
                                         360         44,974.77          1
    300 NW K AVENUE                    8.875            358.04         60
                                       8.625            358.04       76,000.00
    BELLE GLADE      FL   33430          5            09/26/97         00
    0430439034                           05           11/01/97          0
    68007905                             N            10/01/27
    0


    1641061          F22/G02             F          200,800.00         ZZ
                                         360        200,687.43          1
    13535 QUARTERHORSE DRIVE           8.875          1,597.65         80
                                       8.625          1,597.65      251,000.00
    GRASS VALLEY     CA   95949          1            09/19/97         00
    0430439042                           05           11/01/97          0
    75001335                             N            10/01/27
    0


    1641066          286/286             F           45,000.00         ZZ
                                         360         44,975.41          1
    1651 AIKEN STREET                  9.000            362.09         90
                                       8.750            362.09       50,000.00
    ATLANTA          GA   30315          1            09/16/97         12
    0008697161                           05           11/01/97         25
    0008697161                           N            10/01/27
    0


    1641067          F22/G02             F          204,000.00         ZZ
                                         360        203,888.57          1
    163-37 87TH STREET                 9.000          1,641.43         80
                                       8.750          1,641.43      255,000.00
    HOWARD BEACH     NY   11414          1            09/19/97         00
    0430439141                           05           11/01/97          0
    UNKNOWN                              O            10/01/27
    0


    1641069          575/G02             F           71,900.00         ZZ
                                         360         71,857.55          2
    4011-4013 KING STREET              8.625            559.23         90
                                       8.375            559.23       79,900.00
    PORTSMOUTH       VA   23707          1            09/26/97         12
    0430443432                           05           11/01/97         25
    972405736                            N            10/01/27
    0


1


    1641075          F22/G02             F          110,400.00         ZZ
                                         360        110,338.11          1
    7550 SW 39TH STREET                8.875            878.39         80
                                       8.625            878.39      138,000.00
    MIAMI            FL   33155          5            09/24/97         00
    0430438994                           05           11/01/97          0
    68007877                             O            10/01/27
    0


    1641076          286/286             F          107,900.00         ZZ
                                         360        107,831.19          1
    33 EISELE AVE                      8.250            810.62         80
                                       8.000            810.62      134,900.00
    OCEAN TWP        NJ   07712          1            09/18/97         00
    0008638260                           05           11/01/97          0
    0008638260                           O            10/01/27
    0


    1641079          F22/G02             F           48,750.00         ZZ
                                         360         48,723.38          1
    680 FREMONT ROAD                   9.000            392.25         75
                                       8.750            392.25       65,000.00
    NOTTINGHAM       PA   19362          1            09/26/97         00
    0430439133                           05           11/01/97          0
    62000373                             O            10/01/27
    0


    1641080          575/G02             F           56,000.00         ZZ
                                         360         55,964.29          1
    64 LIBERTY TERRACE                 8.250            420.71         55
                                       8.000            420.71      103,000.00
    CHEEKTOWAGA      NY   14215          5            09/25/97         00
    0430438978                           05           11/01/97          0
    972387157                            O            10/01/27
    0


    1641081          286/286             F          128,000.00         ZZ
                                         360        127,831.97          1
    1017 E OCOTILLO RD                 8.125            950.40         80
                                       7.875            950.40      160,000.00
    PHOENIX          AZ   85014          5            08/18/97         00
    0008640816                           05           10/01/97          0
    0008640816                           O            09/01/27
    0


    1641084          F22/G02             F           50,000.00         ZZ
                                         360         49,968.12          1
    362 WEST FARMS ROAD                8.250            375.63         50
                                       8.000            375.63      100,000.00
1


    HOWELL           NJ   07731          5            09/23/97         00
    0430439265                           05           11/01/97          0
    73059800                             O            10/01/27
    0


    1641085          575/G02             F           75,600.00         ZZ
                                         360         75,556.50          1
    1536 WELLS AVE                     8.750            594.75         90
                                       8.500            594.75       84,000.00
    WEBSTER GROVES   MO   63119          1            09/30/97         10
    0430446534                           05           11/01/97         25
    972403566                            N            10/01/27
    0


    1641097          757/757             F           70,000.00         T
                                         360         69,957.59          1
    3720 SUGAR CAMP VIEW               8.500            538.24         50
                                       8.250            538.24      140,000.00
    SEVIERVILLE      TN   37862          1            09/30/97         00
    3209343                              05           11/01/97          0
    3209343                              O            10/01/27
    0


    1641099          757/757             F           40,500.00         T
                                         360         40,477.29          2
    2 SAMPSON'S ROW                    8.875            322.24         90
                                       8.625            322.24       45,000.00
    HALLOWELL        ME   04347          1            09/26/97         11
    3172681                              05           11/01/97         25
    3172681                              O            10/01/27
    0


    1641102          874/G02             F           61,200.00         ZZ
                                         360         61,160.97          1
    2315 DONNA STREET                  8.250            459.78         85
                                       8.000            459.78       72,000.00
    NORTH LAS VEGAS  NV   89030          5            09/15/97         10
    0430430074                           05           11/01/97         12
    3701648                              O            10/01/27
    0


    1641105          405/405             F          135,000.00         ZZ
                                         360        134,924.31          4
    1554 MOTOR AVENUE                  8.875          1,074.13         89
                                       8.625          1,074.13      152,500.00
    SOUTH ST. PAUL   MN   55075          1            09/18/97         01
    8331308                              05           11/01/97         25
    8331308                              N            10/01/27
    0
1




    1641116          A37/G02             F          210,000.00         ZZ
                                         360        209,866.09          1
    1077 HUNTING DRIVE                 8.250          1,577.66         65
                                       8.000          1,577.66      328,000.00
    PALATINE         IL   60067          1            09/29/97         00
    0430432146                           05           11/01/97          0
    396                                  O            10/01/27
    0


    1641118          E29/G02             F          110,800.00         ZZ
                                         360        110,732.87          1
    6724 COORS STREET                  8.500            851.96         80
                                       8.250            851.96      138,500.00
    ARVADA           CO   80004          1            09/26/97         00
    0430434324                           05           11/01/97          0
    0222720                              O            10/01/27
    0


    1641120          G32/G32             F           33,700.00         ZZ
                                         360         33,700.00          1
    1895 TALL OAKS DRIVE               9.000            271.16         46
    #3508                              8.750            271.16       74,000.00
    AURORA           IL   60506          5            10/17/97         00
    1001209                              01           12/01/97          0
    1001209                              N            11/01/27
    0


    1641129          638/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
    6326 32ND AVENUE SOUTH             8.250            788.83         57
                                       8.000            788.83      186,800.00
    SEATTLE          WA   98118          1            10/15/97         00
    0430463208                           05           12/01/97          0
    8671417                              O            11/01/27
    0


    1641131          286/286             F           54,000.00         ZZ
                                         360         53,967.28          2
    8300 GLEN MYRTLE AVE               8.500            415.22         90
                                       8.250            415.22       60,000.00
    NORFOLK          VA   23505          1            09/19/97         04
    8647754                              05           11/01/97         25
    8647754                              N            10/01/27
    0


    1641146          624/G02             F           87,000.00         ZZ
                                         360         87,000.00          1
1


    544 LOCUST STREET                  7.625            615.78         38
                                       7.375            615.78      235,000.00
    MODESTO          CA   95351          5            10/14/97         00
    0430462697                           05           12/01/97          0
    41300178063                          O            11/01/27
    0


    1641155          E97/G02             F          204,000.00         ZZ
                                         360        204,000.00          1
    22 ST. KITTS                       8.500          1,568.58         80
                                       8.250          1,568.58      255,000.00
    DANA POINT       CA   92629          1            10/13/97         00
    0430437327                           05           12/01/97          0
    973110                               O            11/01/27
    0


    1641165          568/G02             F           69,200.00         ZZ
                                         360         69,120.07          1
    4225 SOUTH DONALD AVENUE           8.750            544.40         80
                                       8.500            544.40       86,500.00
    TUCSON           AZ   85735          1            08/25/97         00
    0430435545                           05           10/01/97          0
    5579                                 O            09/01/27
    0


    1641194          B75/G02             F           45,000.00         ZZ
                                         360         44,972.74          1
    122 EAST 68TH STREET               8.500            346.01         65
                                       8.250            346.01       70,000.00
    TACOMA           WA   98404          5            09/24/97         00
    0430433029                           05           11/01/97          0
    7077688                              O            10/01/27
    0


    1641214          E86/G02             F          315,000.00         ZZ
                                         360        314,814.02          1
    1111-A RUSSELL DRIVE               8.625          2,450.04         75
                                       8.375          2,450.04      420,000.00
    HIGHLAND BEACH   FL   33487          5            09/26/97         00
    0430443390                           09           11/01/97          0
    19443                                O            10/01/27
    0


    1641217          K08/G02             F          136,500.00         ZZ
                                         360        136,415.16          1
    7406 28TH AVENUE NORTHWES          8.375          1,037.50         70
                                       8.125          1,037.50      195,000.00
    SEATTLE          WA   98117          5            09/26/97         00
    0410537963                           05           11/01/97          0
1


    410537963                            N            10/01/27
    0


    1641219          K08/G02             F          189,000.00         ZZ
                                         360        189,000.00          1
    1072 DOVER LANE                    8.625          1,470.02         75
                                       8.375          1,470.02      252,000.00
    VENTURA          CA   93001          1            10/02/97         00
    0410545826                           05           12/01/97          0
    410545826                            O            11/01/27
    0


    1641227          K08/G02             F          177,000.00         ZZ
                                         360        176,903.32          2
    2477 & 2479 AMERICAN DRIVE         9.000          1,424.18         64
                                       8.750          1,424.18      277,000.00
    SACRAMENTO       CA   95825          5            09/23/97         00
    0410524672                           09           11/01/97          0
    410524672                            N            10/01/27
    0


    1641235          K08/G02             F          164,000.00         ZZ
                                         360        163,895.42          1
    2670 WALTRIP LANE                  8.250          1,232.08         80
                                       8.000          1,232.08      205,000.00
    CONCORD          CA   94518          2            09/26/97         00
    0410557748                           05           11/01/97          0
    410557748                            O            10/01/27
    0


    1641244          766/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
    931 NW 5 STREET                    9.000            804.62         80
                                       8.750            804.62      125,000.00
    MIAMI            FL   33128          1            10/03/97         00
    0430438523                           05           12/01/97          0
    97020537                             N            11/01/27
    0


    1641271          K08/G02             F          132,300.00         ZZ
                                         360        132,225.83          1
    2121 COUNTRY CLUB DRIVE            8.875          1,052.64         90
                                       8.625          1,052.64      147,000.00
    PEARLAND         TX   77581          1            09/22/97         04
    0410551253                           03           11/01/97         25
    410551253                            N            10/01/27
    0


1


    1641273          K08/G02             F          142,800.00         ZZ
                                         360        142,704.18          1
    1013 PORPOISE                      8.000          1,047.82         80
                                       7.750          1,047.82      178,500.00
    AUSTIN           TX   78734          1            09/25/97         00
    0410526206                           05           11/01/97          0
    410526206                            O            10/01/27
    0


    1641274          K08/G02             F           85,000.00         ZZ
                                         360         84,953.57          2
    4149 W HIRSCH STREET               9.000            683.93         64
                                       8.750            683.93      134,000.00
    CHICAGO          IL   60651          5            09/22/97         00
    0410494009                           05           11/01/97          0
    410494009                            N            10/01/27
    0


    1641277          K08/G02             F           97,750.00         ZZ
                                         360         97,689.24          1
    701 RIVIERA DRIVE                  8.375            742.97         85
                                       8.125            742.97      115,000.00
    NEW BRIGHTON     MN   55112          5            09/18/97         10
    0410551766                           05           11/01/97         12
    410551766                            O            10/01/27
    0


    1641278          F03/G02             F           79,200.00         ZZ
                                         360         79,200.00          1
    8306 WEST 90TH AVENUE #158         8.250            595.01         80
                                       8.000            595.01       99,000.00
    WESTMINSTER      CO   80021          1            10/15/97         00
    0430449470                           07           12/01/97          0
    DEN11553                             O            11/01/27
    0


    1641282          E22/G02             F          143,900.00         ZZ
                                         360        143,827.33          1
    30075 ROSSLYN AVE.                 9.375          1,196.89         90
                                       9.125          1,196.89      159,888.00
    GARDEN CITY      MI   48135          1            09/15/97         04
    0410472690                           05           11/01/97         25
    410472690                            N            10/01/27
    0


    1641286          K08/G02             F           90,750.00         ZZ
                                         360         90,697.79          1
    2071 GARDNER AVE                   8.750            713.93         75
                                       8.500            713.93      121,000.00
1


    BERKLEY          MI   48072          5            09/18/97         00
    0410543458                           05           11/01/97          0
    410543458                            O            10/01/27
    0


    1641288          K08/G02             F           90,000.00         ZZ
                                         360         89,944.06          1
    4629 SW 10TH STREET                8.375            684.07         52
                                       8.125            684.07      175,000.00
    MIAMI            FL   33134          2            09/25/97         00
    0410495295                           05           11/01/97          0
    410495295                            O            10/01/27
    0


    1641294          K08/G02             F           23,400.00         ZZ
                                         360         23,390.70          2
    212-212 1/2 RICHMOND AVENUE       10.500            214.05         90
                                      10.250            214.05       26,000.00
    RICHMOND         IN   47374          1            09/23/97         04
    0410548960                           05           11/01/97         25
    410548960                            N            10/01/27
    0


    1641295          K08/G02             F           84,000.00         ZZ
                                         360         83,947.79          1
    5459 STREEFKERK                    8.375            638.46         80
                                       8.125            638.46      105,000.00
    WARREN           MI   48092          1            09/23/97         00
    0410549182                           05           11/01/97          0
    410549182                            O            10/01/27
    0


    1641298          K08/G02             F           28,800.00         ZZ
                                         360         28,784.27          1
    1120 NEWPORT STREET                9.000            231.73         90
                                       8.750            231.73       32,000.00
    WINSTON SALEM    NC   27105          1            09/24/97         04
    0410544365                           05           11/01/97         25
    410544365                            N            10/01/27
    0


    1641301          K08/G02             F           40,900.00         ZZ
                                         360         40,878.23          1
    1010 NORTH OAK STREET              9.125            332.78         90
                                       8.875            332.78       45,450.00
    MISHAWAKA        IN   46545          1            09/25/97         04
    0410553283                           05           11/01/97         25
    410553283                            N            10/01/27
    0
1




    1641302          K08/G02             F           60,000.00         ZZ
                                         360         59,961.74          1
    1411 COUNTY ROAD 771               8.250            450.76         26
                                       8.000            450.76      236,000.00
    OHIO CITY        CO   81237          2            09/19/97         00
    0410529606                           05           11/01/97          0
    410529606                            O            10/01/27
    0


    1641307          K08/G02             F           63,750.00         T
                                         360         63,709.35          1
    15 MARCELLINA LANE  # 118          8.250            478.93         75
                                       8.000            478.93       85,000.00
    MOUNT CRESTED B  CO   81225          1            09/25/97         00
    0410542419                           01           11/01/97          0
    410542419                            O            10/01/27
    0


    1641310          K08/G02             F           30,000.00         ZZ
                                         360         29,981.83          1
    4168 INVERRARY DRIVE               8.500            230.67         67
    UNIT # 302                         8.250            230.67       45,000.00
    LAUDERHILL       FL   33319          1            09/24/97         00
    0410546139                           01           11/01/97          0
    410546139                            O            10/01/27
    0


    1641311          K08/G02             F          204,000.00         ZZ
                                         360        203,873.20          1
    310 BRANCH AVENUE                  8.375          1,550.55         80
                                       8.125          1,550.55      255,000.00
    LITTLE SILVER    NJ   07739          1            09/23/97         00
    0410434815                           05           11/01/97          0
    410434815                            O            10/01/27
    0


    1641318          K08/G02             F           86,400.00         ZZ
                                         360         86,355.21          1
    212 FOX GLEN DRIVE                 9.250            710.79         90
                                       9.000            710.79       96,000.00
    NAPLES           FL   34104          1            09/24/97         04
    0410494777                           01           11/01/97         25
    410494777                            N            10/01/27
    0


    1641319          K08/G02             F          169,600.00         ZZ
                                         360        169,494.59          1
1


    5905 FOX LAKE RD                   8.375          1,289.08         80
                                       8.125          1,289.08      212,000.00
    GOODRICH         MI   48438          1            09/19/97         00
    0410547103                           05           11/01/97          0
    410547103                            O            10/01/27
    0


    1641322          K08/G02             F           41,400.00         ZZ
                                         360         41,379.64          2
    416 SOUTH JOLIET STREET            9.500            348.11         90
                                       9.250            348.11       46,000.00
    JOLIET           IL   60436          1            09/22/97         04
    0410533095                           05           11/01/97         25
    410533095                            N            10/01/27
    0


    1641323          K08/G02             F           55,000.00         ZZ
                                         360         54,962.15          1
    8019 GUY DRIVE                     7.875            398.79         21
                                       7.625            398.79      272,000.00
    MANASSAS         VA   20111          1            09/25/97         00
    0410405484                           03           11/01/97          0
    410405484                            O            10/01/27
    0


    1641325          K08/G02             F          112,000.00         ZZ
                                         360        111,933.88          1
    3705 DELANO STREET                 8.625            871.12         80
                                       8.375            871.12      140,000.00
    SILVER SPRING    MD   20902          2            09/22/97         00
    0410532840                           05           11/01/97          0
    410532840                            O            10/01/27
    0


    1641329          E22/G02             F           49,500.00         ZZ
                                         360         49,419.75          1
    2505 FRANK AVENUE                  9.125            402.75         90
                                       8.875            402.75       55,000.00
    BALTIMORE        MD   21230          1            08/20/97         11
    0410474373                           05           10/01/97         25
    410474373                            N            09/01/27
    0


    1641330          E22/G02             F           40,500.00         ZZ
                                         360         40,477.29          1
    1105 NORTH CHURCH STREET           8.875            322.24         90
                                       8.625            322.24       45,000.00
    MCKINNEY         TX   75070          1            09/24/97         04
    0410545578                           05           11/01/97         25
1


    410545578                            N            10/01/27
    0


    1641336          K08/G02             F          270,000.00         ZZ
                                         360        269,848.63          1
    39405 WINDSOME DRIVE               8.875          2,148.24         75
                                       8.625          2,148.24      362,000.00
    NORTHVILLE       MI   48167          2            09/15/97         00
    0410545552                           05           11/01/97          0
    410545552                            O            10/01/27
    0


    1641337          757/757             F           45,000.00         ZZ
                                         360         45,000.00          1
    411 WEST ORANGE AVENUE             8.250            338.07         90
                                       8.000            338.07       50,000.00
    FOLEY            AL   36535          1            10/07/97         01
    3209459                              05           12/01/97         25
    3209459                              N            11/01/27
    0


    1641338          K08/G02             F          162,000.00         ZZ
                                         360        161,918.20          3
    730 EAST 227TH STREET              9.375          1,347.43         90
                                       9.125          1,347.43      180,000.00
    BRONX            NY   10466          1            09/24/97         04
    0410435200                           05           11/01/97         25
    410435200                            N            10/01/27
    0


    1641343          K08/G02             F           58,500.00         ZZ
                                         360         58,466.34          1
    5113 DOUBLE OAKS DRIVE             8.750            460.22         90
                                       8.500            460.22       65,000.00
    FAYETTEVILLE     NC   28306          1            09/24/97         04
    0410451546                           05           11/01/97         25
    410451546                            N            10/01/27
    0


    1641344          K08/G02             F          126,400.00         ZZ
                                         360        126,323.42          1
    525 ESSEX PLACE                    8.500            971.91         80
                                       8.250            971.91      158,000.00
    CAROL STREAM     IL   60188          1            09/24/97         00
    0410539308                           05           11/01/97          0
    410539308                            O            10/01/27
    0


1


    1641346          K08/G02             F           65,000.00         ZZ
                                         360         64,960.63          1
    10553 MIRA LAGO LANE               8.500            499.79         70
                                       8.250            499.79       92,945.00
    CLERMONT         FL   34711          1            09/24/97         00
    0410557490                           03           11/01/97          0
    410557490                            O            10/01/27
    0


    1641347          K08/G02             F           51,000.00         ZZ
                                         360         50,968.30          1
    409 JEANNINE DRIVE                 8.375            387.64         64
                                       8.125            387.64       80,000.00
    WEST PALM BEACH  FL   33406          2            09/19/97         00
    0410550289                           05           11/01/97          0
    410550289                            O            10/01/27
    0


    1641350          K08/G02             F           45,000.00         ZZ
                                         360         44,974.77          2
    3332 SECOND  STREET                8.875            358.04         68
                                       8.625            358.04       67,000.00
    NEW ORLEANS      LA   70130          5            09/17/97         00
    0410547137                           05           11/01/97          0
    410547137                            N            10/01/27
    0


    1641373          A46/G02             F           44,200.00         ZZ
                                         360         44,200.00          1
    201 PAUL AVENUE                    9.000            355.64         90
                                       8.750            355.64       49,200.00
    YUKON            OK   73099          1            10/22/97         10
    0430474635                           05           12/01/97         35
    0970023                              N            11/01/27
    0


    1641395          369/G02             F           53,550.00         ZZ
                                         360         53,479.70          1
    1320-103 PARK GLEN DRIVE           8.125            397.61         90
                                       7.875            397.61       59,500.00
    RALEIGH          NC   27610          1            09/09/97         21
    0430449298                           01           10/01/97         25
    0060712643                           N            09/01/27
    0


    1641400          E86/G02             F          212,500.00         ZZ
                                         360        212,377.74          1
    156-58 MARINE STREET               8.750          1,671.74         85
                                       8.500          1,671.74      250,000.00
1


    BRONX            NY   10464          5            10/01/97         04
    0430435438                           05           11/01/97         12
    18749                                O            10/01/27
    0


    1641402          964/G02             F           78,300.00         ZZ
                                         360         78,246.11          1
    25338 2ND STREET #21               7.875            567.73         75
                                       7.625            567.73      104,500.00
    LAKE FOREST      CA   92630          1            09/26/97         00
    0430426742                           01           11/01/97          0
    28242                                N            10/01/27
    0


    1641422          830/830             F           88,000.00         ZZ
                                         360         87,943.89          1
    1314 NE 78TH STREET                8.250            661.11         71
                                       8.000            661.11      124,000.00
    PORTLAND         OR   97213          5            09/25/97         00
    532434                               05           11/01/97          0
    532434                               O            10/01/27
    0


    1641442          560/560             F           51,300.00         ZZ
                                         360         51,300.00          1
    1644 E 10TH                        8.500            394.46         90
                                       8.250            394.46       57,000.00
    TULSA            OK   74120          1            10/01/97         04
    450870936                            05           12/01/97         25
    450870936                            O            11/01/27
    0


    1641443          560/560             F           87,500.00         ZZ
                                         360         87,436.67          1
    40 FREEDOM TERRACE                 7.625            619.32         80
                                       7.375            619.32      109,400.00
    EASTON           PA   18045          1            09/26/97         00
    450859889                            05           11/01/97          0
    450859889                            O            10/01/27
    0


    1641444          560/560             F           87,750.00         ZZ
                                         360         87,695.45          1
    12 ORCHARD STREET                  8.375            666.97         90
                                       8.125            666.97       97,500.00
    LEOMINSTER       MA   01453          1            09/29/97         21
    450862610                            05           11/01/97         25
    450862610                            O            10/01/27
    0
1




    1641445          560/560             F           85,500.00         ZZ
                                         360         85,446.85          1
    116 STAFFORD ROAD                  8.375            649.87         90
                                       8.125            649.87       95,000.00
    HOLLAND          MA   01521          1            09/26/97         21
    450860853                            05           11/01/97         25
    450860853                            N            10/01/27
    0


    1641446          560/560             F          204,000.00         ZZ
                                         360        203,873.20          1
    34 FOREST DRIVE                    8.375          1,550.55         80
                                       8.125          1,550.55      255,000.00
    HAMPTON          NH   03842          1            09/30/97         00
    450868583                            05           11/01/97          0
    450868583                            O            10/01/27
    0


    1641463          B93/G02             F           48,000.00         ZZ
                                         360         48,000.00          1
    1300 NIKOLAUS STREET               8.250            360.61         80
                                       8.000            360.61       60,000.00
    SHOW LOW         AZ   85901          1            10/21/97         00
    0430475590                           05           12/01/97          0
    1000040836                           N            11/01/27
    0


    1641476          E26/G02             F          101,000.00         ZZ
                                         360        100,938.81          1
    4410 WOOD CREEK DRIVE              8.500            776.61         74
                                       8.250            776.61      138,000.00
    MARIETTA         GA   30062          2            09/27/97         00
    0430437814                           03           11/01/97          0
    33700132                             O            10/01/27
    0


    1641480          286/286             F           70,050.00         T
                                         360         69,964.82          1
    519 W 20TH ST 301                  8.500            538.63         75
                                       8.250            538.63       93,400.00
    NORFOLK          VA   23517          5            08/29/97         00
    8573912                              01           10/01/97          0
    8573912                              O            09/01/27
    0


    1641490          369/G02             F           54,000.00         ZZ
                                         360         53,966.44          1
1


    6108 IVY GLEN DRIVE                8.375            410.44         75
                                       8.125            410.44       72,000.00
    ARLINGTON        TX   76017          1            09/09/97         00
    0430434753                           05           11/01/97          0
    61042206                             N            10/01/27
    0


    1641492          369/G02             F          111,874.00         T
                                         360        111,809.64          1
    1579 OAK HILL TRAIL                8.750            880.11         80
                                       8.500            880.11      139,843.00
    KISSIMMEE        FL   34747          1            09/19/97         00
    0430439091                           05           11/01/97          0
    60928744                             O            10/01/27
    0


    1641493          369/G02             F          108,000.00         T
                                         360        107,939.45          1
    1961 WESTPOINTE CIRCLE             8.875            859.30         80
                                       8.625            859.30      135,000.00
    ORLANDO          FL   32835          1            09/18/97         00
    0430435388                           03           11/01/97          0
    61062238                             O            10/01/27
    0


    1641498          E26/G02             F           91,200.00         ZZ
                                         360         91,140.34          1
    2450 ALSTON DRIVE                  8.125            677.16         80
                                       7.875            677.16      114,000.00
    ATLANTA          GA   30317          1            09/23/97         00
    0430439729                           05           11/01/97          0
    33700061                             O            10/01/27
    0


    1641509          455/G02             F           65,000.00         ZZ
                                         360         64,960.62          1
    6270 SHADY GROVE RD                8.500            499.80         60
                                       8.250            499.80      110,000.00
    CUMMINGS         GA   30041          5            09/19/97         00
    0430443895                           05           11/01/97          0
    56698                                O            10/01/27
    0


    1641514          480/G02             F          127,200.00         ZZ
                                         360        127,122.94          1
    0055 SOUTH MEADOWVIEW COURT        8.500            978.06         80
                                       8.250            978.06      159,000.00
    GLENWOOD SPRING  CO   81601          1            09/24/97         00
    0430463703                           09           11/01/97          0
1


    2162436                              O            10/01/27
    0


    1641565          J83/G02             F           38,700.00         ZZ
                                         360         38,655.30          1
    5637 EMORY DRIVE                   8.750            304.46         90
                                       8.500            304.46       43,000.00
    SAVANNAH         GA   31404          1            08/20/97         01
    0430439489                           05           10/01/97         25
    244125                               N            09/01/27
    0


    1641596          286/286             F           33,750.00         ZZ
                                         360         33,731.07          1
    2451 NW 41 AVE #405                8.875            268.54         90
                                       8.625            268.54       37,500.00
    LAUDERHILL       FL   33313          1            09/15/97         12
    0008687011                           01           11/01/97         25
    0008687011                           N            10/01/27
    0


    1641597          286/286             F          229,500.00         ZZ
                                         360        229,353.65          1
    85-59 257TH STREET                 8.250          1,724.16         85
                                       8.000          1,724.16      270,000.00
    FLORAL PARK      NY   11001          5            09/16/97         04
    0008699057                           05           11/01/97         12
    0008699057                           O            10/01/27
    0


    1641601          286/286             F           82,400.00         ZZ
                                         360         82,350.08          4
    913 9131/2 915 9151/2 W 1ST ST     8.500            633.59         80
                                       8.250            633.59      103,000.00
    ABERDEEN         WA   98520          1            09/16/97         00
    0008650439                           05           11/01/97          0
    0008650439                           N            10/01/27
    0


    1641626          E19/G02             F          195,000.00         T
                                         360        194,872.44          1
    612 NORTH GUADALUPE AVENUE #10     8.125          1,447.87         75
                                       7.875          1,447.87      260,000.00
    REDONDO BEACH    CA   90277          5            09/29/97         00
    0430441683                           01           11/01/97          0
    300021016                            O            10/01/27
    0


1


    1641644          637/G02             F           52,800.00         ZZ
                                         360         52,771.16          1
    1215 EAST LEMON #133               9.000            424.84         80
                                       8.750            424.84       66,000.00
    TEMPE            AZ   85281          1            09/09/97         00
    0430432583                           01           11/01/97          0
    9801283                              N            10/01/27
    0


    1641647          E67/G02             F          220,000.00         ZZ
                                         360        219,852.39          1
    19306 GOOSE CREEK COURT            8.000          1,614.28         80
                                       7.750          1,614.28      275,000.00
    BEND             OR   97702          2            09/25/97         00
    0430430827                           05           11/01/97          0
    06607                                O            10/01/27
    0


    1641652          685/G02             F          304,000.00         ZZ
                                         360        303,790.79          1
    2425 VADO DRIVE                    7.875          2,204.21         80
                                       7.625          2,204.21      380,000.00
    LOS ANGELES      CA   90046          1            09/22/97         00
    0430436725                           05           11/01/97          0
    108989                               O            10/01/27
    0


    1641653          685/G02             F          364,000.00         ZZ
                                         360        363,749.50          1
    6350 WEST 78TH STREET              7.875          2,639.25         80
                                       7.625          2,639.25      455,000.00
    LOS ANGELES      CA   90045          2            09/22/97         00
    0430437426                           05           11/01/97          0
    108987                               O            10/01/27
    0


    1641657          F30/G02             F           68,800.00         ZZ
                                         360         68,800.00          1
    6776 SOUTH BROOK FOREST ROAD       7.750            492.89         80
                                       7.500            492.89       86,000.00
    EVERGREEN        CO   80439          5            10/02/97         12
    0430432054                           05           12/01/97         17
    31192                                O            11/01/27
    0


    1641660          B57/G02             F          196,000.00         ZZ
                                         360        195,865.11          1
    5324 SAN LUIS AVENUE               7.875          1,421.14         80
                                       7.625          1,421.14      245,000.00
1


    SANTA ROSA       CA   95403          2            09/29/97         00
    0430429019                           05           11/01/97          0
    9790063                              N            10/01/27
    0


    1641664          731/G02             F          144,500.00         ZZ
                                         360        144,416.87          2
    1710 EAST 63RD STREET              8.750          1,136.78         85
                                       8.500          1,136.78      170,000.00
    LOS ANGELES ARE  CA   90001          5            09/22/97         14
    0430431007                           05           11/01/97         25
    411714702                            O            10/01/27
    0


    1641665          731/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
    23052 HATTERAS STREET              7.875          1,450.14         49
    WOODLAND HILLS AREA                7.625          1,450.14      410,000.00
    LOS ANGELES      CA   91367          5            10/03/97         00
    0430433417                           05           12/01/97          0
    411714772                            O            11/01/27
    0


    1641668          975/G02             F          125,000.00         ZZ
                                         360        124,885.42          1
    3980 EAST FRANDON COURT            8.500            961.14         79
                                       8.250            961.14      160,000.00
    SIMI VALLEY      CA   93063          2            09/23/97         00
    0430434563                           05           11/01/97          0
    971959                               N            10/01/27
    0


    1641691          405/405             F           22,500.00         ZZ
                                         360         22,488.33          2
    4170 SHAW AVENUE                   9.250            185.11         90
                                       9.000            185.11       25,000.00
    ST. LOUIS        MO   63110          1            09/16/97         10
    008326415                            05           11/01/97         25
    008326415                            N            10/01/27
    0


    1641703          A38/G02             F          164,250.00         ZZ
                                         360        164,250.00          4
    3210 LAKE STREET                   8.875          1,306.85         90
                                       8.625          1,306.85      182,500.00
    HOUSTON          TX   77098          1            10/21/97         23
    0430465849                           05           12/01/97          0
    9610568                              N            11/01/27
    0
1




    1641705          A38/G02             F          164,250.00         ZZ
                                         360        164,250.00          4
    3302 LAKE STREET                   8.875          1,306.85         90
                                       8.625          1,306.85      182,500.00
    HOUSTON          TX   77098          1            10/21/97         23
    0430465880                           05           12/01/97          0
    9610569                              N            11/01/27
    0


    1641747          561/561             F           50,000.00         ZZ
                                         360         49,966.44          1
    12626 SUNSET AVENUE UNIT NO. 4     8.000            366.89         67
                                       7.750            366.89       75,000.00
    OCEAN CITY       MD   21842          1            10/01/97         00
    9119710                              01           11/01/97          0
    9119710                              O            10/01/27
    0


    1641757          163/G02             F           37,950.00         ZZ
                                         360         37,924.54          1
    7456 E. MOUNTAIN QUAIL CIRCLE      8.000            278.46         30
                                       7.750            278.46      127,000.00
    TUCSON           AZ   85750          5            09/24/97         00
    0430435560                           09           11/01/97          0
    4511                                 O            10/01/27
    0


    1641799          E84/G02             F          388,000.00         ZZ
                                         360        387,770.93          2
    1544 WEST DIVERSEY PARKWAY         8.625          3,017.82         80
                                       8.375          3,017.82      485,000.00
    CHICAGO          IL   60657          1            09/30/97         00
    0430437921                           05           11/01/97          0
    PS9700038                            O            10/01/27
    0


    1641801          696/G02             F          107,500.00         ZZ
                                         360        107,434.88          1
    3220 NORTH RIDGE                   8.500            826.58         90
                                       8.250            826.58      119,500.00
    WINTERGREEN      VA   22958          1            09/29/97         10
    0430437103                           01           11/01/97         25
    2320461                              N            10/01/27
    0


    1641802          E26/G02             F           84,600.00         T
                                         360         84,600.00          1
1


    206 SHADYDALE ROAD                 9.000            680.72         90
                                       8.750            680.72       94,000.00
    EATONTON         GA   31024          1            10/03/97         11
    0430444927                           05           12/01/97         25
    33700179                             O            11/01/27
    0


    1641804          E84/G02             F           96,000.00         ZZ
                                         360         95,937.20          1
    4917 CAROL STREET                  8.125            712.80         80
                                       7.875            712.80      120,000.00
    SKOKIE           IL   60077          1            09/30/97         00
    0430462622                           05           11/01/97          0
    PS9700034                            O            10/01/27
    0


    1641815          637/G02             F           79,200.00         ZZ
                                         360         79,150.77          1
    12296 137TH STREET NORTH           8.375            601.98         90
                                       8.125            601.98       88,000.00
    LARGO            FL   33774          1            09/15/97         14
    0430436394                           05           11/01/97         25
    8193765                              N            10/01/27
    0


    1641816          286/286             F           77,300.00         ZZ
                                         360         77,258.86          3
    122 FORT PLEASANT AVE              9.125            628.94         90
                                       8.875            628.94       85,900.00
    SPRINGFIELD      MA   01108          1            09/19/97         10
    0008676492                           05           11/01/97         25
    0008676492                           N            10/01/27
    0


    1641818          286/286             F           67,500.00         ZZ
                                         360         67,461.16          1
    2004 LIBBIE AVE                    8.750            531.03         90
                                       8.500            531.03       75,000.00
    RICHMOND         VA   23226          1            09/19/97         10
    0008647968                           05           11/01/97         25
    0008647968                           N            10/01/27
    0


    1641824          286/286             F           67,500.00         ZZ
                                         360         67,462.15          1
    557 GREEN ST                       8.875            537.07         90
                                       8.625            537.07       75,000.00
    HAVRE DE GRACE   MD   21078          1            09/24/97         04
    0008698916                           05           11/01/97         25
1


    0008698916                           N            10/01/27
    0


    1641828          180/G02             F           96,000.00         ZZ
                                         360         95,947.56          1
    452 SOUTH OLIVE STREET             9.000            772.44         80
                                       8.750            772.44      120,000.00
    MESA             AZ   85204          1            09/17/97         00
    0430432765                           05           11/01/97          0
    12058236                             N            10/01/27
    0


    1641832          514/G02             F           80,000.00         ZZ
                                         360         79,950.27          1
    RR 1 BOX 51D                       8.375            608.06         58
                                       8.125            608.06      140,000.00
    MIDLAND CITY     AL   36350          5            09/19/97         00
    0430435693                           05           11/01/97          0
    511020                               O            10/01/27
    0


    1641833          227/G02             F          114,760.00         ZZ
                                         360        114,690.47          1
    1249 CROSS CREEK DR                8.500            882.41         80
                                       8.250            882.41      145,000.00
    KENNEDALE        TX   76060          1            09/30/97         00
    0430436485                           05           11/01/97          0
    1710011                              O            10/01/27
    0


    1641835          514/G02             F          165,000.00         ZZ
                                         360        164,900.04          1
    6140 PONCHA CT.,                   8.500          1,268.71         76
                                       8.250          1,268.71      218,000.00
    COLORADO SPRING  CO   80919          2            09/19/97         00
    0430437715                           05           11/01/97          0
    096899                               O            10/01/27
    0


    1641838          514/G02             F          157,250.00         ZZ
                                         360        157,168.48          1
    6 ECHO LANE SOUTH                  9.250          1,293.66         85
                                       9.000          1,293.66      185,000.00
    SHERMAN          CT   06784          1            09/26/97         01
    0430442491                           05           11/01/97         25
    361987                               N            10/01/27
    0


1


    1641841          514/G02             F           63,000.00         ZZ
                                         360         62,964.68          1
    3136 SPRING LAKE DRIVE             8.875            501.26         66
                                       8.625            501.26       95,500.00
    BEDFORD          TX   76021          5            09/19/97         00
    0430437517                           05           11/01/97          0
    072476                               N            10/01/27
    0


    1641844          B75/G02             F          119,600.00         ZZ
                                         360        119,532.95          1
    306 LONG STREET                    8.875            951.59         80
                                       8.625            951.59      149,500.00
    NEVADA CITY      CA   95959          1            09/24/97         00
    0430433367                           05           11/01/97          0
    7093727                              N            10/01/27
    0


    1641845          514/G02             F          117,750.00         ZZ
                                         360        117,680.48          1
    6809 CARINTHA DRIVE                8.625            915.85         75
                                       8.375            915.85      157,000.00
    DAYTON           OH   45459          1            09/19/97         00
    0430443812                           05           11/01/97          0
    362577                               O            10/01/27
    0


    1641846          737/G02             F           42,200.00         ZZ
                                         360         42,175.72          1
    1825 WALDREP CIRCLE                8.750            331.99         80
                                       8.500            331.99       52,800.00
    MARIETTA         GA   30060          1            09/30/97         00
    0430433144                           05           11/01/97          0
    950977                               O            10/01/27
    0


    1641850          737/G02             F          146,700.00         ZZ
                                         360        146,611.12          1
    732 ELIZABETH STREET               8.500          1,128.00         90
                                       8.250          1,128.00      163,000.00
    DENVER           CO   80206          1            09/30/97         10
    0430463612                           05           11/01/97         25
    576075                               N            10/01/27
    0


    1641852          737/G02             F           65,000.00         ZZ
                                         360         64,958.56          1
    112 TUMBLEWEED DRIVE               8.250            488.32         72
                                       8.000            488.32       91,000.00
1


    CLEVELAND        GA   30528          1            09/30/97         00
    0430436311                           05           11/01/97          0
    951092                               O            10/01/27
    0


    1641858          757/757             F          109,200.00         ZZ
                                         360        109,200.00          1
    3023 CLOVE TREE LANE               8.375            830.00         80
                                       8.125            830.00      136,500.00
    WOODSTOCK        GA   30189          1            10/09/97         00
    3163268                              05           12/01/97          0
    3163268                              O            11/01/27
    0


    1641861          757/757             F          150,000.00         T
                                         360        149,911.44          1
    579 OCEAN AVENUE                   8.625          1,166.69         39
                                       8.375          1,166.69      390,000.00
    WELLS            ME   04090          1            09/26/97         00
    3171550                              05           11/01/97          0
    3171550                              O            10/01/27
    0


    1641862          608/G02             F           67,500.00         ZZ
                                         360         67,438.08          1
    959 MAPLE AVE                      9.125            549.21         75
                                       8.875            549.21       90,000.00
    ATCO             NJ   08004          2            09/18/97         00
    0430435701                           05           11/01/97          0
    A9701618                             O            10/01/27
    0


    1641863          A37/G02             F           82,200.00         ZZ
                                         360         82,200.00          1
    43 PAMELA DRIVE                    8.375            624.78         65
                                       8.125            624.78      126,500.00
    BENSENVILLE      IL   60106          5            09/30/97         00
    0430445411                           05           12/01/97          0
    97P107                               O            11/01/27
    0


    1641864          757/757             F           35,100.00         ZZ
                                         360         35,080.31          1
    65 WINTER STREET                   8.875            279.28         90
                                       8.625            279.28       39,000.00
    LEWISTON         ME   04240          1            09/26/97         01
    3224383                              05           11/01/97         30
    3224383                              N            10/01/27
    0
1




    1641901          480/G02             F           61,100.00         ZZ
                                         360         60,991.01          1
    24 JEFFREY LANE                    8.625            475.23         90
                                       8.375            475.23       67,900.00
    CARTERSVILLE     GA   30121          1            07/18/97         12
    0430440875                           05           09/01/97         25
    2138196                              N            08/01/27
    0


    1641909          927/G02             F           59,250.00         ZZ
                                         360         59,214.10          1
    2624-6 SUNNY SLOPE DRIVE           8.500            455.59         79
                                       8.250            455.59       75,000.00
    SPARKS           NV   89434          1            09/08/97         00
    0430433326                           01           11/01/97          0
    268037                               O            10/01/27
    0


    1641913          927/G02             F           66,350.00         ZZ
                                         360         66,305.47          1
    1009 BRADLEY SQUARE                8.000            486.86         80
                                       7.750            486.86       83,000.00
    SPARKS           NV   89434          1            09/29/97         00
    0430442087                           01           11/01/97          0
    268284                               O            10/01/27
    0


    1641938          G34/G02             F          205,000.00         ZZ
                                         360        204,744.26          1
    17 WILDWOOD LANE                   8.375          1,558.15         56
                                       8.125          1,558.15      371,000.00
    SUDBURY          MA   01776          5            09/04/97         00
    0430446948                           05           10/01/97          0
    15734                                O            09/01/27
    0


    1641945          765/G02             F          275,000.00         ZZ
                                         360        274,815.47          1
    1231 SOUTH DEVON PLACE             8.000          2,017.86         79
                                       7.750          2,017.86      350,000.00
    DIAMOND BAR      CA   91765          2            09/29/97         00
    0430433086                           05           11/01/97          0
    326201                               O            10/01/27
    0


    1641950          685/G02             F          190,000.00         ZZ
                                         360        189,893.48          1
1


    419 AMANDA DR                      8.875          1,511.73         55
                                       8.625          1,511.73      349,000.00
    RIDGEDALE        MO   65739          4            09/29/97         00
    0430432872                           05           11/01/97          0
    109010                               O            10/01/27
    0


    1641974          B28/G02             F           45,500.00         ZZ
                                         360         45,473.13          1
    4711 NORTH NELSON STREET           8.625            353.90         65
                                       8.375            353.90       70,000.00
    SPOKANE          WA   99207          5            09/24/97         00
    0430433797                           05           11/01/97          0
    09970463                             N            10/01/27
    0


    1641976          560/560             F          116,900.00         ZZ
                                         360        116,829.18          1
    1701 W LOVELAND AVENUE             8.500            898.86         70
                                       8.250            898.86      167,000.00
    LOVELAND         OH   45140          1            09/30/97         00
    450867312                            05           11/01/97          0
    450867312                            O            10/01/27
    0


    1641978          560/560             F           81,200.00         T
                                         360         81,200.00          3
    59 WHEELER STREET 3                8.375            617.18         80
                                       8.125            617.18      101,500.00
    WINSTED          CT   06098          1            10/01/97         00
    450873922                            05           12/01/97          0
    450873922                            O            11/01/27
    0


    1641979          560/560             F           43,550.00         T
                                         360         43,493.02          1
    0214 N MAIN STREET,19              8.125            323.36         65
                                       7.875            323.36       67,000.00
    BRECKENRIDGE     CO   80424          1            09/30/97         00
    450873286                            01           11/01/97          0
    450873286                            O            10/01/27
    0


    1641981          560/560             F           51,000.00         ZZ
                                         360         50,965.78          1
    1204 WINDING RIDGE COURT           8.000            374.22         40
                                       7.750            374.22      129,000.00
    MT PLEASANT      SC   29464          1            09/25/97         00
    450857917                            03           11/01/97          0
1


    450857917                            O            10/01/27
    0


    1641982          560/560             F           96,300.00         T
                                         360         96,240.14          1
    1 MIDDLE ST                        8.375            731.95         90
                                       8.125            731.95      107,000.00
    BARRINGTON       RI   02806          1            09/26/97         21
    450861299                            05           11/01/97         25
    450861299                            O            10/01/27
    0


    1641983          560/560             F           92,600.00         ZZ
                                         360         92,542.44          4
    526  SPAIN STREET                  8.375            703.83         95
                                       8.125            703.83       97,500.00
    NEW ORLEANS      LA   70117          1            09/26/97         04
    450860747                            05           11/01/97         30
    450860747                            O            10/01/27
    0


    1641984          560/560             F           51,000.00         ZZ
                                         360         50,964.90          1
    130-2 TURTLE CREEK ROAD            7.875            369.79         78
                                       7.625            369.79       66,000.00
    CHARLOTTESVILLE  VA   22901          1            09/25/97         00
    450858170                            01           11/01/97          0
    450858170                            O            10/01/27
    0


    1641985          560/560             F          380,650.00         ZZ
                                         360        380,394.59          1
    704 HOLLY DRIVE NORTH              8.000          2,793.08         56
                                       7.750          2,793.08      690,000.00
    ANNAPOLIS        MD   21401          5            09/25/97         00
    450865712                            05           11/01/97          0
    450865712                            O            10/01/27
    0


    1641986          560/560             F           63,000.00         ZZ
                                         360         62,961.83          2
    622 E GRANT STREET                 8.500            484.42         90
                                       8.250            484.42       70,000.00
    OLYPHANT         PA   18447          1            09/26/97         21
    450859780                            05           11/01/97         25
    450859780                            O            10/01/27
    0


1


    1641992          B28/G02             F           62,100.00         ZZ
                                         360         62,063.33          1
    207 WEST HEROY AVENUE              8.625            483.01         90
                                       8.375            483.01       69,000.00
    SPOKANE          WA   99025          1            09/19/97         23
    0430442103                           05           11/01/97          0
    9970495                              N            10/01/27
    0


    1642002          E26/G02             F           97,000.00         ZZ
                                         360         96,941.23          1
    7442 STONE MOUNTAIN COURT          8.500            745.85         90
                                       8.250            745.85      107,810.00
    CHARLOTTE        NC   28262          1            09/30/97         04
    0430442798                           05           11/01/97         25
    50700983                             N            10/01/27
    0


    1642006          253/253             F           52,000.00         ZZ
                                         360         51,966.84          1
    5626 PRESTON OAKS ROAD             8.250            390.66         80
    #16B                               8.000            390.66       65,000.00
    DALLAS           TX   75240          1            09/30/97         00
    332658                               01           11/01/97          0
    332658                               O            10/01/27
    0


    1642008          003/G02             F          127,200.00         ZZ
                                         360        127,200.00          1
    50 BARKELEY ROAD                   8.125            944.46         80
                                       7.875            944.46      159,000.00
    AVONDALE ESTATE  GA   30002          1            10/06/97         00
    0430442780                           05           12/01/97          0
    0003889714                           O            11/01/27
    0


    1642015          003/G02             F          181,700.00         ZZ
                                         360        181,700.00          4
    1698,1700,1702,1704 WYNNDOWNE      9.250          1,494.81         90
    TRAIL                              9.000          1,494.81      201,900.00
    SMYRNA           GA   30080          1            10/06/97         10
    0430444281                           05           12/01/97         25
    0003891025                           N            11/01/27
    0


    1642024          560/560             F          315,000.00         ZZ
                                         360        314,814.02          1
    50 HARVARD ST                      8.625          2,450.04         75
                                       8.375          2,450.04      420,000.00
1


    GARDEN CITY      NY   11530          1            09/17/97         00
    461794802                            05           11/01/97          0
    461794802                            O            10/01/27
    0


    1642034          420/G02             F          185,000.00         ZZ
                                         360        184,872.68          1
    2515 HILGARD AVENUE                7.875          1,341.38         70
    #1                                 7.625          1,341.38      265,000.00
    BERKELEY         CA   94709          1            09/29/97         00
    0430438044                           01           11/01/97          0
    0000361352                           O            10/01/27
    0


    1642039          420/G02             F          245,000.00         ZZ
                                         360        244,859.04          1
    7 HILLCREST COURT                  8.750          1,927.42         70
                                       8.500          1,927.42      350,000.00
    OAKLAND          CA   94619          5            09/29/97         00
    0430438036                           09           11/01/97          0
    00003621337                          N            10/01/27
    0


    1642040          K08/G02             F           51,300.00         ZZ
                                         360         51,271.24          1
    3508 TAURIS DRIVE                  8.875            408.17         90
                                       8.625            408.17       57,000.00
    GARLAND          TX   75044          1            09/25/97         04
    0410524243                           05           11/01/97         25
    410524243                            N            10/01/27
    0


    1642042          K08/G02             F           42,700.00         ZZ
                                         360         42,676.68          1
    418 E. ADOBE STREET                9.000            343.57         68
                                       8.750            343.57       63,000.00
    DEL RIO          TX   78840          5            09/23/97         00
    0410427678                           05           11/01/97          0
    410427678                            N            10/01/27
    0


    1642043          E22/G02             F           43,750.00         ZZ
                                         360         43,727.32          1
    206 PROSPECT                       9.250            359.92         70
                                       9.000            359.92       62,500.00
    NIXA             MO   65714          5            09/24/97         00
    0410493605                           05           11/01/97          0
    410493605                            N            10/01/27
    0
1




    1642044          E22/G02             F           43,750.00         ZZ
                                         360         43,727.32          1
    710 BARRACUDA                      9.250            359.92         70
                                       9.000            359.92       62,500.00
    NIXA             MO   65714          5            09/24/97         00
    0410493613                           05           11/01/97          0
    410493613                            N            10/01/27
    0


    1642046          E22/G02             F           43,750.00         ZZ
                                         360         43,727.32          1
    1111 BLUEGILL                      9.250            359.92         70
                                       9.000            359.92       62,500.00
    NIXA             MO   65714          5            09/24/97         00
    0410493639                           05           11/01/97          0
    410493639                            N            10/01/27
    0


    1642057          731/G02             F          318,750.00         ZZ
                                         360        318,750.00          2
    8423 8425 WEST 4TH STREET          8.875          2,536.12         75
                                       8.625          2,536.12      425,000.00
    LOS ANGELES      CA   90048          5            10/03/97         00
    0430445023                           03           12/01/97          0
    411014810                            N            11/01/27
    0


    1642058          731/G02             F           99,000.00         ZZ
                                         360         98,945.92          1
    62 RIDGEWOOD COURT                 9.000            796.58         90
                                       8.750            796.58      110,040.00
    MCDONOUGH        GA   30253          1            09/25/97         01
    0430432823                           05           11/01/97         25
    3140665076                           N            10/01/27
    0


    1642060          664/G02             F          106,200.00         ZZ
                                         360        106,141.99          1
    16721 128TH AVENUE SOUTHEAST       9.000            854.51         90
                                       8.750            854.51      118,000.00
    RENTON           WA   98058          1            09/19/97         10
    0430432708                           05           11/01/97         25
    2369023                              N            10/01/27
    0


    1642064          664/G02             F           57,950.00         ZZ
                                         360         57,917.51          2
1


    628 & 630 WEST SUNKIST STREET      8.875            461.08         90
                                       8.625            461.08       64,400.00
    ONTARIO          CA   91761          1            09/25/97         11
    0430443796                           05           11/01/97         25
    2386290                              N            10/01/27
    0


    1642066          975/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
    4115 WEST 185TH STREET             8.500          1,230.26         80
                                       8.250          1,230.26      200,000.00
    TORRANCE         CA   90504          2            10/01/97         00
    0430433557                           05           12/01/97          0
    972014                               N            11/01/27
    0


    1642072          A06/G02             F           80,600.00         ZZ
                                         360         80,600.00          1
    3714 ROBINA AVE                    8.250            605.53         65
                                       8.000            605.53      124,000.00
    BERKLEY          MI   48072          5            10/08/97         00
    0430439000                           05           12/01/97          0
    001000009711813                      N            11/01/27
    0


    1642078          A46/G02             F           52,650.00         ZZ
                                         360         52,650.00          1
    2104 BRIARCLIFF DRIVE              9.000            423.63         90
                                       8.750            423.63       58,500.00
    MOORE            OK   73160          1            10/21/97         01
    0430477356                           05           12/01/97         25
    926124                               N            11/01/27
    0


    1642100          E57/G02             F          129,200.00         ZZ
                                         360        129,133.02          2
    1500-1500 NORTH ADKINSON AVE       9.250          1,062.90         95
                                       9.000          1,062.90      136,000.00
    LOS ANGELES      CA   90063          1            09/16/97         12
    0430440495                           05           11/01/97         30
    130762005249                         O            10/01/27
    0


    1642104          830/830             F          135,000.00         ZZ
                                         360        134,924.32          1
    3341 EAST REXFORD PLACE            8.875          1,074.12         78
                                       8.625          1,074.12      175,000.00
    SALT LAKE CITY   UT   84121          1            09/30/97         00
    1880970                              05           11/01/97          0
1


    1880970                              O            10/01/27
    0


    1642150          965/G02             F           99,900.00         ZZ
                                         360         99,900.00          1
    2412 N. BRYANT                     8.500            768.14         80
                                       8.250            768.14      124,900.00
    TUCSON           AZ   85712          1            10/07/97         00
    0430433458                           05           12/01/97          0
    51000580                             N            11/01/27
    0


    1642216          313/G02             F           76,500.00         ZZ
                                         360         76,500.00          1
    211 HILLROCK COVE                  8.625            595.01         90
                                       8.375            595.01       85,000.00
    ROUND ROCK       TX   78681          1            10/24/97         11
    0430477331                           05           12/01/97         25
    6417877                              N            11/01/27
    0


    1642278          862/G02             F           75,000.00         ZZ
                                         360         75,000.00          1
    8739 NORTHEAST WYGANT              8.625            583.35         69
                                       8.375            583.35      109,000.00
    PORTLAND         OR   97220          5            10/01/97         00
    0430437160                           05           12/01/97          0
    4555157                              O            11/01/27
    0


    1642279          862/G02             F          208,000.00         BB
                                         360        207,883.38          1
    3701 W BALBOA BOULEVARD            8.875          1,654.95         80
                                       8.625          1,654.95      260,000.00
    NEWPORT BEACH    CA   92663          1            09/18/97         00
    0430439539                           05           11/01/97          0
    4552907                              N            10/01/27
    0


    1642281          862/G02             F          154,300.00         ZZ
                                         360        154,204.09          1
    13376 SE 155TH DRIVE               8.375          1,172.80         80
                                       8.125          1,172.80      192,990.00
    CLACKAMAS        OR   97315          1            09/18/97         00
    0430436899                           05           11/01/97          0
    4528931                              O            10/01/27
    0


1


    1642282          862/G02             F           98,750.00         ZZ
                                         360         98,750.00          1
    71662 NEER CITY ROAD               8.500            759.31         61
                                       8.250            759.31      162,000.00
    RAINIER          OR   97048          1            10/07/97         00
    0430438218                           05           12/01/97          0
    4556817                              O            11/01/27
    0


    1642284          862/G02             F          123,300.00         ZZ
                                         360        123,229.05          1
    1207 EAST WATSON DRIVE             8.750            970.01         90
                                       8.500            970.01      137,000.00
    TEMPE            AZ   85283          1            09/24/97         01
    0430435396                           05           11/01/97         25
    4511622                              N            10/01/27
    0


    1642285          405/405             F          180,800.00         ZZ
                                         360        180,690.47          4
    9670-9676 NORTHWEST 35TH           8.500          1,390.20         80
    STREET                             8.250          1,390.20      226,000.00
    CORAL SPRINGS    FL   33065          1            09/18/97         00
    8326688                              05           11/01/97          0
    8326688                              N            10/01/27
    0


    1642286          862/G02             F           72,000.00         ZZ
                                         360         71,955.24          1
    3138 SADDLEBACK DRIVE              8.375            547.26         80
                                       8.125            547.26       90,000.00
    LAKE HAVASU CIT  AZ   86406          1            09/18/97         00
    0430437855                           05           11/01/97          0
    4511424                              O            10/01/27
    0


    1642287          862/G02             F           44,550.00         ZZ
                                         360         44,523.69          1
    8821 NORTH NEW WORLD DRIVE         8.625            346.51         90
                                       8.375            346.51       49,500.00
    GLENDALE         AZ   85302          1            09/29/97         01
    0430435495                           09           11/01/97         25
    4512372                              N            10/01/27
    0


    1642294          561/561             F           91,700.00         ZZ
                                         360         91,645.85          1
    3939 E. MARRISON PLACE             8.625            713.24         77
                                       8.375            713.24      120,000.00
1


    INDIANAPOLIS     IN   46226          2            09/30/97         00
    9123200                              05           11/01/97          0
    9123200                              N            10/01/27
    0


    1642300          757/757             F           67,500.00         ZZ
                                         360         67,460.15          1
    120 HODGSON DRIVE                  8.625            525.01         58
                                       8.375            525.01      118,000.00
    ATHENS           GA   30605          1            09/19/97         00
    3163359                              05           11/01/97          0
    3163359                              N            10/01/27
    0


    1642301          180/G02             F           55,700.00         ZZ
                                         360         55,669.58          1
    3808 TIMBERLINE DRIVE              9.000            448.17         90
                                       8.750            448.17       61,900.00
    PLANO            TX   75074          1            09/12/97         04
    0430434936                           05           11/01/97         25
    12039368                             N            10/01/27
    0


    1642311          766/G02             F           69,750.00         ZZ
                                         360         69,750.00          2
    1426 NE 135TH ST                   9.125            567.51         90
                                       8.875            567.51       77,500.00
    NORTH MIAMI      FL   33161          1            10/07/97         11
    0430442160                           05           12/01/97         25
    97020648                             N            11/01/27
    0


    1642313          253/253             F           57,250.00         ZZ
                                         360         57,211.58          1
    1510 SUNFLOWER LANE                8.000            420.09         80
                                       7.750            420.09       71,900.00
    GRANBURY         TX   76048          1            10/07/97         00
    902571                               05           11/01/97          0
    902571                               O            10/01/27
    0


    1642326          286/286             F           30,600.00         ZZ
                                         360         30,582.21          1
    613-615 N  OXFORD STREET           9.375            254.52         90
                                       9.125            254.52       34,000.00
    INDIANAPOLIS     IN   46201          1            09/15/97         10
    0008725548                           05           11/01/97         25
    0008725548                           N            10/01/27
    0
1




    1642333          286/286             F           45,000.00         ZZ
                                         360         44,925.68          1
    745 LINDEN AVE                     9.000            362.09         90
                                       8.750            362.09       50,000.00
    YORK             PA   17404          1            08/25/97         04
    0008619077                           05           10/01/97         25
    0008619077                           N            09/01/27
    0


    1642334          731/G02             F           72,900.00         ZZ
                                         360         72,861.20          1
    2385 CLIFTON SPRING ROAD           9.125            593.14         88
                                       8.875            593.14       83,000.00
    DECATUR          GA   30034          2            10/03/97         01
    0430437491                           05           11/01/97         25
    3140665041                           N            10/01/27
    0


    1642338          F34/G02             F          136,700.00         ZZ
                                         360        136,612.82          1
    5333 COLLINS AVENUE #806           8.250          1,026.99         80
                                       8.000          1,026.99      170,900.00
    MIAMI BEACH      FL   33140          1            09/25/97         00
    0430442293                           06           11/01/97          0
    9700839                              O            10/01/27
    0


    1642345          286/286             F           41,400.00         ZZ
                                         360         41,353.41          1
    723 N. EMERSON AVE                 8.875            329.40         90
                                       8.625            329.40       46,000.00
    INDIANAPOLIS     IN   46219          1            08/27/97         10
    0008618417                           05           10/01/97         25
    0008618417                           N            09/01/27
    0


    1642355          480/G02             F          107,950.00         ZZ
                                         360        107,884.61          1
    5290 OGLETHORPE COURT              8.500            830.04         80
                                       8.250            830.04      134,943.00
    POWDER SPRINGS   GA   30073          1            09/29/97         00
    0430443226                           05           11/01/97          0
    2139947                              O            10/01/27
    0


    1642360          F34/G02             F          188,000.00         ZZ
                                         360        187,886.11          1
1


    8431 NW 163 TERRACE                8.500          1,445.56         80
                                       8.250          1,445.56      235,000.00
    MIAMI            FL   33166          1            09/30/97         00
    0430442996                           05           11/01/97          0
    9700851                              O            10/01/27
    0


    1642363          B75/G02             F           46,350.00         ZZ
                                         360         46,324.02          1
    781 CHRISTMAS AVENUE               8.875            368.78         90
                                       8.625            368.78       51,500.00
    BETHLEHEM        GA   30620          1            09/22/97         01
    0430435123                           05           11/01/97         25
    7095581                              N            10/01/27
    0


    1642366          561/561             F          121,300.00         ZZ
                                         360        121,226.51          1
    574 HOLLIDAY LANE                  8.500            932.70         76
                                       8.250            932.70      160,000.00
    INDIANAPOLIS     IN   46260          2            09/30/97         00
    9123167                              05           11/01/97          0
    9123167                              N            10/01/27
    0


    1642369          561/561             F           45,000.00         ZZ
                                         360         44,974.11          1
    4127 ASPEN WAY                     8.750            354.02         75
                                       8.500            354.02       60,000.00
    INDIANAPOLIS     IN   46226          2            09/30/97         00
    9123621                              05           11/01/97          0
    9123621                              N            10/01/27
    0


    1642375          561/561             F           78,400.00         ZZ
                                         360         78,354.89          4
    2210-12 W. WASHINGTON STREET       8.750            616.78         70
                                       8.500            616.78      112,000.00
    INDIANAPOLIS     IN   46222          5            09/30/97         00
    9123084                              05           11/01/97          0
    9123084                              N            10/01/27
    0


    1642380          561/561             F          132,000.00         ZZ
                                         360        132,000.00          1
    7572 BEACH DRIVE                   8.000            968.57         80
                                       7.750            968.57      165,000.00
    PASADENA         MD   21122          1            10/10/97         00
    9141797                              05           12/01/97          0
1


    9141797                              O            11/01/27
    0


    1642385          731/G02             F           91,800.00         ZZ
                                         360         91,749.86          1
    210 TAIT ROAD                      9.000            738.64         90
                                       8.750            738.64      102,000.00
    STOCKBRIDGE      GA   30281          1            09/30/97         01
    0430435792                           05           11/01/97         25
    3140865125                           N            10/01/27
    0


    1642388          731/G02             F          153,000.00         ZZ
                                         360        153,000.00          1
    3280 SOUTHWEST 175TH AVENUE        8.750          1,203.65         85
                                       8.500          1,203.65      180,000.00
    ALOHA            OR   97006          5            10/01/97         11
    0430436089                           05           12/01/97         12
    220340369                            O            11/01/27
    0


    1642390          731/G02             F          103,500.00         ZZ
                                         360        103,443.47          1
    2042 WEST OLIVE AVENUE             9.000            832.78         90
                                       8.750            832.78      115,000.00
    FULLERTON        CA   92833          1            09/17/97         11
    0430435727                           05           11/01/97         25
    911680316                            N            10/01/27
    0


    1642404          964/G02             F           30,000.00         ZZ
                                         360         30,000.00          1
    2510-G MOON DUST DRIVE             8.000            220.13         31
                                       7.750            220.13       98,000.00
    CHINO HILLS      CA   91709          1            09/30/97         00
    0430433094                           01           12/01/97          0
    28195                                O            11/01/27
    0


    1642421          964/G02             F          280,000.00         ZZ
                                         360        279,816.84          1
    546 IDYLBERRY ROAD                 8.125          2,078.99         80
                                       7.875          2,078.99      350,000.00
    SAN RAFAEL       CA   94903          1            09/30/97         00
    0430431510                           05           11/01/97          0
    28276                                O            10/01/27
    0


1


    1642433          H05/H05             F           34,650.00         ZZ
                                         360         34,650.00          1
    1902 S. JOPLIN                     9.375            288.20         90
                                       8.875            288.20       38,500.00
    PITTSBURG        KS   66762          1            10/03/97         10
    7090267                              05           12/01/97         25
    7090267                              N            11/01/27
    0


    1642460          E26/G02             F           49,000.00         ZZ
                                         360         49,000.00          1
    1280 IDLEWOOD ROAD                 8.250            368.13         59
                                       8.000            368.13       84,000.00
    TUCKER           GA   30084          2            10/08/97         00
    0430441444                           05           12/01/97          0
    33700193                             N            11/01/27
    0


    1642467          E26/G02             F          105,450.00         ZZ
                                         360        105,392.40          1
    309 GREENE STREET                  9.000            848.48         95
                                       8.750            848.48      111,000.00
    GREENSBORO       GA   30642          1            09/29/97         11
    0430447730                           05           11/01/97         30
    33700143                             O            10/01/27
    0


    1642524          G41/G02             F           45,600.00         ZZ
                                         360         45,575.73          1
    350 HARRISON STREET                9.125            371.02         74
                                       8.875            371.02       62,000.00
    BRISTOL          PA   19007          5            09/16/97         00
    0430434225                           07           11/01/97          0
    UNKNOWN                              N            10/01/27
    0


    1642525          G41/G02             F           69,300.00         ZZ
                                         360         69,262.15          1
    928 SOUTH 2ND STREET               9.000            557.60         69
                                       8.750            557.60      101,500.00
    PHILADELPHIA     PA   19147          2            09/15/97         00
    0430434795                           05           11/01/97          0
    UNKNOWN                              N            10/01/27
    0


    1642532          201/G02             F           89,900.00         ZZ
                                         360         89,839.67          2
    4273-4275 JANET COURT              8.000            659.66         90
                                       7.750            659.66       99,900.00
1


    LILBURN          GA   30047          1            09/30/97         01
    0430448092                           05           11/01/97         25
    601566                               N            10/01/27
    0


    1642535          201/G02             F          131,800.00         ZZ
                                         360        131,715.96          1
    4230 FOREST COURT                  8.250            990.17         80
                                       8.000            990.17      164,750.00
    CONYERS          GA   33094          1            09/22/97         00
    0430444141                           05           11/01/97          0
    801301                               O            10/01/27
    0


    1642537          201/G02             F          208,000.00         ZZ
                                         360        207,867.36          1
    30 HIGHLANDS CREEK WAY             8.250          1,562.64         80
                                       8.000          1,562.64      260,000.00
    OXFORD           GA   30054          1            09/26/97         00
    0430444083                           05           11/01/97          0
    8012601                              O            10/01/27
    0


    1642550          H05/H05             F          270,000.00         ZZ
                                         360        270,000.00          1
    89 INDIAN HILL ROAD                8.875          2,148.24         60
                                       8.500          2,148.24      454,000.00
    WILTON           CT   06897          5            10/06/97         00
    70990316                             05           12/01/97          0
    70990316                             O            11/01/27
    0


    1642582          B35/G02             F          126,000.00         ZZ
                                         360        125,913.29          1
    608 GIRARD ST NE                   7.875            913.59         75
                                       7.625            913.59      170,000.00
    WASHINGTON       DC   20017          2            09/26/97         00
    0430441519                           05           11/01/97          0
    9782010715                           N            10/01/27
    0


    1642627          E13/G02             F          206,850.00         T
                                         360        206,850.00          1
    21205 YACHT CLUB DRIVE             8.875          1,645.80         70
    UNIT 1909                          8.625          1,645.80      295,500.00
    AVENTURA         FL   33180          1            10/01/97         00
    0430442582                           06           12/01/97          0
    227409                               O            11/01/27
    0
1




    1642632          E13/G02             F           46,800.00         ZZ
                                         360         46,773.75          1
    4009 WATERMAN AVENUE               8.875            372.37         90
                                       8.625            372.37       52,000.00
    TAMPA            FL   33609          1            09/30/97         10
    0430443564                           05           11/01/97         25
    226421                               N            10/01/27
    0


    1642637          560/560             F           60,000.00         ZZ
                                         360         59,961.74          1
    95312  RYAN GULCH ROAD             8.250            450.76         38
    BLDG C #95312                      8.000            450.76      159,900.00
    SILVERTHORNE     CO   80498          1            09/17/97         00
    450849443                            01           11/01/97          0
    450849443                            N            10/01/27
    0


    1642638          560/560             F           58,500.00         T
                                         360         58,430.67          1
    121 P TALL OAKS DRIVE              8.625            455.01         85
                                       8.375            455.01       69,000.00
    WEYMOUTH         MA   02190          5            08/29/97         04
    450829700                            01           10/01/97         20
    450829700                            O            09/01/27
    0


    1642666          638/G02             F          170,000.00         ZZ
                                         360        170,000.00          1
    1214 WILDER STREET                 8.250          1,277.15         62
                                       8.000          1,277.15      275,000.00
    THOUSAND OAKS    CA   91362          5            10/03/97         00
    0430474403                           05           12/01/97          0
    08665503                             O            11/01/27
    0


    1642676          765/G02             F          319,200.00         ZZ
                                         360        319,001.59          1
    627 VALLEY GROVE LANE              8.375          2,426.16         80
                                       8.125          2,426.16      399,000.00
    ESCONDIDO        CA   92025          5            09/25/97         00
    0430437012                           05           11/01/97          0
    141208                               O            10/01/27
    0


    1642679          450/450             F          136,000.00         ZZ
                                         360        136,000.00          1
1


    1555 TANNAHILL LANE                8.375          1,033.70         80
                                       8.125          1,033.70      170,000.00
    BLOOMFIELD TWP   MI   48304          1            10/07/97         00
    4404786                              01           12/01/97          0
    4404786                              O            11/01/27
    0


    1642684          K08/G02             F          208,000.00         ZZ
                                         360        207,870.72          1
    125 HAWTHORNE VALE                 8.375          1,580.95         80
                                       8.125          1,580.95      260,000.00
    RIDGELAND        MS   39157          5            09/24/97         00
    0410548911                           05           11/01/97          0
    410548911                            O            10/01/27
    0


    1642687          K08/G02             F           30,400.00         ZZ
                                         360         30,382.51          1
    16 BELVIDERE AVENUE UNIT #1R       8.750            239.16         95
                                       8.500            239.16       32,000.00
    JERSEY CITY      NJ   07304          1            09/26/97         01
    0410541338                           01           11/01/97         30
    410541338                            O            10/01/27
    0


    1642688          K08/G02             F           71,900.00         ZZ
                                         360         71,855.31          1
    2308 S BARCLIFF                    8.375            546.49         80
                                       8.125            546.49       89,900.00
    SPRINGFIELD      MO   65804          1            09/26/97         00
    0410528269                           05           11/01/97          0
    410528269                            O            10/01/27
    0


    1642690          K08/G02             F           37,350.00         ZZ
                                         360         37,330.13          1
    367 ABBIE ST SE                    9.125            303.89         90
                                       8.875            303.89       41,500.00
    WYOMING          MI   49548          1            09/26/97         04
    0410538201                           05           11/01/97         25
    410538201                            N            10/01/27
    0


    1642696          927/G02             F          106,400.00         ZZ
                                         360        106,337.18          1
    602 KELLEY ROAD                    8.625            827.57         70
                                       8.375            827.57      152,000.00
    WOODLAND PARK    CO   80863          5            09/23/97         00
    0430435172                           05           11/01/97          0
1


    305219                               N            10/01/27
    0


    1642699          927/G02             F           71,050.00         ZZ
                                         360         71,005.83          1
    3011 SOUTH FAIRFAX                 8.375            540.04         70
                                       8.125            540.04      101,500.00
    DENVER           CO   80222          5            09/23/97         00
    0430435552                           05           11/01/97          0
    305656                               N            10/01/27
    0


    1642700          K08/G02             F           72,000.00         ZZ
                                         360         71,955.25          1
    634 DOVE PLACE                     8.375            547.25         80
                                       8.125            547.25       90,000.00
    COLORADO SPRING  CO   80906          5            09/25/97         00
    0410548382                           03           11/01/97          0
    410548382                            O            10/01/27
    0


    1642702          K08/G02             F           94,000.00         ZZ
                                         360         93,938.51          1
    11908 ARABIAN ROAD                 8.125            697.95         80
                                       7.875            697.95      117,500.00
    AUSTIN           TX   78759          1            09/29/97         00
    0410554836                           05           11/01/97          0
    410554836                            O            10/01/27
    0


    1642703          K08/G02             F           30,400.00         ZZ
                                         360         30,383.39          1
    603 RIDGE CLUB DRIVE               9.000            244.61         80
    UNIT # 2                           8.750            244.61       38,000.00
    MELBOURNE        FL   32935          1            09/26/97         00
    0410543722                           01           11/01/97          0
    410543722                            N            10/01/27
    0


    1642707          K08/G02             F           70,000.00         ZZ
                                         360         69,955.36          1
    1800 LAKECREST COURT               8.250            525.89         80
                                       8.000            525.89       87,500.00
    CARROLLTON       TX   75006          1            09/22/97         00
    0410555718                           09           11/01/97          0
    410555718                            O            10/01/27
    0


1


    1642715          K08/G02             F           41,600.00         ZZ
                                         360         41,600.00          1
    703 SUNSET DRIVE                   8.500            319.87         80
                                       8.250            319.87       52,000.00
    EDMOND           OK   73003          5            10/02/97         00
    0410565634                           05           12/01/97          0
    410565634                            O            11/01/27
    0


    1642716          K08/G02             F          120,800.00         ZZ
                                         360        120,724.91          1
    17574 WINNEBAGO DRIVE              8.375            918.17         80
                                       8.125            918.17      151,000.00
    GRAYSLAKE        IL   60030          1            09/25/97         00
    0410535561                           05           11/01/97          0
    410535561                            O            10/01/27
    0


    1642717          965/G02             F           52,000.00         ZZ
                                         360         52,000.00          1
    9105 OBERON ROAD #2                8.500            399.84         65
                                       8.250            399.84       80,000.00
    ARVADA           CO   80004          1            10/09/97         00
    0430435636                           05           12/01/97          0
    3                                    N            11/01/27
    0


    1642718          K08/G02             F           99,000.00         ZZ
                                         360         98,951.30          4
    909 S EDGEBROOK                    9.500            832.45         90
                                       9.250            832.45      110,000.00
    OLATHE           KS   66061          1            09/26/97         11
    0410546469                           05           11/01/97         25
    410546469                            N            10/01/27
    0


    1642721          K08/G02             F           36,000.00         ZZ
                                         360         35,977.62          1
    1625 2ND AVENUE SE                 8.375            273.63         61
                                       8.125            273.63       59,900.00
    CAMBRIDGE        MN   55008          1            09/25/97         00
    0410538862                           03           11/01/97          0
    410538862                            O            10/01/27
    0


    1642723          K08/G02             F          100,700.00         ZZ
                                         360        100,634.13          1
    6741 APACHE BOULEVARD              8.125            747.69         80
                                       7.875            747.69      125,900.00
1


    WEST PALM BEACH  FL   33412          1            09/26/97         00
    0410536585                           05           11/01/97          0
    410536585                            O            10/01/27
    0


    1642724          K08/G02             F           30,000.00         ZZ
                                         360         29,984.45          1
    14421 N. PENNSYLVANIA UNIT G       9.250            246.80         64
                                       9.000            246.80       47,000.00
    OKLAHOMA CITY    OK   73134          1            09/24/97         00
    0410547970                           01           11/01/97          0
    410547970                            N            10/01/27
    0


    1642726          K08/G02             F           78,100.00         ZZ
                                         360         78,048.91          1
    728 WEST 1720 NORTH #114           8.125            579.89         75
                                       7.875            579.89      104,500.00
    PROVO            UT   84601          1            09/23/97         00
    0410536718                           01           11/01/97          0
    410536718                            N            10/01/27
    0


    1642727          965/G02             F           53,300.00         ZZ
                                         360         53,300.00          1
    3616 S. DEPEW STREET #301          8.500            409.83         62
                                       8.250            409.83       86,000.00
    DENVER           CO   80235          1            10/09/97         00
    0430435750                           05           12/01/97          0
    4                                    N            11/01/27
    0


    1642728          K08/G02             F           78,100.00         ZZ
                                         360         78,048.91          1
    728 WEST 1720 NORTH #117           8.125            579.89         75
                                       7.875            579.89      104,500.00
    PROVO            UT   84601          1            09/23/97         00
    0410536726                           01           11/01/97          0
    410536726                            N            10/01/27
    0


    1642731          K08/G02             F           50,400.00         ZZ
                                         360         50,374.55          2
    221-223 BARRETT PLACE              9.375            419.20         70
                                       9.125            419.20       72,000.00
    EDMOND           OK   73034          1            09/24/97         00
    0410547954                           05           11/01/97          0
    410547954                            N            10/01/27
    0
1




    1642733          K08/G02             F           83,600.00         ZZ
                                         360         83,548.04          1
    36460 LITTLE MACK                  8.375            635.42         80
                                       8.125            635.42      104,500.00
    CLINTON          MI   48035          1            09/24/97         00
    0410554083                           05           11/01/97          0
    410554083                            O            10/01/27
    0


    1642735          K08/G02             F          118,000.00         ZZ
                                         360        117,926.65          1
    3690 TROPICAL TRAIL SOUTH          8.375            896.89         80
                                       8.125            896.89      147,500.00
    MERRITT ISLAND   FL   32953          1            09/26/97         00
    0410542997                           05           11/01/97          0
    410542997                            O            10/01/27
    0


    1642739          K08/G02             F          185,250.00         ZZ
                                         360        185,131.87          1
    21 SONG SPARROW                    8.250          1,391.72         95
                                       8.000          1,391.72      195,000.00
    HILTON HEAD ISL  SC   29928          1            09/26/97         04
    0410545818                           03           11/01/97         30
    410545818                            O            10/01/27
    0


    1642743          K08/G02             F          171,000.00         ZZ
                                         360        170,882.32          1
    LOT 11 ASTON DRIVE                 7.875          1,239.87         78
    (RT 4 BOX 225)                     7.625          1,239.87      220,000.00
    BRIDGEPORT       TX   76426          2            09/29/97         00
    0410551139                           05           11/01/97          0
    410551139                            O            10/01/27
    0


    1642748          K08/G02             F           68,000.00         ZZ
                                         360         67,956.64          1
    10403 HIGH HOLLOWS DRIVE #102      8.250            510.86         80
                                       8.000            510.86       85,000.00
    DALLAS           TX   75230          1            09/30/97         10
    0410548358                           01           11/01/97         12
    410548358                            O            10/01/27
    0


    1642758          K08/G02             F           73,800.00         ZZ
                                         360         73,761.74          1
1


    3719 COOLIDGE                      9.250            607.13         90
                                       9.000            607.13       82,000.00
    ROYAL OAK        MI   48073          1            09/29/97         01
    0410551444                           05           11/01/97         25
    410551444                            N            10/01/27
    0


    1642759          K08/G02             F          207,200.00         ZZ
                                         360        206,646.08          1
    3517 DUMOND PLACE                  8.375          1,574.87         80
                                       8.125          1,574.87      259,000.00
    PLANO            TX   75025          1            09/29/97         00
    0410526735                           05           11/01/97          0
    410526735                            O            10/01/27
    0


    1642763          K08/G02             F           35,950.00         ZZ
                                         360         35,930.87          1
    16359 W 10TH AVENUE                9.125            292.50         90
                                       8.875            292.50       39,950.00
    GOLDEN           CO   80401          1            09/29/97         01
    0410533442                           01           11/01/97         25
    410533442                            N            10/01/27
    0


    1642765          K08/G02             F           72,500.00         ZZ
                                         360         72,418.42          1
    2407 LINDBERG DRIVE                8.875            576.84         89
                                       8.625            576.84       82,000.00
    ROCKFORD         IL   61109          2            08/27/97         04
    0410330682                           05           10/01/97         25
    410330682                            N            09/01/27
    0


    1642768          K08/G02             F           52,500.00         ZZ
                                         360         52,472.06          2
    2041 PIERCE STREET                 9.125            427.16         75
                                       8.875            427.16       70,000.00
    HOLLYWOOD        FL   33020          1            09/26/97         00
    0410553002                           05           11/01/97          0
    410553002                            N            10/01/27
    0


    1642770          405/405             F          123,000.00         ZZ
                                         360        122,923.55          1
    110 EAST POINTE                    8.375            934.89         75
                                       8.125            934.89      165,000.00
    FAIRPORT         NY   14450          1            09/25/97         00
    8325367                              05           11/01/97          0
1


    8325367                              O            10/01/27
    0


    1642773          K08/G02             F           67,450.00         ZZ
                                         360         67,411.19          1
    1201 BERING DRIVE #28              8.750            530.63         95
                                       8.500            530.63       71,000.00
    HOUSTON          TX   77057          1            09/23/97         12
    0410546766                           01           11/01/97         30
    410546766                            O            10/01/27
    0


    1642774          K08/G02             F          180,000.00         ZZ
                                         360        179,906.68          4
    LOT 13 TALL PINES                  9.250          1,480.82         80
                                       9.000          1,480.82      225,000.00
    ROSCOE           IL   61073          1            09/25/97         00
    0410529135                           05           11/01/97          0
    410529135                            N            10/01/27
    0


    1642775          K08/G02             F           46,710.00         T
                                         360         46,683.12          1
    3684 ADAMS                         8.750            367.47         90
                                       8.500            367.47       51,900.00
    GARY             IN   46409          1            09/25/97         04
    0410539241                           05           11/01/97         25
    410539241                            O            10/01/27
    0


    1642776          K08/G02             F           54,600.00         ZZ
                                         360         54,571.69          2
    321-323 SOUTH CLARK STREET         9.250            449.18         65
                                       9.000            449.18       84,000.00
    NEW ORLEANS      LA   70119          5            09/26/97         00
    0410549976                           05           11/01/97          0
    410549976                            N            10/01/27
    0


    1642777          K08/G02             F          192,000.00         ZZ
                                         360        191,892.36          4
    170 TAYLOR ROAD                    8.875          1,527.64         75
                                       8.625          1,527.64      257,200.00
    WALSENBURG       CO   81089          2            09/25/97         00
    0410495899                           05           11/01/97          0
    410495899                            N            10/01/27
    0


1


    1642784          K08/G02             F          578,400.00         ZZ
                                         360        578,011.91          1
    ROUTE 1 BOX 8 (FM 1155)            8.000          4,244.09         80
                                       7.750          4,244.09      723,000.00
    CHAPPELL HILL    TX   77426          1            09/24/97         00
    0410513279                           05           11/01/97          0
    410513279                            O            10/01/27
    0


    1642792          K08/G02             F           29,250.00         ZZ
                                         360         29,235.23          1
    1101 FLORENCE STREET               9.375            243.29         90
                                       9.125            243.29       32,500.00
    MCKINNEY         TX   75069          1            09/24/97         04
    0410535553                           05           11/01/97         25
    410535553                            N            10/01/27
    0


    1642793          B28/G02             F           47,500.00         ZZ
                                         360         47,472.66          2
    7381-7391 QUEBEC STREET            8.750            373.69         55
                                       8.500            373.69       87,000.00
    COMMERCE CITY    CO   80222          5            10/01/97         00
    0430435982                           05           11/01/97          0
    11970446                             N            10/01/27
    0


    1642794          K08/G02             F          148,000.00         ZZ
                                         360        147,912.62          1
    3308 TEAKWOOD LANE                 8.625          1,151.13         80
                                       8.375          1,151.13      185,000.00
    PLANO            TX   75075          1            09/24/97         00
    0410528756                           05           11/01/97          0
    410528756                            O            10/01/27
    0


    1642805          K08/G02             F          136,800.00         ZZ
                                         360        136,714.97          1
    200 N. MANHATTAN AVENUE            8.375          1,039.78         80
                                       8.125          1,039.78      171,000.00
    NORTH MASSAPEQU  NY   11758          1            09/23/97         00
    0410527162                           05           11/01/97          0
    410527162                            O            10/01/27
    0


    1642808          K08/G02             F           49,600.00         ZZ
                                         360         49,569.17          1
    254 HAMPTON AVENUE                 8.375            377.00         80
                                       8.125            377.00       62,000.00
1


    FLORENCE         AL   35630          2            09/25/97         00
    0410533178                           05           11/01/97          0
    410533178                            O            10/01/27
    0


    1642816          K08/G02             F          176,800.00         ZZ
                                         360        176,681.37          1
    203 WEBSTER STREET                 8.000          1,297.30         85
                                       7.750          1,297.30      208,000.00
    PETALUMA         CA   94952          5            09/26/97         23
    0410532576                           05           11/01/97          0
    410532576                            O            10/01/27
    0


    1642821          K08/G02             F          131,000.00         ZZ
                                         360        130,914.31          1
    23832 VIA LA CORUNA                8.125            972.67         55
                                       7.875            972.67      240,000.00
    MISSION VIEJO    CA   92691          2            09/24/97         00
    0410549844                           03           11/01/97          0
    410549844                            O            10/01/27
    0


    1642822          K08/G02             F           93,000.00         ZZ
                                         360         93,000.00          1
    18468 SANTA FE AVENUE              8.250            698.68         69
                                       8.000            698.68      135,000.00
    DEVORE           CA   92467          5            10/01/97         00
    0410551808                           05           12/01/97          0
    410551808                            O            11/01/27
    0


    1642824          K08/G02             F          148,500.00         ZZ
                                         360        148,500.00          1
    2202 PARKWAY DRIVE                 8.625          1,155.02         75
                                       8.375          1,155.02      198,000.00
    SANTA BARBARA    CA   93105          1            10/02/97         00
    0410560064                           05           12/01/97          0
    410560064                            N            11/01/27
    0


    1642825          B28/G02             F           77,500.00         ZZ
                                         360         77,451.83          1
    2400 SOUTH OSCEOLA STREET          8.375            589.06         80
                                       8.125            589.06       97,000.00
    DENVER           CO   80219          2            09/25/97         00
    0430436592                           05           11/01/97          0
    03970230                             N            10/01/27
    0
1




    1642826          K08/G02             F          180,000.00         BB
                                         360        178,382.63          1
    25800 WEBSTER PLACE                8.250          1,352.28         80
                                       8.000          1,352.28      225,000.00
    STEVENSON RANCH  CA   91381          2            09/30/97         00
    0410545214                           03           11/01/97          0
    410545214                            O            10/01/27
    0


    1642827          K08/G02             F          124,000.00         ZZ
                                         360        124,000.00          1
    69 WEST IMPERIAL STREET            8.250            931.57         80
                                       8.000            931.57      155,000.00
    WALLA WALLA      WA   99362          1            10/01/97         00
    0410561013                           05           12/01/97          0
    410561013                            O            11/01/27
    0


    1642828          G75/G75             F          200,000.00         ZZ
                                         360        199,277.05          1
    7079 SEITZ ROAD                    8.500          1,537.83         80
                                       8.250          1,537.83      250,000.00
    FELTON           PA   17322          1            09/25/97         00
    03330064                             05           11/01/97          0
    03330064                             O            10/01/27
    0


    1642833          927/G02             F          102,000.00         ZZ
                                         360        101,936.60          1
    6245 SPANISH MOSS AVENUE           8.375            775.28         84
                                       8.125            775.28      122,500.00
    LAS VEGAS        NV   89108          2            09/30/97         04
    0430436428                           05           11/01/97         12
    341404                               N            10/01/27
    0


    1642851          K08/G02             F           42,800.00         ZZ
                                         360         42,775.37          1
    853 MEADOW LANE                    8.750            336.71         70
                                       8.500            336.71       62,000.00
    LEXINGTON        KY   40505          2            09/19/97         00
    0410486013                           05           11/01/97          0
    410486013                            N            10/01/27
    0


    1642852          K08/G02             F           64,000.00         ZZ
                                         360         63,960.22          1
1


    635 LAPLAISANCE                    8.375            486.45         80
                                       8.125            486.45       80,000.00
    MONROE           MI   48161          1            09/25/97         00
    0410533368                           05           11/01/97          0
    410533368                            O            10/01/27
    0


    1642854          K08/G02             F          169,000.00         ZZ
                                         360        168,894.96          1
    5619 BLUFF PLACE                   8.375          1,284.52         94
                                       8.125          1,284.52      180,500.00
    CHEYENNE         WY   82009          2            09/23/97         04
    0410542864                           05           11/01/97         30
    410542864                            O            10/01/27
    0


    1642861          K08/G02             F          500,000.00         ZZ
                                         360        499,689.22          1
    2455 WEST HILL ROAD                8.375          3,800.36         80
                                       8.125          3,800.36      625,000.00
    STOWE            VT   05672          2            09/24/97         00
    0410539985                           05           11/01/97          0
    410539985                            O            10/01/27
    0


    1642863          K08/G02             F           36,900.00         ZZ
                                         360         36,881.36          2
    1441-43 NW 58 STREET               9.375            306.92         90
                                       9.125            306.92       41,000.00
    MIAMI            FL   33142          1            09/29/97         04
    0410492540                           05           11/01/97         25
    410492540                            N            10/01/27
    0


    1642864          K08/G02             F          138,600.00         ZZ
                                         360        138,524.29          2
    4541-4543 OSCEOLA STREET           9.000          1,115.21         90
                                       8.750          1,115.21      154,000.00
    DENVER           CO   80212          1            09/16/97         04
    0410495808                           05           11/01/97         25
    410495808                            N            10/01/27
    0


    1642865          E22/G02             F          189,150.00         ZZ
                                         360        189,029.39          2
    7052 & 7054 BRIAR MEADOW           8.250          1,421.02         75
                                       8.000          1,421.02      252,200.00
    DALLAS           TX   75230          1            09/29/97         00
    0410546303                           05           11/01/97          0
1


    410546303                            O            10/01/27
    0


    1642867          K08/G02             F          183,800.00         ZZ
                                         360        183,682.80          1
    6432 QUARTZ CIRCLE                 8.250          1,380.83         80
                                       8.000          1,380.83      229,784.00
    ARVADA           CO   80007          1            09/29/97         00
    0410558373                           03           11/01/97          0
    410558373                            O            10/01/27
    0


    1642872          K08/G02             F           67,100.00         ZZ
                                         360         67,060.38          2
    3405-07 SHRANGRI-LA STREET         8.625            521.90         80
                                       8.375            521.90       83,900.00
    CHALMETTE        LA   70043          1            09/29/97         00
    0410552806                           05           11/01/97          0
    410552806                            O            10/01/27
    0


    1642874          K08/G02             F          188,000.00         ZZ
                                         360        187,880.12          1
    3850 4 WIND WAY                    8.250          1,412.38         80
                                       8.000          1,412.38      235,000.00
    SKOKIE           IL   60076          5            09/25/97         00
    0410556203                           05           11/01/97          0
    410556203                            O            10/01/27
    0


    1642879          K08/G02             F           54,000.00         ZZ
                                         360         53,966.44          1
    831 READ AVENUE                    8.375            410.44         80
                                       8.125            410.44       67,500.00
    RUNNEMEDE        NJ   08078          1            09/29/97         00
    0410547079                           05           11/01/97          0
    410547079                            O            10/01/27
    0


    1642881          K08/G02             F          216,400.00         ZZ
                                         360        216,251.08          1
    4150 CREEK TRAIL DRIVE             7.875          1,569.05         80
                                       7.625          1,569.05      270,500.00
    WHITE CREEK      TN   37189          5            09/25/97         00
    0410452296                           05           11/01/97          0
    410452296                            O            10/01/27
    0


1


    1642887          K08/G02             F           30,600.00         ZZ
                                         360         30,583.72          1
    131 NORTH HAZELWOOD                9.125            248.97         90
                                       8.875            248.97       34,000.00
    YOUNGSTOWN       OH   44509          1            10/06/97         04
    0410545479                           05           11/01/97         25
    410545479                            N            10/01/27
    0


    1642890          K08/G02             F          142,400.00         ZZ
                                         360        142,309.20          1
    1201 W. LAMAR STREET               8.250          1,069.80         80
                                       8.000          1,069.80      178,000.00
    MCKINNEY         TX   75069          1            09/26/97         00
    0410550552                           05           11/01/97          0
    410550552                            O            10/01/27
    0


    1642893          K08/G02             F          127,200.00         ZZ
                                         360        127,118.89          1
    9745 EAST 158TH PLACE              8.250            955.61         80
                                       8.000            955.61      159,000.00
    BRIGHTON         CO   80601          1            09/29/97         00
    0410554372                           05           11/01/97          0
    410554372                            O            10/01/27
    0


    1642897          K08/G02             F          129,500.00         ZZ
                                         360        129,432.87          2
    3780-82 S.W. 27TH STREET           9.250          1,065.36         90
                                       9.000          1,065.36      145,000.00
    MIAMI            FL   33134          2            09/24/97         04
    0410545727                           05           11/01/97         25
    410545727                            N            10/01/27
    0


    1642900          K08/G02             F          128,000.00         ZZ
                                         360        127,922.46          1
    18403 EAST BELLEVIEW LANE          8.500            984.21         80
                                       8.250            984.21      160,000.00
    AURORA           CO   80015          1            09/30/97         00
    0410541718                           05           11/01/97          0
    410541718                            O            10/01/27
    0


    1642903          K08/G02             F           31,950.00         ZZ
                                         360         31,931.62          1
    500 E THIRD STREET                 8.750            251.35         90
                                       8.500            251.35       35,500.00
1


    CHEYENNE         WY   82007          1            09/25/97         04
    0410540405                           05           11/01/97         25
    410540405                            N            10/01/27
    0


    1642904          K08/G02             F           40,500.00         ZZ
                                         360         40,477.88          1
    14001 SPRING OAKS DR               9.000            325.87         90
                                       8.750            325.87       45,000.00
    BALCH SPRINGS    TX   75181          1            09/23/97         12
    0410543029                           05           11/01/97         25
    410543029                            N            10/01/27
    0


    1642905          K08/G02             F          221,000.00         ZZ
                                         360        221,000.00          1
    1129 SYCAMOREVIEW DRIVE            8.250          1,660.30         75
                                       8.000          1,660.30      295,000.00
    ENCINITAS        CA   92024          2            09/30/97         00
    0410524011                           05           12/01/97          0
    410524011                            O            11/01/27
    0


    1642907          K08/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
    506 DESNOK STREET                  8.000            587.01         80
                                       7.750            587.01      100,000.00
    NEEDLES          CA   92363          5            10/03/97         00
    0410567564                           05           12/01/97          0
    410567564                            O            11/01/27
    0


    1642910          K08/G02             F          212,000.00         ZZ
                                         360        212,000.00          2
    245-247 D AVENUE                   8.250          1,592.69         80
                                       8.000          1,592.69      265,000.00
    CORONADO         CA   92118          1            09/30/97         00
    0410566491                           05           12/01/97          0
    410566491                            O            11/01/27
    0


    1642911          K08/G02             F           47,000.00         ZZ
                                         360         46,969.26          1
    209 SOUTH BAY HARBOR DRIV          8.125            348.97         79
                                       7.875            348.97       60,000.00
    KEY LARGO        FL   33037          5            09/19/97         00
    0410548184                           05           11/01/97          0
    410548184                            O            10/01/27
    0
1




    1642915          K08/G02             F          300,000.00         ZZ
                                         360        299,822.88          1
    425 WEST ADELYN DRIVE              8.625          2,333.37         80
                                       8.375          2,333.37      375,000.00
    SAN GABRIEL      CA   91776          1            09/25/97         00
    0410555114                           05           11/01/97          0
    410555114                            O            10/01/27
    0


    1642927          K08/G02             F          218,500.00         ZZ
                                         360        218,500.00          2
    9235 CATHERINE & 9212 ALAMO ST     8.500          1,680.08         95
                                       8.250          1,680.08      230,000.00
    PICO RIVERA      CA   90660          2            10/01/97         04
    0410531297                           05           12/01/97         30
    410531297                            O            11/01/27
    0


    1642931          K08/G02             F          211,200.00         ZZ
                                         360        211,058.29          1
    10150 SNOWBIRD DRIVE               8.000          1,549.71         80
                                       7.750          1,549.71      264,000.00
    RANCHO CUCAMONG  CA   91737          1            09/26/97         00
    0410551907                           05           11/01/97          0
    410551907                            O            10/01/27
    0


    1642935          K08/G02             F           88,000.00         ZZ
                                         360         88,000.00          1
    6912 DRYWOOD WAY                   8.375            668.86         80
                                       8.125            668.86      110,000.00
    ORANGEVALE       CA   95662          1            10/07/97         23
    0410572366                           05           12/01/97          0
    410572366                            N            11/01/27
    0


    1642936          K08/G02             F          210,400.00         ZZ
                                         360        210,400.00          1
    911 COVENTRY CIRCLE                7.750          1,507.33         80
                                       7.500          1,507.33      263,000.00
    MILPITAS         CA   95035          1            10/06/97         00
    0410565006                           03           12/01/97          0
    410565006                            O            11/01/27
    0


    1642939          K08/G02             F           28,000.00         ZZ
                                         360         28,000.00          1
1


    6556 CHANNING DRIVE                8.250            210.35         39
                                       8.000            210.35       72,000.00
    NORTH HIGHLANDS  CA   95660          5            10/02/97         00
    0410555460                           05           12/01/97          0
    410555460                            O            11/01/27
    0


    1642944          K08/G02             F          127,200.00         ZZ
                                         360        127,200.00          1
    3403 WATERMAN COURT                8.375            966.81         80
                                       8.125            966.81      159,000.00
    SAN JOSE         CA   95127          1            10/01/97         00
    0410546493                           01           12/01/97          0
    410546493                            O            11/01/27
    0


    1642947          K08/G02             F          462,000.00         ZZ
                                         360        462,000.00          2
    3936 BALBOA STREET                 8.750          3,634.56         70
                                       8.500          3,634.56      660,000.00
    SAN FRANCISCO    CA   94121          2            10/02/97         00
    0410540199                           07           12/01/97          0
    410540199                            O            11/01/27
    0


    1642952          B28/G02             F          121,000.00         ZZ
                                         360        120,928.56          2
    1133 LOPEZ STREET                  8.625            941.13         74
                                       8.375            941.13      164,000.00
    SANTA FE         NM   87501          2            09/23/97         00
    0430447607                           05           11/01/97          0
    05970919                             N            10/01/27
    0


    1642981          608/G02             F           99,000.00         ZZ
                                         360         99,000.00          1
    4616 WEST AVENUE, 1ST FLOOR        8.875            787.69         90
                                       8.625            787.69      110,000.00
    OCEAN CITY       NJ   08226          1            10/10/97         01
    0430443861                           01           12/01/97         30
    98754                                N            11/01/27
    0


    1643019          731/G02             F           40,050.00         T
                                         360         40,050.00          1
    27 SEQUOIA DRIVE                   8.625            311.50         60
                                       8.375            311.50       67,500.00
    CEDAR SLOPE      CA   93265          5            10/06/97         00
    0430439737                           05           12/01/97          0
1


    712611481                            O            11/01/27
    0


    1643023          731/G02             F          224,950.00         ZZ
                                         360        224,950.00          1
    5041 WEST KNOLL DRIVE              8.250          1,689.97         71
                                       8.000          1,689.97      320,000.00
    YORBA LINDA      CA   92886          2            10/06/97         00
    0430449090                           05           12/01/97          0
    915980381                            O            11/01/27
    0


    1643024          664/G02             F           55,000.00         ZZ
                                         360         55,000.00          1
    7655 ROGERS STREET                 8.625            427.79         85
                                       8.375            427.79       65,000.00
    MACHESNEY PARK   IL   61115          1            10/06/97         01
    0430439471                           05           12/01/97         22
    2394088                              O            11/01/27
    0


    1643028          889/G02             F          630,000.00         ZZ
                                         360        629,566.44          1
    18 AVENIDA DE AZALEA               7.875          4,567.94         60
                                       7.625          4,567.94    1,050,000.00
    RANCHO PALOS VE  CA   90275          1            09/22/97         00
    0430443762                           03           11/01/97          0
    51800282                             O            10/01/27
    0


    1643043          K08/G02             F           42,000.00         ZZ
                                         360         41,320.19          1
    2125 33RD AVENUE                   8.250            315.53         74
                                       8.000            315.53       57,000.00
    VERO BEACH       FL   32960          5            09/25/97         00
    0410550446                           05           11/01/97          0
    410550446                            O            10/01/27
    0


    1643044          K08/G02             F           87,900.00         ZZ
                                         360         87,845.37          1
    15665 WEST 21ST STREET             8.375            668.10         80
                                       8.125            668.10      109,900.00
    WADSWORTH        IL   60098          1            09/25/97         00
    0410534051                           05           11/01/97          0
    410534051                            O            10/01/27
    0


1


    1643049          K08/G02             F          150,750.00         ZZ
                                         360        150,648.85          1
    3546 HUDSON LANE                   8.000          1,106.15         80
                                       7.750          1,106.15      188,438.00
    BOYNTON BEACH    FL   33462          1            09/26/97         00
    0410382493                           03           11/01/97          0
    410382493                            O            10/01/27
    0


    1643052          K08/G02             F           76,400.00         ZZ
                                         360         76,353.72          1
    4060 CRAWFORD ROAD                 8.500            587.45         79
                                       8.250            587.45       97,000.00
    ROANOKE          VA   24018          5            09/29/97         00
    0410514129                           05           11/01/97          0
    410514129                            O            10/01/27
    0


    1643055          K08/G02             F           36,400.00         ZZ
                                         360         36,379.60          1
    2025 AUGUSTA DRIVE                 8.875            289.61         71
    UNIT # 308                         8.625            289.61       51,400.00
    HOUSTON          TX   77057          1            09/24/97         00
    0410551428                           01           11/01/97          0
    410551428                            N            10/01/27
    0


    1643056          K08/G02             F           99,900.00         ZZ
                                         360         99,837.91          1
    7566 KINGSLEY COURT                8.375            759.31         80
                                       8.125            759.31      124,891.00
    LAKE WORTH       FL   33467          1            09/30/97         00
    0410533608                           03           11/01/97          0
    410533608                            O            10/01/27
    0


    1643057          K08/G02             F          250,700.00         ZZ
                                         360        250,536.01          1
    5960 CAPE CORAL DRIVE              8.125          1,861.44         87
                                       7.875          1,861.44      290,000.00
    AUSTIN           TX   78746          2            09/25/97         04
    0410555320                           05           11/01/97         25
    410555320                            O            10/01/27
    0


    1643060          K08/G02             F          113,400.00         ZZ
                                         360        113,338.05          1
    743 LIBERTY                        9.000            912.45         90
                                       8.750            912.45      126,000.00
1


    MILFORD          MI   48381          1            09/30/97         10
    0410564264                           05           11/01/97         25
    410564264                            N            10/01/27
    0


    1643061          K08/G02             F          124,200.00         ZZ
                                         360        124,124.76          3
    332 S.E. 10TH AVENUE               8.500            954.99         90
                                       8.250            954.99      138,000.00
    POMPANO BEACH    FL   33060          1            09/30/97         04
    0410551956                           05           11/01/97         25
    410551956                            O            10/01/27
    0


    1643063          K08/G02             F           71,500.00         ZZ
                                         360         71,457.79          1
    2733 W RANDOLPH                    8.625            556.12         95
                                       8.375            556.12       75,500.00
    SAINT CHARLES    MO   63301          2            09/19/97         04
    0410547277                           05           11/01/97         30
    410547277                            O            10/01/27
    0


    1643065          K08/G02             F          173,600.00         ZZ
                                         360        173,492.09          1
    3 SOUTH BELAIR AVENUE              8.375          1,319.49         80
                                       8.125          1,319.49      217,000.00
    CEDAR KNOLLS     NJ   07927          1            09/29/97         00
    0410434427                           05           11/01/97          0
    410434427                            O            10/01/27
    0


    1643066          K08/G02             F          135,200.00         ZZ
                                         360        135,109.28          1
    8155 W. GEDDES AVE.                8.000            992.05         80
                                       7.750            992.05      169,000.00
    LITTLETON        CO   80123          5            09/24/97         00
    0410554562                           05           11/01/97          0
    410554562                            O            10/01/27
    0


    1643070          K08/G02             F           37,900.00         ZZ
                                         360         37,878.19          1
    515 BASSWOOD AVENUE                8.750            298.16         95
    UNIT # 147                         8.500            298.16       39,900.00
    NASHVILLE        TN   37209          1            09/25/97         14
    0410559900                           01           11/01/97         30
    410559900                            O            10/01/27
    0
1




    1643071          K08/G02             F           47,700.00         ZZ
                                         360         47,677.74          2
    1115-17 INDEPENDENCE STREET        9.750            409.82         90
                                       9.500            409.82       53,000.00
    NEW ORLEANS      LA   70117          1            09/25/97         12
    0410529374                           05           11/01/97         25
    410529374                            N            10/01/27
    0


    1643072          K08/G02             F          102,750.00         ZZ
                                         360        102,687.75          1
    2709 S. WILLIAMS ST.               8.500            790.06         75
                                       8.250            790.06      137,000.00
    DENVER           CO   80210          5            09/23/97         00
    0410554653                           05           11/01/97          0
    410554653                            O            10/01/27
    0


    1643073          K08/G02             F           27,000.00         ZZ
                                         360         26,985.63          1
    2237 BLACKMORE STREET              9.125            219.68         90
                                       8.875            219.68       30,000.00
    SAGINAW          MI   48602          1            09/29/97         04
    0410550131                           05           11/01/97         25
    410550131                            N            10/01/27
    0


    1643074          K08/G02             F          248,000.00         ZZ
                                         360        247,837.78          1
    5394 NORTHWAY ROAD                 8.125          1,841.39         80
                                       7.875          1,841.39      310,000.00
    PLEASANTON       CA   94566          5            09/25/97         00
    0410556898                           05           11/01/97          0
    410556898                            O            10/01/27
    0


    1643075          K08/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
    3597 SPRINGFIELD DRIVE             8.000            792.47         80
                                       7.750            792.47      135,000.00
    FAIRFIELD        CA   94533          1            10/01/97         00
    0410544399                           05           12/01/97          0
    410544399                            O            11/01/27
    0


    1643076          K08/G02             F          175,050.00         T
                                         360        175,050.00          1
1


    18406 MUSTANG VALLEY PLACE         8.125          1,299.74         90
                                       7.875          1,299.74      194,500.00
    GRASS VALLEY     CA   95949          1            10/03/97         04
    0410555932                           05           12/01/97         25
    410555932                            O            11/01/27
    0


    1643077          K08/G02             F          177,600.00         ZZ
                                         360        177,600.00          1
    4892 SERRA AVENUE                  7.875          1,287.72         80
                                       7.625          1,287.72      222,000.00
    FREMONT          CA   94538          1            10/07/97         00
    0410503668                           05           12/01/97          0
    410503668                            O            11/01/27
    0


    1643085          K08/G02             F          175,100.00         ZZ
                                         360        175,100.00          1
    11243 SOUTHEAST 306TH PLACE        8.375          1,330.89         80
                                       8.125          1,330.89      218,995.00
    AUBURN           WA   98002          1            10/07/97         00
    0410555510                           05           12/01/97          0
    410555510                            O            11/01/27
    0


    1643121          E22/G02             F           43,750.00         ZZ
                                         360         43,727.32          1
    708 STRIPER                        9.250            359.92         70
                                       9.000            359.92       62,500.00
    NIXA             MO   65714          5            09/24/97         00
    0410493621                           05           11/01/97          0
    410493621                            N            10/01/27
    0


    1643122          K08/G02             F           48,600.00         ZZ
                                         360         48,574.13          1
    1951 J E WOODY ROAD                9.125            395.43         90
                                       8.875            395.43       54,000.00
    SPRINGTOWN       TX   76082          1            09/22/97         04
    0410522270                           05           11/01/97         25
    410522270                            N            10/01/27
    0


    1643128          K08/G02             F           42,600.00         ZZ
                                         360         42,572.14          1
    3701 TANGLEWILDE UNIT #3701        8.125            316.30         90
                                       7.875            316.30       47,400.00
    HOUSTON          TX   77063          1            09/25/97         11
    0410540678                           01           11/01/97         25
1


    410540678                            O            10/01/27
    0


    1643129          K08/G02             F           50,000.00         ZZ
                                         360         49,968.92          1
    1065 CIRCLE DRIVE                  8.375            380.04         80
                                       8.125            380.04       63,000.00
    LAS CRUCES       NM   88005          2            09/29/97         00
    0410526214                           05           11/01/97          0
    410526214                            N            10/01/27
    0


    1643130          E22/G02             F          110,000.00         ZZ
                                         360        109,931.63          1
    3420 OARFISH LANE                  8.375            836.08         64
                                       8.125            836.08      174,000.00
    OXNARD           CA   93035          2            09/18/97         00
    0410477483                           05           11/01/97          0
    410477483                            N            10/01/27
    0


    1643132          K08/G02             F          184,200.00         ZZ
                                         360        184,099.39          2
    5604 CREEK MEADOWS                 9.000          1,482.11         80
                                       8.750          1,482.11      230,284.00
    AUSTIN           TX   78731          1            09/25/97         00
    0410324016                           05           11/01/97          0
    410324016                            N            10/01/27
    0


    1643133          K08/G02             F          183,600.00         ZZ
                                         360        183,499.71          2
    5607 CREEK MEADOWS                 9.000          1,477.29         80
                                       8.750          1,477.29      229,501.00
    AUSTIN           TX   78731          1            09/25/97         00
    0410324008                           05           11/01/97          0
    410324008                            N            10/01/27
    0


    1643136          K08/G02             F           54,000.00         T
                                         360         53,969.72          1
    188 BEACH CLUB VILLA               8.875            429.65         90
                                       8.625            429.65       60,000.00
    FRIPP ISLAND     SC   29920          1            09/24/97         04
    0410495931                           01           11/01/97         25
    410495931                            O            10/01/27
    0


1


    1643139          K08/G02             F           93,600.00         ZZ
                                         360         93,543.30          1
    194 DI DIO CIRCLE                  8.500            719.70         80
                                       8.250            719.70      117,000.00
    MOORESVILLE      NC   28115          1            10/01/97         00
    0410495592                           05           11/01/97          0
    410495592                            O            10/01/27
    0


    1643140          K08/G02             F           47,700.00         ZZ
                                         360         47,675.92          2
    2729-31 TUPELO STREET              9.375            396.74         90
                                       9.125            396.74       53,000.00
    KENNER           LA   70062          1            09/24/97         04
    0410526743                           05           11/01/97         25
    410526743                            N            10/01/27
    0


    1643141          K08/G02             F           47,700.00         ZZ
                                         360         47,675.92          2
    2733-35 TUPELO STREET              9.375            396.74         90
                                       9.125            396.74       53,000.00
    KENNER           LA   70062          1            09/24/97         10
    0410526750                           05           11/01/97         25
    410526750                            N            10/01/27
    0


    1643143          E22/G02             F          125,000.00         ZZ
                                         360        124,926.20          3
    619 N. MCPHERRIN AVENUE            8.625            972.24         49
                                       8.375            972.24      260,000.00
    MONTEREY PARK    CA   91754          2            09/12/97         00
    0410461123                           05           11/01/97          0
    410461123                            N            10/01/27
    0


    1643150          904/G02             F          116,000.00         T
                                         360        115,931.51          1
    6116 WEST CHERRY SPRINGS COURT     8.625            902.24         78
                                       8.375            902.24      149,188.00
    WEST VALLEY CIT  UT   84118          1            09/26/97         00
    0430442012                           05           11/01/97          0
    SHAERER                              O            10/01/27
    0


    1643155          937/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
    936 E CRANDALL AVENUE              8.375            729.67         80
                                       8.125            729.67      120,000.00
1


    SALT LAKE CITY   UT   84106          5            10/08/97         00
    0430445486                           05           12/01/97          0
    10419070                             O            11/01/27
    0


    1643157          937/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
    8581 SOUTH ESCALANTE DRIVE         8.375          1,155.31         80
                                       8.125          1,155.31      190,000.00
    SANDY            UT   84093          1            10/08/97         00
    0430438085                           05           12/01/97          0
    11885070                             O            11/01/27
    0


    1643160          904/G02             F           94,500.00         ZZ
                                         360         94,500.00          1
    2486 SOUTH 1300 EAST               8.750            743.44         90
                                       8.500            743.44      105,000.00
    SALT LAKE CITY   UT   84106          1            10/10/97         04
    0430438093                           05           12/01/97         25
    BAKER                                N            11/01/27
    0


    1643166          A06/G02             F           84,700.00         ZZ
                                         360         84,700.00          1
    30900 PLUM                         8.875            673.92         70
                                       8.625            673.92      121,000.00
    MADISON HEIGHTS  MI   48071          1            10/09/97         00
    0430445494                           01           12/01/97          0
    00100000712446                       N            11/01/27
    0


    1643178          E84/G02             F           40,050.00         ZZ
                                         360         40,028.13          1
    4915 OAKWOOD TRAIL                 9.000            322.25         90
                                       8.750            322.25       44,500.00
    INDIANAPOLIS     IN   46268          1            09/29/97         10
    0430436964                           09           11/01/97         30
    PS9700066                            N            10/01/27
    0


    1643190          E26/G02             F           56,700.00         ZZ
                                         360         56,700.00          1
    1531 ALDER COURT                   9.000            456.23         90
                                       8.750            456.23       63,000.00
    ATLANTA          GA   30317          1            10/02/97         01
    0430445098                           05           12/01/97         25
    33700106                             N            11/01/27
    0
1




    1643204          405/405             F          121,500.00         ZZ
                                         360        121,418.47          1
    25 HACKNEY COURT                   8.000            891.53         73
                                       7.750            891.53      168,000.00
    WENTZVILLE       MO   63385          5            09/29/97         00
    8328247                              05           11/01/97          0
    8328247                              O            10/01/27
    0


    1643220          076/076             F          100,000.00         ZZ
                                         360         99,678.41          1
    LOT D WILBUR ROAD                  8.500            768.91         58
                                       8.250            768.91      175,000.00
    LINCOLN          RI   02865          1            08/28/97         00
    6058222                              05           10/01/97          0
    6058222                              O            09/01/27
    0


    1643222          076/076             F          126,700.00         ZZ
                                         360        126,537.85          1
    477 MAPLERANDA ROAD                8.250            951.86         80
                                       8.000            951.86      158,426.00
    BUMPASS          VA   23024          1            08/15/97         00
    7091556                              05           10/01/97          0
    7091556                              O            09/01/27
    0


    1643224          076/076             F          155,300.00         ZZ
                                         360        155,115.96          2
    3-5 TERAGRAM STREET                8.625          1,207.91         95
                                       8.375          1,207.91      163,500.00
    EAST BOSTON      MA   02128          1            08/18/97         04
    7101909                              05           10/01/97         30
    7101909                              O            09/01/27
    0


    1643225          076/076             F          106,100.00         ZZ
                                         360        105,467.44          1
    700 FOX VALLEY DRIVE               8.500            815.82         90
                                       8.250            815.82      117,900.00
    LONGWOOD         FL   32779          1            08/22/97         01
    7103664                              03           10/01/97         25
    7103664                              N            09/01/27
    0


    1643226          076/076             F          142,500.00         ZZ
                                         360        142,303.21          1
1


    5735 BARTHOLOW ROAD                7.875          1,033.23         93
                                       7.625          1,033.23      154,000.00
    SYKESVILLE       MD   21784          2            08/13/97         01
    7103704                              05           10/01/97         30
    7103704                              O            09/01/27
    0


    1643227          076/076             F           93,100.00         ZZ
                                         360         92,980.85          1
    9532 RAINIER CIRCLE                8.250            699.43         70
                                       8.000            699.43      133,000.00
    NAVARRE          FL   32566          1            08/22/97         00
    7104280                              03           10/01/97          0
    7104280                              O            09/01/27
    0


    1643228          076/076             F           83,000.00         ZZ
                                         360         82,827.51          1
    2902 HUTCHINS WALK COURT           7.875            601.81         64
                                       7.625            601.81      131,000.00
    SNELLVILLE       GA   30278          2            07/30/97         00
    7105310                              05           09/01/97          0
    7105310                              O            08/01/27
    0


    1643229          076/076             F           76,000.00         ZZ
                                         360         75,900.23          4
    1012 11TH AVENUE WEST              8.125            564.30         95
                                       7.875            564.30       80,000.00
    PALMETTO         FL   34221          1            08/21/97         19
    7105597                              05           10/01/97         30
    7105597                              O            09/01/27
    0


    1643230          076/076             F          133,600.00         ZZ
                                         360        133,437.55          1
    3646 STARBURST COURT               8.500          1,027.27         80
                                       8.250          1,027.27      167,000.00
    MULBERRY         FL   33860          1            08/22/97         00
    7105820                              03           10/01/97          0
    7105820                              O            09/01/27
    0


    1643232          076/076             F          106,000.00         ZZ
                                         360        105,880.70          1
    4411 HARRISON STREET NW            8.875            843.39         40
                                       8.625            843.39      270,000.00
    WASHINGTON       DC   20015          2            08/06/97         00
    7106015                              07           10/01/97          0
1


    7106015                              N            09/01/27
    0


    1643233          076/076             F           53,100.00         ZZ
                                         360         53,041.76          4
    5 BROOKLINE STREET                 9.000            427.26         90
                                       8.750            427.26       59,000.00
    WEBSTER          MA   01570          1            08/15/97         04
    7106318                              05           10/01/97         25
    7106318                              O            09/01/27
    0


    1643234          076/076             F           50,000.00         ZZ
                                         360         49,936.00          1
    4609 BISMARK HILLS WAY NE          8.250            375.64         46
                                       8.000            375.64      109,490.00
    RIO RANCHO       NM   87124          1            08/15/97         00
    7106462                              05           10/01/97          0
    7106462                              O            09/01/27
    0


    1643235          076/076             F           50,000.00         ZZ
                                         360         49,937.62          1
    600 VILLA VERDE DRIVE SE           8.375            380.04         58
                                       8.125            380.04       86,500.00
    RIO RANCHO       NM   87124          1            08/27/97         00
    7108025                              05           10/01/97          0
    7108025                              O            09/01/27
    0


    1643236          076/076             F          110,000.00         ZZ
                                         360        109,862.78          2
    955 BUENA VISTA ROAD               8.375            836.08         60
                                       8.125            836.08      184,000.00
    HOLLISTER        CA   95023          1            08/22/97         00
    7108959                              05           10/01/97          0
    7108959                              N            09/01/27
    0


    1643237          076/076             F          120,350.00         ZZ
                                         360        120,218.02          1
    1250 CLINTON DRIVE                 9.000            968.37         90
                                       8.750            968.37      133,750.00
    EUGENE           OR   97401          1            08/28/97         01
    7109326                              05           10/01/97         25
    7109326                              N            09/01/27
    0


1


    1643238          076/076             F          137,700.00         ZZ
                                         360        137,540.96          1
    4030 LOCH HIGHLAND PASS            8.750          1,083.29         85
                                       8.500          1,083.29      162,000.00
    ROSWELL          GA   30075          1            08/22/97         10
    7109550                              03           10/01/97         20
    7109550                              N            09/01/27
    0


    1643239          076/076             F          223,200.00         ZZ
                                         360        222,914.36          1
    7508 EAST WINDLAWN WAY             8.250          1,676.83         80
                                       8.000          1,676.83      279,000.00
    PARKER           CO   80134          1            08/28/97         00
    7110046                              05           10/01/97          0
    7110046                              O            09/01/27
    0


    1643240          076/076             F          161,600.00         ZZ
                                         360        161,376.83          1
    1616 SOBRA COURT SE                7.875          1,171.72         80
                                       7.625          1,171.72      202,000.00
    ALBUQUERQUE      NM   87123          1            08/29/97         00
    7110141                              05           10/01/97          0
    7110141                              O            09/01/27
    0


    1643241          076/076             F           81,000.00         ZZ
                                         360         80,913.45          1
    1366 RITTENHOUSE STREET NW         9.125            659.05         90
                                       8.875            659.05       90,000.00
    WASHINGTON       DC   20011          1            08/29/97         11
    7111015                              05           10/01/97         30
    7111015                              N            09/01/27
    0


    1643242          076/076             F           43,400.00         ZZ
                                         360         43,353.63          1
    328 PEAR AVE                       9.125            353.12         70
                                       8.875            353.12       62,000.00
    HAMPTON          VA   23661          5            08/04/97         00
    8429522                              05           10/01/97          0
    8429522                              N            09/01/27
    0


    1643243          076/076             F          135,000.00         ZZ
                                         360        134,844.09          1
    297 COLCHESTER AVENUE              8.750          1,062.05         90
                                       8.500          1,062.05      150,000.00
1


    BURLINGTON       VT   05401          1            08/27/97         12
    8430662                              05           10/01/97         25
    8430662                              N            09/01/27
    0


    1643244          076/076             F           87,800.00         ZZ
                                         360         87,693.24          1
    2414 NORTH 127TH LANE              8.500            675.11         66
                                       8.250            675.11      134,842.00
    AVONDALE         AZ   85323          1            08/27/97         00
    8430912                              03           10/01/97          0
    8430912                              O            09/01/27
    0


    1643245          076/076             F           70,000.00         ZZ
                                         360         69,795.90          1
    6 FARNHAM DRIVE                    8.000            513.64         57
                                       7.750            513.64      124,800.00
    BELLA VISTA      AR   72714          1            07/03/97         00
    8478662                              03           09/01/97          0
    8478662                              O            08/01/27
    0


    1643246          076/076             F          174,250.00         ZZ
                                         360        173,881.70          1
    5403 ROTHMERE N                    8.625          1,355.30         85
                                       8.375          1,355.30      205,000.00
    PEORIA           IL   61615          1            07/16/97         10
    8535602                              05           09/01/97         20
    8535602                              N            08/01/27
    0


    1643247          076/076             F           51,000.00         ZZ
                                         360         50,915.79          1
    309 ALMOND DRIVE EAST              9.000            410.36         75
                                       8.750            410.36       68,000.00
    WASHINGTON       IL   61571          1            07/10/97         00
    8547112                              05           09/01/97          0
    8547112                              N            08/01/27
    0


    1643248          076/076             F          292,000.00         ZZ
                                         360        291,393.18          1
    32931 NORTH PEAK DRIVE             7.875          2,117.20         80
                                       7.625          2,117.20      367,000.00
    TRABUCO CANYON   CA   92679          2            07/16/97         00
    8556032                              05           09/01/97          0
    8556032                              O            08/01/27
    0
1




    1643249          076/076             F          128,000.00         ZZ
                                         360        127,753.42          1
    7603 WEST LOVERS LANE              8.250            961.63         80
                                       8.000            961.63      160,000.00
    DALLAS           TX   75225          1            07/08/97         00
    8563292                              05           09/01/97          0
    8563292                              O            08/01/27
    0


    1643251          076/076             F          147,200.00         ZZ
                                         360        147,021.00          1
    1632 LEE DRIVE                     8.500          1,131.85         76
                                       8.250          1,131.85      195,500.00
    EDGEWATER        MD   21037          4            08/27/97         00
    8580542                              05           10/01/97          0
    8580542                              O            09/01/27
    0


    1643252          076/076             F          120,000.00         ZZ
                                         360        119,727.92          1
    28810 SUMMIT                       8.875            954.77         65
                                       8.625            954.77      187,000.00
    NOVI             MI   48377          5            06/26/97         00
    8582082                              05           08/01/97          0
    8582082                              O            07/01/27
    0


    1643253          076/076             F           36,850.00         ZZ
                                         360         36,769.48          1
    1114 ROYAL DRIVE                   7.625            260.82         73
                                       7.375            260.82       50,900.00
    KAUFMAN          TX   75142          1            07/03/97         00
    8586112                              05           09/01/97          0
    8586112                              N            08/01/27
    0


    1643255          076/076             F           28,800.00         ZZ
                                         360         28,767.58          1
    524 NORTHWEST STREET               8.875            229.15         90
                                       8.625            229.15       32,000.00
    YORK             PA   17404          1            08/18/97         19
    8604192                              05           10/01/97         25
    8604192                              N            09/01/27
    0


    1643256          076/076             F          258,400.00         ZZ
                                         360        258,085.79          1
1


    105 CIRCLE AVENUE                  8.500          1,986.88         80
                                       8.250          1,986.88      323,000.00
    MILL VALLEY      CA   94941          1            08/15/97         00
    8612522                              05           10/01/97          0
    8612522                              O            09/01/27
    0


    1643257          076/076             F          104,000.00         ZZ
                                         360        103,108.81          1
    518 GREGORY AVENUE                 8.875            827.47         78
    UNIT C-404                         8.625            827.47      134,000.00
    WEEHAWKEN        NJ   07087          1            08/27/97         00
    8621102                              01           10/01/97          0
    8621102                              O            09/01/27
    0


    1643258          076/076             F           64,350.00         ZZ
                                         360         64,238.10          1
    1241 MT VERNON DR                  8.750            506.25         90
                                       8.500            506.25       71,500.00
    BLOOMINGTON      IL   61704          1            07/23/97         10
    8623252                              05           09/01/97         25
    8623252                              N            08/01/27
    0


    1643259          076/076             F           58,000.00         ZZ
                                         360         57,821.90          1
    628 SOUTHERN HILLS DRIVE           8.000            425.59         75
    2C                                 7.750            425.59       78,000.00
    ARNOLD           MD   21012          2            08/29/97         00
    8630632                              01           10/01/97          0
    8630632                              N            09/01/27
    0


    1643260          076/076             F           73,800.00         ZZ
                                         360         73,667.51          1
    202 LAKE ONTARIO                   8.250            554.43         90
                                       8.000            554.43       82,000.00
    SLIDELL          LA   70461          1            08/14/97         12
    8650372                              05           10/01/97         25
    8650372                              O            09/01/27
    0


    1643261          076/076             F           27,000.00         ZZ
                                         360         26,968.82          1
    1533 BLOCK STREET                  8.750            212.41         90
                                       8.500            212.41       30,000.00
    PORT NECHES      TX   77651          1            08/29/97         14
    8661422                              05           10/01/97         25
1


    8661422                              N            09/01/27
    0


    1643263          076/076             F           32,400.00         ZZ
                                         360         32,358.54          1
    5362 PRESCOTT                      8.250            243.41         90
                                       8.000            243.41       36,000.00
    BATON ROUGE      LA   70805          1            09/04/97         12
    8665342                              05           10/01/97         25
    8665342                              N            09/01/27
    0


    1643265          076/076             F           39,200.00         ZZ
                                         360         39,069.10          2
    135 EAST EMMETT                    9.000            315.41         80
                                       8.750            315.41       49,000.00
    BATTLE CREEK     MI   49015          1            04/30/97         10
    8683742                              05           06/01/97         12
    8683742                              N            05/01/27
    0


    1643266          076/076             F           76,500.00         ZZ
                                         360         76,453.65          1
    3223 GREENRIDGE DRIVE              8.500            588.22         75
                                       8.250            588.22      102,000.00
    MISSOURI CITY    TX   77459          1            09/03/97         00
    8685362                              03           11/01/97          0
    8685362                              O            10/01/27
    0


    1643267          076/076             F           49,500.00         ZZ
                                         360         49,468.43          1
    100 LAKE POINTE DRIVE              8.250            371.88         90
                                       8.000            371.88       55,000.00
    WARNER ROBINS    GA   31088          1            09/05/97         12
    8698602                              05           11/01/97         25
    8698602                              N            10/01/27
    0


    1643269          076/076             F           63,700.00         ZZ
                                         360         63,628.30          1
    3603 SINCLAIR AVENUE               8.875            506.83         90
                                       8.625            506.83       70,800.00
    MIDLAND          TX   79707          1            08/26/97         01
    8709472                              05           10/01/97         25
    8709472                              N            09/01/27
    0


1


    1643270          076/076             F           27,000.00         ZZ
                                         360         26,970.39          1
    4704 WILSHIRE DRIVE                9.000            217.25         90
                                       8.750            217.25       30,000.00
    MIDLAND          TX   79703          1            08/21/97         01
    8709492                              05           10/01/97         25
    8709492                              N            09/01/27
    0


    1643271          076/076             F          100,000.00         ZZ
                                         360         99,937.85          1
    12821 MOORPARK STREET              8.375            760.07         67
    #8                                 8.125            760.07      150,000.00
    STUDIO CITY      CA   91604          1            09/12/97         00
    8716092                              01           11/01/97          0
    8716092                              O            10/01/27
    0


    1643272          076/076             F           50,000.00         ZZ
                                         360         49,936.02          1
    2128 W UNIVERSITY                  8.250            375.63         55
                                       8.000            375.63       91,500.00
    STILLWATER       OK   74074          1            08/30/97         00
    8721772                              05           10/01/97          0
    8721772                              O            09/01/27
    0


    1643273          076/076             F          120,000.00         ZZ
                                         360        119,864.94          1
    271 MAIN STREET                    8.875            954.78         69
                                       8.625            954.78      175,000.00
    ELIZABETH        CO   80107          1            08/29/97         00
    8727712                              05           10/01/97          0
    8727712                              O            09/01/27
    0


    1643274          076/076             F          107,550.00         ZZ
                                         360        107,481.42          1
    7333 EAST MONTE AVENUE             8.250            807.99         90
                                       8.000            807.99      119,500.00
    MESA             AZ   85208          1            09/08/97         14
    8755342                              03           11/01/97         25
    8755342                              N            10/01/27
    0


    1643278          405/405             F           51,300.00         ZZ
                                         360         51,272.69          1
    8601 MANCHESTER ROAD               9.125            417.40         90
    #517                               8.875            417.40       57,000.00
1


    SILVER SPRING    MD   20901          1            09/29/97         10
    8269987                              08           11/01/97         25
    8269987                              N            10/01/27
    0


    1643287          757/757             F          155,000.00         ZZ
                                         360        154,903.66          1
    4802 PEBBLE BEACH CIRCLE           8.375          1,178.11         53
                                       8.125          1,178.11      292,500.00
    WILSON           NC   27896          4            09/26/97         00
    3209277                              05           11/01/97          0
    3209277                              O            10/01/27
    0


    1643291          455/G02             F           22,500.00         ZZ
                                         360         22,486.36          1
    1162 OAK VILLAS COURT              8.500            173.01         75
                                       8.250            173.01       30,000.00
    CONYERS          GA   30207          1            09/30/97         00
    0430443697                           01           11/01/97          0
    56860                                N            10/01/27
    0


    1643400          904/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
    11940 EAST 24660 NORTH             8.750            629.37         64
                                       8.500            629.37      125,500.00
    FAIRVIEW         UT   84629          5            10/22/97         00
    0430463356                           05           12/01/97          0
    231746                               O            11/01/27
    0


    1643513          G75/G75             F          103,500.00         ZZ
                                         360        103,380.46          1
    5 ELMWOOD STREET                   8.750            814.24         90
                                       8.500            814.24      115,000.00
    WORCESTER        MA   01602          1            08/29/97         10
    03318943                             05           10/01/97         25
    03318943                             N            09/01/27
    0


    1643521          G75/G75             F          100,000.00         ZZ
                                         360         99,865.35          1
    21121 BETHEL CHURCH ROAD           8.000            733.77         80
                                       7.750            733.77      125,000.00
    CORNELIUS        NC   28031          1            08/29/97         00
    03332222                             05           10/01/97          0
    03332222                             N            09/01/27
    0
1




    1643524          G75/G75             F          160,000.00         ZZ
                                         360        159,892.64          1
    824 OVERLOOK DRIVE                 8.000          1,174.03         80
                                       7.750          1,174.03      200,000.00
    FRANKFURT        IL   60423          1            09/15/97         00
    03342918                             05           11/01/97          0
    03342918                             O            10/01/27
    0


    1643658          G75/G75             F          244,000.00         ZZ
                                         360        243,836.28          1
    11509 DROP FORGE LANE              8.000          1,790.39         80
                                       7.750          1,790.39      305,000.00
    RESTON           VA   22091          5            09/22/97         00
    03347413                             03           11/01/97          0
    03347413                             O            10/01/27
    0


    1643659          G75/G75             F          100,000.00         ZZ
                                         360         99,931.18          1
    252 BERKELEY ROAD                  7.875            725.07         80
                                       7.625            725.07      125,000.00
    GLENSIDE         PA   19038          1            09/22/97         00
    03305023                             05           11/01/97          0
    03305023                             O            10/01/27
    0


    1643662          G75/G75             F          135,000.00         ZZ
                                         360        134,922.33          1
    286 OAKWOOD DRIVE                  8.750          1,062.05         54
                                       8.500          1,062.05      251,000.00
    PARAMUS          NJ   07652          5            08/29/97         00
    03311785                             05           11/01/97          0
    03311785                             O            10/01/27
    0


    1643664          G75/G75             F           67,500.00         ZZ
                                         360         67,458.04          4
    1912 BERNICE STREET                8.375            513.05         90
                                       8.125            513.05       75,000.00
    HALTOM CITY      TX   76112          1            09/26/97         10
    03363227                             05           11/01/97         25
    03363227                             N            10/01/27
    0


    1643665          G75/G75             F           89,000.00         ZZ
                                         360         88,891.77          1
1


    15517 MOTTERS STATION RJOAD        8.500            684.34         55
                                       8.250            684.34      164,000.00
    ROCKY RIDGE      MD   21778          1            08/12/97         00
    03320809                             05           10/01/97          0
    03320809                             O            09/01/27
    0


    1643666          G75/G75             F           93,500.00         ZZ
                                         360         93,444.79          1
    421 BATTLE AVENUE                  8.625            727.24         68
                                       8.375            727.24      137,500.00
    FRANKLIN         TN   37064          1            09/30/97         00
    03351107                             05           11/01/97          0
    03351107                             O            10/01/27
    0


    1643669          G75/G75             F          156,000.00         ZZ
                                         360        156,000.00          2
    16 CAMBRIDGE ROAD                  8.375          1,185.72         53
                                       8.125          1,185.72      295,000.00
    VERONA           NJ   07044          2            09/30/97         00
    03317989                             05           12/01/97          0
    03317989                             O            11/01/27
    0


    1643680          G75/G75             F           58,150.00         ZZ
                                         360         58,087.87          1
    1218 MCCAMERON AVENUE              9.125            473.13         90
                                       8.875            473.13       64,650.00
    LOCKPORT         IL   60441          1            09/04/97         10
    03318246                             05           10/01/97         25
    03318246                             N            09/01/27
    0


    1643683          G75/G75             F           45,450.00         ZZ
                                         360         45,424.51          1
    2214 WREN AVENUE                   8.875            361.63         90
                                       8.625            361.63       50,500.00
    HAMILTON         OH   45014          1            09/30/97         14
    03369142                             05           11/01/97         25
    03369142                             N            10/01/27
    0


    1643757          E13/G02             F          145,320.00         T
                                         360        145,320.00          1
    21205 YACHT CLUB DRIVE #1907       8.875          1,156.24         70
                                       8.625          1,156.24      207,600.00
    AVENTURA         FL   33180          1            10/03/97         00
    0430447433                           06           12/01/97          0
1


    227408                               O            11/01/27
    0


    1643759          E13/G02             F          280,000.00         T
                                         360        280,000.00          1
    21205 YACHT CLUB DRIVE #2609       8.875          2,227.81         80
                                       8.625          2,227.81      350,000.00
    AVENTURA         FL   33180          1            10/02/97         00
    0430462192                           06           12/01/97          0
    227407                               O            11/01/27
    0


    1643781          731/G02             F          105,200.00         ZZ
                                         360        105,200.00          1
    5335 MILDRED STREET                7.625            744.60         80
                                       7.375            744.60      131,500.00
    SIMI VALLEY      CA   93063          1            10/07/97         00
    0430447904                           05           12/01/97          0
    8000617                              O            11/01/27
    0


    1643785          664/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
    4507 KATHERINE AVENUE              8.375          2,736.27         90
                                       8.125          2,736.27      400,000.00
    SHERMAN OAKS AR  CA   91423          1            10/01/97         19
    0430444505                           05           12/01/97         25
    2386001                              O            11/01/27
    0


    1643791          816/G02             F          114,750.00         ZZ
                                         360        114,683.98          2
    880 NORTH 700 WEST                 8.750            902.74         90
                                       8.500            902.74      127,500.00
    PROVO            UT   84604          1            09/26/97         12
    0430441782                           05           11/01/97         25
    900450                               O            10/01/27
    0


    1643797          A37/G02             F          260,800.00         ZZ
                                         360        260,800.00          1
    614 DEERHILL COURT                 8.250          1,959.31         80
                                       8.000          1,959.31      326,000.00
    CARPENTERSVILLE  IL   60110          2            10/07/97         00
    0430445718                           03           12/01/97          0
    97W115340                            O            11/01/27
    0


1


    1643828          766/G02             F          135,900.00         ZZ
                                         360        135,825.77          1
    11361 S W 144TH AVE                9.000          1,093.48         90
                                       8.750          1,093.48      151,000.00
    MIAMI            FL   33186          1            09/23/97         11
    0430443192                           05           11/01/97         25
    97SG0460                             N            10/01/27
    0


    1643837          G75/G75             F          112,250.00         ZZ
                                         360        112,178.42          2
    2703 A&B BLUFF VIEW DRIVE          8.250            843.30         90
                                       8.000            843.30      124,750.00
    GREENVILLE       NC   27834          1            09/29/97         14
    03361564                             05           11/01/97         25
    03361564                             N            10/01/27
    0


    1643839          369/G02             F           61,200.00         ZZ
                                         360         61,166.57          4
    1321 W. BECKER LANE                9.000            492.43         90
                                       8.750            492.43       68,000.00
    PHOENIX          AZ   85019          1            09/17/97         01
    0430444034                           05           11/01/97         25
    0060772670                           N            10/01/27
    0


    1643840          G75/G75             F           44,950.00         ZZ
                                         360         44,922.77          1
    5247 MEADOW CREEK DRIVE            8.500            345.63         60
                                       8.250            345.63       75,000.00
    AUSTIN           TX   78745          5            09/19/97         00
    03340887                             05           11/01/97          0
    03340887                             N            10/01/27
    0


    1643843          G75/G75             F          221,300.00         ZZ
                                         360        221,172.68          1
    950 MAYFAIR WAY                    8.750          1,740.97         76
                                       8.500          1,740.97      295,000.00
    PLAINFIELD       NJ   07060          1            09/30/97         00
    03347742                             05           11/01/97          0
    03347742                             O            10/01/27
    0


    1643845          G75/G75             F           55,600.00         ZZ
                                         360         55,569.62          1
    6082 LALAGRAY LANE                 9.000            447.38         90
                                       8.750            447.38       61,800.00
1


    WATAUGA          TX   76148          1            09/26/97         10
    03363099                             05           11/01/97         25
    03363099                             N            10/01/27
    0


    1643848          G75/G75             F           75,200.00         ZZ
                                         360         75,148.24          1
    2417 IDLEWOOD DRIVE                7.875            545.26         80
                                       7.625            545.26       94,000.00
    GARLAND          TX   75040          1            09/19/97         00
    03351614                             05           11/01/97          0
    03351614                             O            10/01/27
    0


    1643849          369/G02             F           52,650.00         ZZ
                                         360         52,618.11          1
    1526 EAST 19TH STREET              8.500            404.83         90
                                       8.250            404.83       58,500.00
    PUEBLO           CO   81001          1            09/16/97         01
    0430443994                           05           11/01/97         25
    49877723                             N            10/01/27
    0


    1643853          G75/G75             F           82,000.00         ZZ
                                         360         81,796.12          1
    4212 GOODSON CT                    8.625            637.79         85
                                       8.375            637.79       96,500.00
    BEL CAMP         MD   21017          2            08/22/97         14
    03333399                             09           10/01/97         12
    03333399                             O            09/01/27
    0


    1643854          369/G02             F          106,200.00         ZZ
                                         360        106,140.46          4
    7232 E. BELLEVIEW STREET           8.875            844.98         90
                                       8.625            844.98      118,000.00
    SCOTTSDALE       AZ   85257          1            09/23/97         01
    0430444026                           05           11/01/97         25
    0060772696                           N            10/01/27
    0


    1643878          369/G02             F           31,950.00         ZZ
                                         360         31,932.55          1
    1841 N GRACELAND AVENUE            9.000            257.08         90
                                       8.750            257.08       35,500.00
    DECATUR          IL   62526          1            09/26/97         01
    0430443986                           05           11/01/97         25
    0049011497                           N            10/01/27
    0
1




    1643883          369/G02             F           77,000.00         T
                                         360         76,950.90          1
    921 PENNLYN PLACE                  8.250            578.48         61
                                       8.000            578.48      127,000.00
    OCEAN CITY       NJ   08022          2            09/25/97         00
    0430444059                           01           11/01/97          0
    61018206                             O            10/01/27
    0


    1643886          K08/G02             F           38,700.00         ZZ
                                         360         38,677.16          1
    251 172ND STREET UNIT #220         8.625            301.00         90
                                       8.375            301.00       43,000.00
    NORTH MIAMI BEA  FL   33160          1            09/26/97         04
    0410534564                           01           11/01/97         30
    410534564                            O            10/01/27
    0


    1643895          K08/G02             F           61,650.00         ZZ
                                         360         61,616.33          1
    8301 ARLINGTON DR                  9.000            496.05         90
                                       8.750            496.05       68,500.00
    OKLAHOMA CITY    OK   73132          1            09/30/97         04
    0410558050                           05           11/01/97         25
    410558050                            N            10/01/27
    0


    1643900          K08/G02             F           31,400.00         ZZ
                                         360         31,383.29          1
    100 CAMBRIDGE STREET UNIT #136     9.125            255.48         90
                                       8.875            255.48       34,900.00
    HOUSTON          TX   77054          1            09/30/97         04
    0410561195                           01           11/01/97         25
    410561195                            N            10/01/27
    0


    1643901          K08/G02             F           53,100.00         ZZ
                                         360         53,066.99          1
    15923 PFEIFFER DRIVE               8.375            403.60         90
                                       8.125            403.60       59,000.00
    HOUSTON          TX   77082          1            09/30/97         11
    0410480958                           03           11/01/97         25
    410480958                            N            10/01/27
    0


    1643903          K08/G02             F           36,900.00         ZZ
                                         360         36,879.84          1
1


    3623 MARCHANT ROAD                 9.000            296.91         90
                                       8.750            296.91       41,000.00
    HOUSTON          TX   77033          1            09/26/97         04
    0410547657                           05           11/01/97         25
    410547657                            N            10/01/27
    0


    1643904          K08/G02             F           38,700.00         ZZ
                                         360         38,677.74          1
    901 W 22ND STREET UNIT #201        8.750            304.45         90
                                       8.500            304.45       43,000.00
    AUSTIN           TX   78705          1            09/30/97         04
    0410557565                           01           11/01/97         25
    410557565                            O            10/01/27
    0


    1643907          K08/G02             F          101,250.00         ZZ
                                         360        101,185.43          1
    6711 BANCROFT RD                   8.250            760.66         75
                                       8.000            760.66      135,000.00
    BANCROFT         MI   48414          5            09/24/97         00
    0410546824                           05           11/01/97          0
    410546824                            O            10/01/27
    0


    1643912          K08/G02             F           87,500.00         ZZ
                                         360         87,500.00          1
    6228 EAGLE LAKE DRIVE              8.500            672.80         73
                                       8.250            672.80      120,000.00
    MAPLE GROVE      MN   55369          5            10/03/97         00
    0410329551                           05           12/01/97          0
    410329551                            O            11/01/27
    0


    1643913          K08/G02             F          108,000.00         ZZ
                                         360        107,936.24          1
    23722 WILLOW SWITCH                8.625            840.01         80
                                       8.375            840.01      135,000.00
    SPRING           TX   77389          2            09/26/97         00
    0410522551                           05           11/01/97          0
    410522551                            O            10/01/27
    0


    1643914          K08/G02             F           53,100.00         ZZ
                                         360         53,066.99          1
    6111 RYEGATE DRIVE                 8.375            403.60         90
                                       8.125            403.60       59,000.00
    HOUSTON          TX   77041          1            09/30/97         04
    0410480941                           03           11/01/97         25
1


    410480941                            N            10/01/27
    0


    1643915          K08/G02             F           75,000.00         ZZ
                                         360         74,953.39          1
    1047 BEAR CIRCLE NE                8.375            570.05         73
                                       8.125            570.05      103,500.00
    CAMBRIDGE        MN   55008          1            09/25/97         00
    0410514442                           05           11/01/97          0
    410514442                            O            10/01/27
    0


    1643918          K08/G02             F           78,000.00         ZZ
                                         360         77,950.26          1
    929 SCULL CROSSING (CO RD 417)     8.250            585.99         80
                                       8.000            585.99       97,500.00
    LA VERNIA        TX   78155          4            09/24/97         00
    0410530679                           05           11/01/97          0
    410530679                            O            10/01/27
    0


    1643920          K08/G02             F          156,000.00         ZZ
                                         360        155,892.64          1
    175 NEW LONDON AVENUE              7.875          1,131.11         80
                                       7.625          1,131.11      195,000.00
    WARWICK          RI   02886          2            09/24/97         00
    0410531743                           05           11/01/97          0
    410531743                            O            10/01/27
    0


    1643924          K08/G02             F           62,900.00         ZZ
                                         360         62,669.11          2
    701 AND 703 HAWN CIRCLE            9.375            523.17         90
                                       9.125            523.17       69,900.00
    ABILENE          TX   79605          1            09/22/97         11
    0410481659                           05           11/01/97         25
    410481659                            N            10/01/27
    0


    1643932          K08/G02             F           90,000.00         T
                                         360         89,946.87          1
    459 HOLLINGSHEAD LOOP              8.625            700.01         71
                                       8.375            700.01      128,400.00
    DAVENPORT        FL   33837          1            09/19/97         00
    0410437933                           03           11/01/97          0
    410437933                            O            10/01/27
    0


1


    1643935          369/G02             F           58,900.00         ZZ
                                         360         58,866.97          1
    8840 N 200 W                       8.875            468.64         90
                                       8.625            468.64       65,500.00
    HUNTINGTON       IN   46750          1            09/26/97         01
    0430445031                           05           11/01/97         25
    112130004                            N            10/01/27
    0


    1643937          K08/G02             F           75,600.00         ZZ
                                         360         75,373.49          2
    17308 EDDON AVE                    9.625            642.59         90
                                       9.375            642.59       84,000.00
    MELVINDALE       MI   48122          1            09/12/97         04
    0410484737                           05           11/01/97         25
    410484737                            N            10/01/27
    0


    1643951          286/286             F           97,750.00         ZZ
                                         360         97,697.98          4
    2101-2103 19TH AVE                 9.125            795.33         85
                                       8.875            795.33      115,000.00
    ROCKFORD         IL   61104          1            09/12/97         11
    0008643315                           05           11/01/97         20
    0008643315                           N            10/01/27
    0


    1643969          G75/G75             F          141,600.00         ZZ
                                         360        141,427.81          1
    571 PRINCESS COURT                 8.500          1,088.79         80
                                       8.250          1,088.79      177,000.00
    TOMS RIVER       NJ   08753          1            08/11/97         00
    03314438                             05           10/01/97          0
    03314438                             O            09/01/27
    0


    1643981          G75/G75             F          138,400.00         ZZ
                                         360        138,231.71          1
    6101 VICTORIA DRIVE                8.500          1,064.18         80
                                       8.250          1,064.18      173,000.00
    OAK FOREST       IL   60452          1            08/22/97         00
    03315276                             05           10/01/97          0
    03315276                             O            09/01/27
    0


    1643989          G75/G75             F           56,000.00         ZZ
                                         360         55,911.46          1
    71 E MAIN STREET                   7.875            406.04         70
                                       7.625            406.04       80,000.00
1


    PLAINFIELD       PA   17081          1            09/12/97         00
    03329845                             05           11/01/97          0
    03329845                             O            10/01/27
    0


    1643996          G75/G75             F          156,000.00         ZZ
                                         360        155,577.07          1
    VSR647 290 POPLAR NECK ROAD        8.000          1,144.68         80
                                       7.750          1,144.68      195,000.00
    WHITESTONE       VA   22578          1            08/11/97         00
    03340534                             05           10/01/97          0
    03340534                             O            09/01/27
    0


    1644006          G75/G75             F           67,500.00         ZZ
                                         360         67,458.04          4
    1916 BERNICE STREET                8.375            513.05         90
                                       8.125            513.05       75,000.00
    HALTOM CITY      TX   76112          1            09/26/97         14
    03362895                             05           11/01/97         25
    03362895                             N            10/01/27
    0


    1644010          624/G02             F          176,400.00         ZZ
                                         360        176,400.00          1
    2538 LA GRAN VIA                   8.000          1,294.36         69
                                       7.750          1,294.36      258,000.00
    CARLSBAD         CA   92009          2            10/21/97         00
    0430462770                           05           12/01/97          0
    37007370033                          O            11/01/27
    0


    1644013          568/G02             F           50,100.00         ZZ
                                         360         50,071.17          1
    2822 MILL POINT DR                 8.750            394.14         52
                                       8.500            394.14       97,000.00
    HENDERSON        NV   89014          1            09/27/97         00
    0430439406                           09           11/01/97          0
    809261                               O            10/01/27
    0


    1644018          G75/G75             F          128,900.00         ZZ
                                         360        128,751.14          3
    304 SECOND ST                      8.750          1,014.06         60
                                       8.500          1,014.06      215,000.00
    HACKENSACK       NJ   07601          5            08/22/97         00
    03308613                             05           10/01/97          0
    03308613                             N            09/01/27
    0
1




    1644030          G75/G75             F           63,000.00         ZZ
                                         360         62,929.10          3
    17 HUDSON STREET                   8.875            501.26         90
                                       8.625            501.26       70,000.00
    PROVIDENCE       RI   02909          1            08/29/97         10
    03326320                             05           10/01/97         25
    03326320                             N            09/01/27
    0


    1644033          637/G02             F           95,400.00         ZZ
                                         360         95,345.11          1
    1301 54TH STREET                   8.750            750.52         90
                                       8.500            750.52      106,000.00
    SACRAMENTO       CA   95819          1            09/12/97         04
    0430472803                           05           11/01/97         25
    9895723                              N            10/01/27
    0


    1644034          G75/G75             F           56,000.00         ZZ
                                         240         55,710.68          3
    202 LAWRENCE STREET                8.500            485.99         80
                                       8.250            485.99       70,000.00
    MIDDLETOWN       PA   17057          1            09/29/97         00
    03358858                             05           11/01/97          0
    03358858                             N            10/01/17
    0


    1644039          G75/G75             F           54,000.00         ZZ
                                         360         53,968.12          1
    3209 CENTER STREET                 8.625            420.01         90
                                       8.375            420.01       60,000.00
    GREENSBORO       NC   27407          1            09/26/97         14
    03360702                             05           11/01/97         25
    03360702                             N            10/01/27
    0


    1644042          637/G02             F           70,000.00         ZZ
                                         360         69,951.83          1
    2000 SUMMER COVE COURT #101        7.875            507.55         41
                                       7.625            507.55      172,900.00
    LAS VEGAS        NV   89134          1            09/17/97         00
    0430440099                           01           11/01/97          0
    9647280                              O            10/01/27
    0


    1644043          G75/G75             F           61,650.00         ZZ
                                         360         61,576.94          1
1


    5507 LYNBROOK LANDING              8.625            479.51         90
                                       8.375            479.51       68,500.00
    VIRGINIA BEACH   VA   23462          2            08/12/97         10
    03320859                             07           10/01/97         25
    03320859                             N            09/01/27
    0


    1644046          G75/G75             F           50,950.00         ZZ
                                         360         50,919.13          2
    183 PINE STREET                    8.500            391.77         90
                                       8.250            391.77       56,650.00
    FITCHBURG        MA   01420          1            09/29/97         14
    03349986                             03           11/01/97         25
    03349986                             N            10/01/27
    0


    1644058          G75/G75             F          216,000.00         ZZ
                                         360        215,744.02          2
    2805 XERXES AVENUE SOUTH           8.625          1,680.03         80
                                       8.375          1,680.03      270,000.00
    MINNEAPOLIS      MN   55416          1            08/29/97         00
    03244427                             05           10/01/97          0
    03244427                             O            09/01/27
    0


    1644060          G75/G75             F           52,200.00         ZZ
                                         360         52,142.75          1
    2142 DOUGLAS STREET                9.000            420.02         90
                                       8.750            420.02       58,000.00
    ROCKFORD         IL   61103          1            08/22/97         10
    03339341                             05           10/01/97         30
    03339341                             N            09/01/27
    0


    1644063          405/405             F          211,500.00         ZZ
                                         360        211,387.44          3
    3014 BARKER AVENUE                 9.125          1,720.84         90
                                       8.875          1,720.84      235,000.00
    BRONX            NY   10467          1            10/01/97         12
    8265688                              05           11/01/97         25
    8265688                              O            10/01/27
    0


    1644066          776/G02             F          386,250.00         ZZ
                                         360        386,027.78          1
    16075 NORTHFIELD STREET            8.750          3,038.63         75
                                       8.500          3,038.63      515,000.00
    LOS ANGELES      CA   90272          1            09/23/97         00
    0430446609                           05           11/01/97          0
1


    2326023                              O            10/01/27
    0


    1644072          G75/G75             F           68,800.00         ZZ
                                         360         68,753.83          1
    3523 OAKFORT                       8.000            504.84         80
                                       7.750            504.84       86,000.00
    SAN ANTONIO      TX   78247          1            09/26/97         00
    03367439                             05           11/01/97          0
    03367439                             N            10/01/27
    0


    1644077          G75/G75             F           92,800.00         ZZ
                                         360         92,737.73          1
    107 GETTYSBURG STREET              8.000            680.94         80
                                       7.750            680.94      116,000.00
    DILLSBURG        PA   17019          1            09/12/97         00
    03328728                             05           11/01/97          0
    03328728                             O            10/01/27
    0


    1644086          862/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
    25992 KAYWOOD WAY                  7.750          1,432.83         80
                                       7.500          1,432.83      250,000.00
    ESCONDIDO        CA   92026          1            10/03/97         00
    0430441600                           05           12/01/97          0
    4552550                              O            11/01/27
    0


    1644087          G75/G75             F           50,600.00         ZZ
                                         360         50,538.46          1
    74 MANON WAY                       8.500            389.09         80
                                       8.250            389.09       64,000.00
    LEXINGTON PARK   MD   20653          1            08/28/97         00
    03347336                             09           10/01/97          0
    03347336                             N            09/01/27
    0


    1644090          731/G02             F          186,000.00         ZZ
                                         360        186,000.00          1
    3130 INCLINADO                     8.375          1,413.73         80
                                       8.125          1,413.73      232,500.00
    SAN CLEMENTE     CA   92673          1            10/09/97         00
    0430447938                           03           12/01/97          0
    411511398                            O            11/01/27
    0


1


    1644093          G75/G75             F           79,700.00         ZZ
                                         360         79,656.46          1
    10740 EDWARDSVILLE ROAD            9.000            641.29         70
                                       8.750            641.29      113,900.00
    GERMAN VALLEY    IL   61039          1            09/05/97         00
    03353961                             05           11/01/97          0
    03353961                             N            10/01/27
    0


    1644096          G75/G75             F          137,600.00         ZZ
                                         360        137,505.30          1
    701 LYNNWOOD BOULEVARD             7.875            997.70         43
                                       7.625            997.70      320,000.00
    NASHVILLE        TN   37205          1            09/22/97         00
    03362491                             05           11/01/97          0
    03362491                             O            10/01/27
    0


    1644098          G75/G75             F           51,000.00         ZZ
                                         360         50,970.66          1
    331 VINE ST                        8.750            401.22         85
                                       8.500            401.22       60,000.00
    BETHLEHEM        PA   18016          2            09/22/97         04
    03321647                             05           11/01/97         20
    03321647                             N            10/01/27
    0


    1644106          G75/G75             F          210,350.00         ZZ
                                         360        210,059.51          1
    1212 FORT MORGAN PLACE             7.875          1,525.19         80
                                       7.625          1,525.19      262,995.00
    BRENTWOOD        TN   37027          1            08/18/97         00
    03154832                             03           10/01/97          0
    03154832                             O            09/01/27
    0


    1644111          G75/G75             F           50,000.00         ZZ
                                         360         49,940.74          2
    3517 N FOREST PARK AVE             8.625            388.90         53
                                       8.375            388.90       95,000.00
    BALTIMORE        MD   21216          5            08/22/97         00
    03335812                             05           10/01/97          0
    03335812                             N            09/01/27
    0


    1644113          G75/G75             F           58,100.00         ZZ
                                         360         58,029.35          2
    6548 S DREXEL AVENUE               8.500            446.74         75
                                       8.250            446.74       77,500.00
1


    CHICAGO          IL   60637          1            08/22/97         00
    03334909                             05           10/01/97          0
    03334909                             O            09/01/27
    0


    1644115          G75/G75             F          132,800.00         ZZ
                                         360        132,719.55          1
    129 CRESTFIELD PLACE               8.500          1,021.12         80
                                       8.250          1,021.12      166,000.00
    FRANKLIN         TN   37069          1            09/30/97         00
    03367566                             03           11/01/97          0
    03367566                             O            10/01/27
    0


    1644117          G75/G75             F           61,100.00         ZZ
                                         360         61,031.24          1
    3378 EZELL ROAD                    8.875            486.14         90
                                       8.625            486.14       67,900.00
    ANTIOCH          TN   37013          1            08/18/97         14
    03326558                             05           10/01/97         30
    03326558                             N            09/01/27
    0


    1644119          G75/G75             F           90,000.00         ZZ
                                         360         89,948.21          1
    4609 WATKINS ROAD                  8.750            708.04         90
                                       8.500            708.04      100,000.00
    RALEIGH          NC   27616          1            09/08/97         10
    03337082                             05           11/01/97         25
    03337082                             N            10/01/27
    0


    1644121          G75/G75             F          101,400.00         T
                                         360        101,343.15          1
    340 BALSAM LANE                    8.875            806.79         65
                                       8.625            806.79      156,000.00
    BANNER ELK       NC   28604          2            09/12/97         00
    03344099                             05           11/01/97          0
    03344099                             O            10/01/27
    0


    1644127          G75/G75             F           80,000.00         ZZ
                                         360         79,953.96          1
    2056 STRATFORD COURT               8.750            629.37         80
                                       8.500            629.37      100,000.00
    LOVELAND         OH   45140          1            09/30/97         00
    03365245                             01           11/01/97          0
    03365245                             O            10/01/27
    0
1




    1644140          G75/G75             F          323,000.00         ZZ
                                         360        322,586.64          1
    500 N PARHAM ROAD                  8.250          2,426.60         74
                                       8.000          2,426.60      438,000.00
    RICHMOND         VA   23229          1            08/25/97         00
    03321813                             05           10/01/97          0
    03321813                             O            09/01/27
    0


    1644149          131/G02             F          108,000.00         ZZ
                                         360        107,927.53          1
    6432 APPLEWOOD CT                  8.000            792.47         80
                                       7.750            792.47      135,000.00
    WOODBURY         MN   55125          1            09/26/97         00
    0430444117                           05           11/01/97          0
    1071856                              O            10/01/27
    0


    1644157          608/G02             F          113,600.00         ZZ
                                         360        113,600.00          1
    465 COUNTRY CLUB ROAD              9.125            924.29         80
                                       8.875            924.29      142,000.00
    CAMP HILL        PA   17011          1            10/10/97         00
    0430447102                           05           12/01/97          0
    99263                                O            11/01/27
    0


    1644173          K08/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
    1224 POMPANO STREET                8.500          1,014.97         80
                                       8.250          1,014.97      167,000.00
    SAN JOSE         CA   95122          2            09/30/97         00
    0410551543                           05           12/01/97          0
    410551543                            O            11/01/27
    0


    1644174          K08/G02             F          128,800.00         ZZ
                                         360        128,800.00          1
    80 LAKE VILLAGE DRIVE UNIT #D      7.750            922.74         80
                                       7.500            922.74      161,000.00
    ZEPHYR COVE      NV   89448          1            10/01/97         00
    0410558605                           09           12/01/97          0
    410558605                            O            11/01/27
    0


    1644186          K08/G02             F          140,000.00         ZZ
                                         360        140,000.00          4
1


    1721-1727 SOUTH CENTRAL AVE        8.875          1,113.90         75
                                       8.625          1,113.90      187,000.00
    VISALIA          CA   93277          2            10/09/97         00
    0410553838                           05           12/01/97          0
    410553838                            N            11/01/27
    0


    1644187          K08/G02             F          140,000.00         ZZ
                                         360        140,000.00          4
    1711-1717 SOUTH CENTRAL AVENUE     8.875          1,113.90         75
                                       8.625          1,113.90      187,000.00
    VISALIA          CA   93277          2            10/09/97         00
    0410553853                           05           12/01/97          0
    410553853                            N            11/01/27
    0


    1644189          K08/G02             F          140,000.00         ZZ
                                         360        140,000.00          4
    1731-1737 SOUTH CENTRAL AVENUE     8.875          1,113.90         75
                                       8.625          1,113.90      187,000.00
    VISALIA          CA   93277          2            10/09/97         00
    0410553879                           05           12/01/97          0
    410553879                            N            11/01/27
    0


    1644192          K08/G02             F          140,000.00         ZZ
                                         360        140,000.00          4
    1741-1747 SOUTH CENTRAL AVE        8.875          1,113.90         75
                                       8.625          1,113.90      187,000.00
    VISALIA          CA   93277          2            10/09/97         00
    0410553887                           05           12/01/97          0
    410553887                            N            11/01/27
    0


    1644194          405/405             F          168,000.00         E
                                         360        167,884.38          1
    13876 PASEO CEVERA                 7.875          1,218.12         80
                                       7.625          1,218.12      210,000.00
    SAN DIEGO        CA   92129          1            09/22/97         00
    008320418                            05           11/01/97          0
    008320418                            N            10/01/27
    0


    1644223          405/405             F          145,750.00         ZZ
                                         360        145,663.95          4
    1562 MOTOR AVENUE                  8.625          1,133.63         86
                                       8.375          1,133.63      171,000.00
    SOUTH ST PAUL    MN   55075          1            09/18/97         01
    008331324                            05           11/01/97         25
1


    008331324                            N            10/01/27
    0


    1644243          E26/G02             F           63,000.00         ZZ
                                         360         62,964.68          1
    9515M UNIVERSITY TERRACE DRIVE     8.875            501.26         90
                                       8.625            501.26       70,000.00
    CHARLOTTE        NC   28262          1            09/29/97         04
    0430446344                           01           11/01/97         25
    50700977                             N            10/01/27
    0


    1644245          405/405             F          110,700.00         ZZ
                                         360        110,559.55          2
    #1 & #3 BAYSIDE                    8.750            870.88         90
                                       8.500            870.88      123,000.00
    LAKE ST. LOUIS   MO   63367          1            09/11/97         14
    8306698                              03           11/01/97         25
    8306698                              N            10/01/27
    0


    1644247          E26/G02             F           51,600.00         ZZ
                                         360         51,600.00          1
    4-G BRIAR COURT                    8.625            401.34         88
                                       8.375            401.34       59,000.00
    OCEAN VIEW       DE   19978          2            10/09/97         11
    0430446633                           01           12/01/97         25
    40700582                             N            11/01/27
    0


    1644327          964/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
    1040 HONEYWOOD DRIVE               8.000            733.76         60
                                       7.750            733.76      166,900.00
    CORONA           CA   91720          1            10/01/97         00
    0430437905                           05           12/01/97          0
    28334                                O            11/01/27
    0


    1644329          G52/G02             F           82,400.00         ZZ
                                         360         82,400.00          1
    696 NORTH CITADEL AVENUE           8.500            633.59         80
                                       8.250            633.59      103,000.00
    TUCSON           AZ   85748          1            10/07/97         00
    0430445528                           05           12/01/97          0
    225352                               O            11/01/27
    0


1


    1644336          G32/G02             F          100,100.00         ZZ
                                         360        100,100.00          1
    205 OXFORD COURT                   9.125            814.45         90
                                       8.875            814.45      111,254.00
    OSWEGO           IL   60543          1            10/08/97         12
    0430441774                           09           12/01/97         25
    UNKNOWN                              N            11/01/27
    0


    1644337          K08/G02             F          121,100.00         ZZ
                                         360        121,100.00          1
    4005 TEA ROSE COURT                8.375            920.45         75
                                       8.125            920.45      161,490.00
    CAMERON PARK     CA   95682          1            10/09/97         00
    0410570410                           05           12/01/97          0
    410570410                            N            11/01/27
    0


    1644346          K08/G02             F          125,600.00         ZZ
                                         360        125,600.00          1
    1001 WEST ROBERT AVENUE            8.250            943.59         80
                                       8.000            943.59      157,000.00
    OXNARD           CA   93030          1            10/02/97         00
    0410530109                           05           12/01/97          0
    410530109                            O            11/01/27
    0


    1644349          K08/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
    3409 WEST 2ND STREET               7.750            644.77         72
                                       7.500            644.77      125,000.00
    ANACORTES        WA   98221          5            10/07/97         00
    0410556971                           05           12/01/97          0
    410556971                            O            11/01/27
    0


    1644354          K08/G02             F           84,400.00         ZZ
                                         360         84,350.18          1
    2429 GLENROCK                      8.625            656.45         80
                                       8.375            656.45      105,500.00
    EDMOND           OK   73003          1            09/22/97         00
    0410514368                           09           11/01/97          0
    410514368                            O            10/01/27
    0


    1644356          B75/G02             F          173,200.00         ZZ
                                         360        173,083.79          1
    725 TIMACUAN BLVD                  8.000          1,270.88         80
                                       7.750          1,270.88      216,531.00
1


    LAKE MARY        FL   32746          1            09/30/97         00
    0430437392                           03           11/01/97          0
    7077837                              O            10/01/27
    0


    1644359          K08/G02             F           46,800.00         ZZ
                                         360         46,775.10          1
    700 ARLINGTON AVENUE SW            9.125            380.78         90
                                       8.875            380.78       52,000.00
    CANTON           OH   44710          1            09/30/97         04
    0410558837                           05           11/01/97         25
    410558837                            N            10/01/27
    0


    1644363          K08/G02             F          144,000.00         ZZ
                                         360        143,900.90          1
    1052 LIDO COURT                    7.875          1,044.10         80
                                       7.625          1,044.10      180,000.00
    WESTON           FL   33326          1            09/30/97         00
    0410550271                           09           11/01/97          0
    410550271                            O            10/01/27
    0


    1644366          K08/G02             F          125,000.00         ZZ
                                         360        125,000.00          1
    1404 NORTH 150TH STREET            7.750            895.52         70
                                       7.500            895.52      180,000.00
    OMAHA            NE   68154          5            09/30/97         00
    0410560866                           05           12/01/97          0
    410560866                            O            11/01/27
    0


    1644369          K08/G02             F          256,000.00         ZZ
                                         360        255,856.48          1
    15 CYPRESS AVENUE                  8.875          2,036.85         80
                                       8.625          2,036.85      320,000.00
    BETHPAGE         NY   11714          1            09/08/97         00
    0410507529                           05           11/01/97          0
    410507529                            O            10/01/27
    0


    1644376          K08/G02             F           75,500.00         ZZ
                                         360         75,451.85          1
    2660 KELLEY DRIVE                  8.250            567.21         76
                                       8.000            567.21      100,500.00
    CHEYENNE         WY   82001          1            09/30/97         00
    0410563712                           05           11/01/97          0
    410563712                            O            10/01/27
    0
1




    1644377          K08/G02             F          137,600.00         ZZ
                                         360        137,514.47          1
    1313 SW 17TH STREET                8.375          1,045.86         80
                                       8.125          1,045.86      172,000.00
    FORT LAUDERDALE  FL   33315          1            09/30/97         00
    0410552145                           05           11/01/97          0
    410552145                            O            10/01/27
    0


    1644382          K08/G02             F           76,500.00         ZZ
                                         360         76,466.16          2
    3033 WOODBURN AVENUE              10.000            671.34         90
                                       9.750            671.34       85,000.00
    CINCINNATI       OH   45206          1            09/23/97         04
    0410547475                           05           11/01/97         25
    410547475                            N            10/01/27
    0


    1644386          K08/G02             F           49,600.00         ZZ
                                         360         49,569.95          1
    613 HOLLY COURT                    8.500            381.38         80
                                       8.250            381.38       62,000.00
    DUNEDIN          FL   34698          2            10/01/97         04
    0410535173                           05           11/01/97         12
    410535173                            N            10/01/27
    0


    1644387          K08/G02             F           19,500.00         ZZ
                                         360         19,490.66          1
    10626 HAZELHURST DRIVE             9.625            165.75         70
                                       9.375            165.75       28,000.00
    HOUSTON          TX   77043          5            09/26/97         00
    0410428049                           09           11/01/97          0
    410428049                            N            10/01/27
    0


    1644389          K08/G02             F           64,000.00         ZZ
                                         360         63,963.18          1
    16546 NE 26TH AVENUE               8.750            503.49         80
    UNIT #3A                           8.500            503.49       80,000.00
    NORTH MIAMI BEA  FL   33160          1            10/03/97         00
    0410541460                           08           11/01/97          0
    410541460                            O            10/01/27
    0


    1644393          K08/G02             F          129,500.00         ZZ
                                         360        129,500.00          1
1


    836 FIDDLER GREEN COURT            8.375            984.29         79
                                       8.125            984.29      164,500.00
    AUBURN           CA   95603          1            10/10/97         00
    0410578900                           05           12/01/97          0
    410578900                            O            11/01/27
    0


    1644399          K08/G02             F           76,500.00         ZZ
                                         360         76,500.00          1
    120 124TH STREET SOUTHWEST         8.125            568.01         90
    UNIT #E-5                          7.875            568.01       85,000.00
    EVERETT          WA   98204          1            09/29/97         10
    0410534622                           01           12/01/97         25
    410534622                            N            11/01/27
    0


    1644400          E29/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
    1600 SOUTH HARLAN STREET           8.375          1,094.50         80
                                       8.125          1,094.50      180,000.00
    LAKEWOOD         CO   80232          1            10/10/97         00
    0430444877                           05           12/01/97          0
    19709079                             O            11/01/27
    0


    1644448          201/G02             F           58,200.00         ZZ
                                         360         58,168.20          2
    7151 DRAGSTRIP ROAD                9.000            468.30         85
                                       8.750            468.30       68,500.00
    DALLAS           GA   30132          1            09/30/97         10
    0430447359                           05           11/01/97         20
    405787                               N            10/01/27
    0


    1644453          129/G02             F          108,800.00         ZZ
                                         360        108,737.40          1
    6547 WENDELL SE                    8.750            855.93         80
                                       8.500            855.93      136,000.00
    CASCADE          MI   49546          2            09/08/97         00
    0430441972                           05           11/01/97          0
    UNKNOWN                              O            10/01/27
    0


    1644467          286/286             F           22,500.00         ZZ
                                         360         22,487.38          1
    205 66TH PL N                      8.875            179.03         90
                                       8.625            179.03       25,000.00
    BIRMINGHAM       AL   35206          1            09/12/97         10
    8609014                              05           11/01/97         25
1


    8609014                              O            10/01/27
    0


    1644469          E86/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
    220 ST. JAMES AVENUE               8.375          1,520.14         80
                                       8.125          1,520.14      250,000.00
    ST. JAMES        NY   11780          5            10/07/97         00
    0430446302                           05           12/01/97          0
    0000019339                           O            11/01/27
    0


    1644476          E82/G02             F          118,000.00         ZZ
                                         360        117,914.59          1
    806 SE 6TH STREET                  7.625            835.20         74
                                       7.375            835.20      160,000.00
    MINNEAPOLIS      MN   55414          2            09/24/97         00
    0400058038                           05           11/01/97          0
    0400058038                           N            10/01/27
    0


    1644500          G10/G02             F           91,600.00         ZZ
                                         360         91,548.64          2
    8704 A&B CLEARBROOK TRAIL          8.875            728.82         80
                                       8.625            728.82      114,500.00
    AUSTIN           TX   78729          1            09/19/97         00
    0430437624                           05           11/01/97          0
    971024                               O            10/01/27
    0


    1644503          G75/G75             F           43,200.00         ZZ
                                         360         43,172.15          1
    2210 CLOVILLE AVENUE               9.250            355.40         90
                                       9.000            355.40       48,000.00
    BALTIMORE        MD   21214          1            09/30/97         14
    3354658                              05           11/01/97         25
    3354658                              N            10/01/27
    0


    1644504          G75/G75             F           93,500.00         ZZ
                                         360         93,500.00          3
    1506 WEST LITTLE CREEK ROAD        9.000            752.33         85
                                       8.750            752.33      110,000.00
    NORFOLK          VA   23505          2            10/03/97         10
    3352717                              05           12/01/97         20
    3352717                              N            11/01/27
    0


1


    1644506          G75/G75             F          244,000.00         ZZ
                                         360        243,718.21          1
    14010 MINNEHAHA PLACE              8.750          1,919.55         80
                                       8.500          1,919.55      305,000.00
    MINNETONKA       MN   55391          1            09/05/97         00
    3351765                              05           10/01/97          0
    3351765                              N            09/01/27
    0


    1644509          G75/G75             F           90,400.00         ZZ
                                         360         90,346.62          2
    29-31 ABBOTSFORD AVENUE            8.625            703.13         80
                                       8.375            703.13      113,000.00
    WEST HARTFORD    CT   06110          1            09/30/97         00
    3349138                              05           11/01/97          0
    3349138                              N            10/01/27
    0


    1644558          450/450             F          136,000.00         ZZ
                                         360        136,000.00          1
    1017 ALPINE                        8.000            997.92         85
                                       7.750            997.92      160,000.00
    BRIGHTON         MI   48116          5            10/08/97         14
    4264644                              05           12/01/97         12
    4264644                              O            11/01/27
    0


    1644562          E26/G02             F           90,900.00         ZZ
                                         360         90,842.03          1
    5603 HAMSTEAD CROSSING DRIVE       8.250            682.91         90
                                       8.000            682.91      101,000.00
    RALEIGH          NC   27612          1            10/03/97         04
    0430446336                           09           11/01/97         25
    50701023                             N            10/01/27
    0


    1644571          180/G02             F           77,400.00         ZZ
                                         360         77,357.72          1
    927 WEST YALE DRIVE                9.000            622.78         90
                                       8.750            622.78       86,000.00
    TEMPE            AZ   85283          1            09/29/97         01
    0430447581                           05           11/01/97         25
    12110854                             N            10/01/27
    0


    1644580          E26/G02             F          169,200.00         ZZ
                                         360        169,105.13          1
    621 GABLE OAKS LANE                8.875          1,346.24         90
                                       8.625          1,346.24      188,000.00
1


    CONCORD          NC   28026          1            10/08/97         11
    0430446112                           03           11/01/97         25
    50701003                             N            10/01/27
    0


    1644581          637/G02             F          192,000.00         ZZ
                                         360        191,883.68          1
    1170 ALVISO STREET                 8.500          1,476.32         80
                                       8.250          1,476.32      240,000.00
    SANTA CLARA      CA   95050          1            09/18/97         00
    0430439877                           05           11/01/97          0
    8169930                              N            10/01/27
    0


    1644584          A83/G02             F           59,250.00         ZZ
                                         360         59,152.18          1
    1221 JUNIPER DRIVE #H              9.000            476.74         75
                                       8.750            476.74       79,000.00
    GILROY           CA   95020          1            07/01/97         00
    0430440008                           01           09/01/97          0
    1000501                              N            08/01/27
    0


    1644586          286/286             F          191,750.00         ZZ
                                         360        191,242.53          1
    3125 HUNTERS BLUFF DR              8.750          1,508.50         65
                                       8.500          1,508.50      295,000.00
    RALEIGH          NC   27606          5            06/23/97         00
    0008646848                           03           08/01/97          0
    0008646848                           N            07/01/27
    0


    1644587          A83/G02             F          127,500.00         ZZ
                                         360        127,254.42          1
    351 E ST JAMES STREET              8.250            957.86         75
                                       8.000            957.86      170,000.00
    SAN JOSE         CA   95112          1            07/29/97         00
    0430439943                           05           09/01/97          0
    3000158                              O            08/01/27
    0


    1644589          286/286             F           57,750.00         ZZ
                                         360         57,716.77          1
    292 CANAVERAL BEACH BLVD           8.750            454.32         90
                                       8.500            454.32       64,167.00
    CAPE CANAVERAL   FL   32920          1            09/30/97         10
    0008686974                           07           11/01/97         25
    0008686974                           N            10/01/27
    0
1




    1644593          405/405             F           40,400.00         ZZ
                                         360         40,400.00          2
    70-72 SOUTH EUREKA AVENUE          9.125            328.71         90
                                       8.875            328.71       44,900.00
    COLUMBUS         OH   43204          1            10/07/97         04
    008313272                            05           12/01/97         25
    008313272                            N            11/01/27
    0


    1644595          286/286             F           92,250.00         ZZ
                                         360         92,200.90          1
    5040 BEDLINGTON CIRCLE             9.125            750.58         90
                                       8.875            750.58      102,500.00
    STONE MOUNTAIN   GA   30088          1            09/30/97         12
    08697682                             05           11/01/97         25
    08697682                             N            10/01/27
    0


    1644600          286/286             F           37,050.00         ZZ
                                         360         37,028.12          1
    1321 HOPKINS RD                    8.625            288.18         90
                                       8.375            288.18       41,200.00
    RICHMOND         VA   23237          1            09/13/97         12
    0008647959                           05           11/01/97         25
    0008647959                           N            10/01/27
    0


    1644602          664/G02             F          165,750.00         ZZ
                                         360        165,750.00          1
    625 CAROL WAY                      8.125          1,230.69         85
                                       7.875          1,230.69      195,000.00
    EDMONDS          WA   98020          1            10/08/97         10
    0430446286                           05           12/01/97         20
    2371821                              N            11/01/27
    0


    1644607          776/G02             F          138,450.00         ZZ
                                         360        138,370.34          1
    1454 STONEWOOD COURT               8.750          1,089.19         75
                                       8.500          1,089.19      184,600.00
    LOS ANGELES      CA   90732          1            09/03/97         00
    0430463562                           01           11/01/97          0
    2328391                              O            10/01/27
    0


    1644608          286/286             F           53,900.00         ZZ
                                         360         53,868.98          1
1


    114 W WASHINGTON AVE               8.750            424.04         90
                                       8.500            424.04       59,900.00
    GILBERT          AZ   85233          1            09/04/97         10
    8640875                              05           11/01/97         25
    8640875                              N            10/01/27
    0


    1644609          776/G02             F          140,750.00         ZZ
                                         360        140,669.02          1
    3528 LOCKPORT STREET               8.750          1,107.28         90
                                       8.500          1,107.28      156,400.00
    LAS VEGAS        NV   89129          1            09/23/97         04
    0430441840                           03           11/01/97         25
    2331148                              O            10/01/27
    0


    1644616          731/G02             F           50,850.00         ZZ
                                         360         50,850.00          1
    1158 PONTIAC CIRCLE                8.750            400.04         90
                                       8.500            400.04       56,500.00
    AUSTELL          GA   30001          1            10/14/97         01
    0430449363                           05           12/01/97         25
    3140865168                           O            11/01/27
    0


    1644618          664/G02             F          164,000.00         ZZ
                                         360        164,000.00          1
    9355 SOUTHEAST BLUE JAY LANE       7.875          1,189.12         80
                                       7.625          1,189.12      205,000.00
    BORING           OR   97009          5            10/02/97         00
    0430442020                           05           12/01/97          0
    2346849                              O            11/01/27
    0


    1644619          765/G02             F          174,000.00         ZZ
                                         360        173,891.85          1
    4338 REINHARDT DRIVE               8.375          1,322.53         75
                                       8.125          1,322.53      232,000.00
    OAKLAND          CA   94619          2            09/22/97         00
    0430441493                           05           11/01/97          0
    120497                               O            10/01/27
    0


    1644631          927/G02             F           50,000.00         ZZ
                                         360         49,971.22          1
    730 N. 96TH PLACE                  8.750            393.36         59
                                       8.500            393.36       85,000.00
    MESA             AZ   85207          5            09/25/97         00
    0430440255                           05           11/01/97          0
1


    330415                               N            10/01/27
    0


    1644635          A83/G02             F          144,000.00         ZZ
                                         360        143,810.96          1
    1467 MOUNT PALOMAR DRIVE           8.125          1,069.20         80
                                       7.875          1,069.20      180,000.00
    SAN JOSE         CA   95127          1            08/13/97         00
    0430439992                           05           10/01/97          0
    171893                               N            09/01/27
    0


    1644740          K08/G02             F          296,100.00         T
                                         360        295,911.19          1
    215 BARRINGTON COURT               8.250          2,224.50         90
                                       8.000          2,224.50      329,000.00
    HILTON HEAD ISL  SC   29928          1            09/26/97         04
    0410559892                           08           11/01/97         25
    410559892                            O            10/01/27
    0


    1644741          K08/G02             F          170,000.00         ZZ
                                         360        169,894.34          1
    6576 APPLE BLOSSOM TRAIL           8.375          1,292.12         54
                                       8.125          1,292.12      318,000.00
    WEST BLOOMFIELD  MI   48322          1            09/30/97         00
    0410417562                           05           11/01/97          0
    410417562                            O            10/01/27
    0


    1644744          K08/G02             F          269,800.00         ZZ
                                         360        269,618.97          1
    3 CHELSEA COURT                    8.000          1,979.70         80
                                       7.750          1,979.70      337,250.00
    BRANCHBURG       NJ   08876          1            09/29/97         00
    0410561856                           05           11/01/97          0
    410561856                            O            10/01/27
    0


    1644746          K08/G02             F          106,000.00         ZZ
                                         360        105,934.11          1
    2170 NE 5TH CIRCLE                 8.375            805.68         80
                                       8.125            805.68      133,000.00
    BOCA RATON       FL   33431          2            09/29/97         00
    0410552897                           05           11/01/97          0
    410552897                            O            10/01/27
    0


1


    1644747          K08/G02             F           33,600.00         ZZ
                                         360         33,579.65          1
    7302 CRESHEIM ROAD                 8.500            258.35         80
    UNIT # C-10                        8.250            258.35       42,000.00
    PHILADELPHIA     PA   19119          1            10/03/97         00
    0410559967                           01           11/01/97          0
    410559967                            O            10/01/27
    0


    1644750          K08/G02             F          119,700.00         ZZ
                                         360        119,627.48          3
    1932 HAYES STREET NORTHEAST        8.500            920.39         95
                                       8.250            920.39      126,000.00
    MINNEAPOLIS      MN   55418          1            09/30/97         04
    0410556567                           05           11/01/97         30
    410556567                            O            10/01/27
    0


    1644752          K08/G02             F          300,000.00         ZZ
                                         360        299,827.39          1
    616 LIONS RIDGE ROAD               8.750          2,360.11         78
                                       8.500          2,360.11      385,000.00
    CARBONDALE       CO   81623          5            09/19/97         00
    0410538102                           05           11/01/97          0
    410538102                            O            10/01/27
    0


    1644753          K08/G02             F           58,500.00         ZZ
                                         360         58,469.67          4
    1418 ROMERO (CALLE ROMERO)         9.250            481.27         90
                                       9.000            481.27       65,000.00
    SAN ANTONIO      TX   78237          1            09/26/97         04
    0410548572                           05           11/01/97         25
    410548572                            N            10/01/27
    0


    1644754          131/G02             F           62,400.00         ZZ
                                         360         62,363.16          1
    12631 WEIR STREET                  8.625            485.34         80
    #8                                 8.375            485.34       78,000.00
    OMAHA            NE   68137          1            09/10/97         00
    0430438689                           01           11/01/97          0
    UNKNOWN                              O            10/01/27
    0


    1644757          K08/G02             F          168,000.00         ZZ
                                         360        167,895.58          1
    2303 ELMHURST                      8.375          1,276.92         80
                                       8.125          1,276.92      210,000.00
1


    ROYAL OAK        MI   48073          1            09/25/97         00
    0410501936                           05           11/01/97          0
    410501936                            O            10/01/27
    0


    1644761          E22/G02             F           41,900.00         ZZ
                                         360         41,822.91          1
    1508 WEST ROYALE DRIVE             9.875            363.84         75
                                       9.625            363.84       55,900.00
    MUNCIE           IN   47304          1            06/13/97         00
    0410417760                           05           08/01/97          0
    410417760                            N            07/01/27
    0


    1644762          K08/G02             F           27,900.00         ZZ
                                         360         27,885.16          1
    18581 APPLETON                     9.125            227.00         90
                                       8.875            227.00       31,000.00
    DETROIT          MI   48219          1            09/29/97         04
    0410548770                           05           11/01/97         25
    410548770                            N            10/01/27
    0


    1644766          K08/G02             F          117,400.00         ZZ
                                         360        117,400.00          1
    19158 E. EL DORADO DRIVE           8.125            871.69         80
                                       7.875            871.69      146,800.00
    AURORA           CO   80013          5            10/01/97         00
    0410554505                           05           12/01/97          0
    410554505                            O            11/01/27
    0


    1644770          K08/G02             F           69,650.00         ZZ
                                         360         69,610.95          1
    3447 MT OLIVE ROAD                 8.875            554.17         70
                                       8.625            554.17      100,000.00
    EAST POINT       GA   30344          5            09/30/97         00
    0410447254                           05           11/01/97          0
    410447254                            N            10/01/27
    0


    1644772          K08/G02             F           65,500.00         T
                                         360         65,462.31          1
    1055 KENSINGTON PARK DRIVE         8.750            515.29         77
    UNIT # 807                         8.500            515.29       85,500.00
    ALTAMONTE SPRIN  FL   32714          1            09/30/97         00
    0410551832                           01           11/01/97          0
    410551832                            O            10/01/27
    0
1




    1644775          K08/G02             F           74,000.00         ZZ
                                         360         73,949.08          1
    2775 PRESTON LANE                  7.875            536.55         80
                                       7.625            536.55       92,500.00
    GRIMESLAND       NC   27837          1            10/07/97         00
    0410552780                           05           11/01/97          0
    410552780                            O            10/01/27
    0


    1644777          K08/G02             F           25,300.00         ZZ
                                         360         25,286.18          1
    12054 PREST STREET                 9.000            203.57         55
                                       8.750            203.57       46,000.00
    DETROIT          MI   48227          5            09/29/97         00
    0410559397                           05           11/01/97          0
    410559397                            N            10/01/27
    0


    1644778          K08/G02             F           84,000.00         ZZ
                                         360         83,247.79          1
    349 SOUTH STUMP TAVERN RO          8.375            638.46         80
                                       8.125            638.46      105,000.00
    JACKSON          NJ   08527          1            09/25/97         00
    0410521199                           05           11/01/97          0
    410521199                            O            10/01/27
    0


    1644779          K08/G02             F           65,600.00         ZZ
                                         360         65,560.26          1
    2520 PALMER AVENUE                 8.500            504.41         80
                                       8.250            504.41       82,500.00
    BRISTOL          PA   19007          5            09/29/97         00
    0410550743                           05           11/01/97          0
    410550743                            O            10/01/27
    0


    1644786          K08/G02             F           36,900.00         ZZ
                                         360         36,879.84          1
    706 NORTH DELLA AVENUE             9.000            296.91         90
                                       8.750            296.91       41,000.00
    TYLER            TX   75702          1            09/29/97         04
    0410561260                           05           11/01/97         25
    410561260                            N            10/01/27
    0


    1644787          K08/G02             F           49,900.00         ZZ
                                         360         49,868.98          1
1


    1321 WILLIAMSBURG                  8.375            379.28         50
                                       8.125            379.28       99,900.00
    FLINT            MI   48507          1            09/29/97         00
    0410557664                           05           11/01/97          0
    410557664                            O            10/01/27
    0


    1644788          K08/G02             F           53,600.00         ZZ
                                         360         53,600.00          1
    8335 SUMMA AVENUE UNIT D3          8.375            407.40         80
                                       8.125            407.40       67,000.00
    BATON ROUGE      LA   70810          1            10/03/97         00
    0410560692                           01           12/01/97          0
    410560692                            O            11/01/27
    0


    1644791          K08/G02             F           72,000.00         ZZ
                                         360         71,959.64          1
    800 BERKLEY PLACE                  8.875            572.86         68
                                       8.625            572.86      106,000.00
    CLEARWATER       FL   33759          5            09/30/97         00
    0410561120                           05           11/01/97          0
    410561120                            N            10/01/27
    0


    1644798          180/G02             F           42,300.00         ZZ
                                         360         42,275.67          1
    1127 WEBSTER AVENUE                8.750            332.77         90
                                       8.500            332.77       47,000.00
    NEW CASTLE       IN   47362          1            09/30/97         12
    0430442061                           05           11/01/97         25
    0012042073                           N            10/01/27
    0


    1644799          498/G02             F           30,000.00         ZZ
                                         360         30,000.00          1
    108 EAST END AVENUE                8.750            236.02         84
                                       8.500            236.02       36,000.00
    WARNER ROBINS    GA   31088          2            10/07/97         11
    0430446021                           05           12/01/97         20
    1490846                              N            11/01/27
    0


    1644881          K13/G02             F          138,800.00         ZZ
                                         360        138,800.00          4
    3402 WEST OLINDA LANE              8.750          1,091.95         80
                                       8.500          1,091.95      173,500.00
    ANAHEIM          CA   92804          1            10/15/97         00
    0430449769                           05           12/01/97          0
1


    9710003                              O            11/01/27
    0


    1645045          964/G02             F          283,500.00         ZZ
                                         360        283,314.55          1
    1322 DISCOVERY BAY BLVD            8.125          2,104.98         71
                                       7.875          2,104.98      404,000.00
    DISCOVERY BAY    CA   94514          1            10/01/97         00
    0430436824                           03           11/01/97          0
    27828                                O            10/01/27
    0


    1645081          766/G02             F          620,000.00         ZZ
                                         360        620,000.00          1
    6525 S FLAGER DRIVE                8.500          4,767.26         80
                                       8.250          4,767.26      775,000.00
    WEST PALM BEACH  FL   33405          1            10/07/97         00
    0430447417                           05           12/01/97          0
    970Z0649                             O            11/01/27
    0


    1645085          K08/G02             F           54,000.00         ZZ
                                         360         54,000.00          1
    20088 EL RANCHO WAY                8.625            420.01         45
                                       8.375            420.01      120,000.00
    MONTE RIO        CA   95462          5            10/07/97         00
    0410563936                           05           12/01/97          0
    410563936                            N            11/01/27
    0


    1645086          K08/G02             F           88,000.00         ZZ
                                         360         88,000.00          1
    459-505 PONDEROSA BOULEVA          7.875            638.06         67
                                       7.625            638.06      133,000.00
    JANESVILLE       CA   96114          2            09/29/97         00
    0410489876                           05           12/01/97          0
    410489876                            O            11/01/27
    0


    1645087          K08/G02             F          220,000.00         ZZ
                                         360        220,000.00          2
    1030-1032 JONES COURT              8.625          1,711.14         90
                                       8.375          1,711.14      245,500.00
    REDWOOD CITY     CA   94063          1            10/07/97         23
    0410408389                           05           12/01/97          0
    410408389                            O            11/01/27
    0


1


    1645092          K08/G02             F          147,200.00         ZZ
                                         360        147,200.00          1
    4682 ROXBURY DRIVE                 8.000          1,080.10         80
                                       7.750          1,080.10      184,000.00
    IRVINE           CA   92604          1            10/08/97         00
    0410573869                           05           12/01/97          0
    410573869                            O            11/01/27
    0


    1645094          K08/G02             F          123,550.00         ZZ
                                         360        123,550.00          1
    2695 SOUTH KIHEI ROAD              8.875            983.02         70
    UNIT 7-409                         8.625            983.02      176,500.00
    KEHEI            HI   96753          1            10/01/97         00
    0410550800                           01           12/01/97          0
    410550800                            N            11/01/27
    0


    1645096          K08/G02             F          396,000.00         ZZ
                                         360        396,000.00          1
    8247 ROXBURY ROAD                  7.875          2,871.27         80
                                       7.625          2,871.27      495,000.00
    LOS ANGELES      CA   90069          2            10/08/97         00
    0410562664                           05           12/01/97          0
    410562664                            O            11/01/27
    0


    1645097          K08/G02             F          127,000.00         ZZ
                                         360        127,000.00          1
    113 ANTELOPE MEADOWS ROAD          8.250            954.11         46
    UNIT # 3                           8.000            954.11      282,000.00
    ENNIS            MT   59729          5            10/08/97         00
    0410569008                           05           12/01/97          0
    410569008                            O            11/01/27
    0


    1645127          686/686             F           53,000.00         ZZ
                                         360         52,964.08          1
    514 W JUNEAU STREET                7.950            387.05         76
                                       7.700            387.05       69,950.00
    TAMPA            FL   33604          1            09/30/97         00
    818448136                            05           11/01/97          0
    818448136                            O            10/01/27
    0


    1645173          286/286             F           18,400.00         ZZ
                                         360         18,389.41          1
    2950 46TH AVE UNIT 202A            8.750            144.76         80
                                       8.500            144.76       23,000.00
1


    FT. LAUDERDALE   FL   33313          1            09/30/97         00
    8687090                              01           11/01/97          0
    8687090                              N            10/01/27
    0


    1645178          201/G02             F           61,950.00         ZZ
                                         360         61,950.00          2
    39-41 MANHATTAN AVENUE             8.750            487.37         85
                                       8.500            487.37       72,900.00
    BATAVIA          NY   14020          1            10/08/97         04
    0430448415                           05           12/01/97         20
    2809010289                           N            11/01/27
    0


    1645203          E19/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
    5051 AMBROSE AVENUE                8.250          2,554.31         72
                                       8.000          2,554.31      475,000.00
    LOS ANGELES      CA   90027          5            10/07/97         00
    0430441956                           05           12/01/97          0
    100019000                            O            11/01/27
    0


    1645205          765/G02             F          116,800.00         ZZ
                                         360        116,800.00          1
    2543 CALVIN LANE                   8.250            877.48         80
                                       8.000            877.48      146,000.00
    EL CAJON         CA   92020          1            10/02/97         00
    0430440594                           05           12/01/97          0
    141277                               O            11/01/27
    0


    1645215          776/G02             F          105,600.00         ZZ
                                         360        105,600.00          1
    7838 CRANNER AVENUE                8.125            784.08         80
    SUN VALLEY AREA                    7.875            784.08      132,000.00
    LOS ANGELES      CA   91352          5            10/01/97         00
    0430443838                           05           12/01/97          0
    2328300                              O            11/01/27
    0


    1645223          776/G02             F          106,200.00         ZZ
                                         360        106,141.99          4
    2335 CHAUCER AVENUE                9.000            854.51         90
                                       8.750            854.51      118,000.00
    OVERLAND         MO   63114          1            09/30/97         10
    0430443606                           05           11/01/97         25
    2305095                              N            10/01/27
    0
1




    1645229          776/G02             F          154,400.00         ZZ
                                         360        154,313.44          1
    230 W STONYBROOK DRIVE             8.875          1,228.48         80
                                       8.625          1,228.48      193,000.00
    O FALLON         IL   62269          1            09/22/97         00
    0430443242                           05           11/01/97          0
    2323103                              O            10/01/27
    0


    1645240          776/G02             F           83,500.00         ZZ
                                         360         83,453.19          1
    401 ST JOHN DRIVE                  8.875            664.36         80
                                       8.625            664.36      105,000.00
    BELLEVILLE       IL   62221          2            09/08/97         00
    0430443283                           05           11/01/97          0
    2323079                              O            10/01/27
    0


    1645245          E13/G02             F          106,000.00         ZZ
                                         360        106,000.00          1
    5220 44TH STREET EAST              8.875            843.39         61
                                       8.625            843.39      175,000.00
    BRADENTON        FL   34203          5            10/06/97         00
    0430448506                           05           12/01/97          0
    225201                               N            11/01/27
    0


    1645267          744/G02             F          216,000.00         ZZ
                                         360        215,686.35          1
    1800 LEAVENWORTH STREET            7.625          1,528.83         80
    # 1806                             7.375          1,528.83      270,000.00
    SAN FRANCISCO    CA   94109          1            08/11/97         00
    0430443325                           01           10/01/97          0
    81187                                O            09/01/27
    0


    1645273          225/225             F          196,650.00         ZZ
                                         360        196,536.86          1
    9101 CESSNA LANE                   8.750          1,547.05         80
                                       8.500          1,547.05      245,870.00
    AUSTIN           TX   78717          1            09/29/97         00
    8062805                              03           11/01/97          0
    8062805                              O            10/01/27
    0


    1645296          B28/G02             F          110,000.00         ZZ
                                         360        109,933.36          1
1


    6412 SOUTH CRESTLINE STREET        8.500            845.81         60
                                       8.250            845.81      185,000.00
    SPOKANE          WA   99223          5            09/24/97         00
    0430441725                           05           11/01/97          0
    09970482                             O            10/01/27
    0


    1645313          B28/G02             F           68,850.00         ZZ
                                         360         68,814.30          1
    10970 WEST FLORIDA AVENUE          9.250            566.42         90
    #221                               9.000            566.42       76,500.00
    LAKEWOOD         CO   80232          1            09/26/97         10
    0430446260                           01           11/01/97         25
    11970487                             O            10/01/27
    0


    1645351          K08/G02             F           34,200.00         ZZ
                                         360         34,200.00          1
    23815 DORMONT                      9.125            278.26         90
                                       8.875            278.26       38,000.00
    WARREN           MI   48091          1            10/08/97         04
    0410555601                           05           12/01/97         25
    410555601                            N            11/01/27
    0


    1645358          K08/G02             F           75,150.00         ZZ
                                         360         75,150.00          1
    1536 WOLF RUN                      9.000            604.67         90
                                       8.750            604.67       83,500.00
    COLLEGE STATION  TX   77840          1            10/01/97         04
    0410558464                           09           12/01/97         25
    410558464                            N            11/01/27
    0


    1645359          K08/G02             F           29,250.00         T
                                         360         29,233.60          1
    8822 EAST FLORIDA AVENUE #G-6      8.875            232.73         90
                                       8.625            232.73       32,500.00
    DENVER           CO   80231          1            09/29/97         14
    0410544258                           01           11/01/97         25
    410544258                            O            10/01/27
    0


    1645368          K08/G02             F           50,000.00         ZZ
                                         360         49,966.45          1
    96 GENOBLE ROAD                    8.000            366.88         32
                                       7.750            366.88      160,000.00
    MONTVILLE        NJ   07045          1            09/30/97         00
    0410524607                           01           11/01/97          0
1


    410524607                            N            10/01/27
    0


    1645374          K08/G02             F           40,500.00         ZZ
                                         360         40,476.70          1
    414 SOUTH UTICA STREET             8.750            318.61         90
                                       8.500            318.61       45,000.00
    WAUKEGAN         IL   60085          1            09/30/97         04
    0410331433                           05           11/01/97         25
    410331433                            N            10/01/27
    0


    1645375          K08/G02             F           95,250.00         ZZ
                                         360         95,250.00          1
    2768 LAUREL RIDGE DRIVE            8.250            715.58         75
                                       8.000            715.58      127,000.00
    DECATUR          GA   30033          1            10/09/97         00
    0410553549                           05           12/01/97          0
    410553549                            N            11/01/27
    0


    1645378          K08/G02             F          176,000.00         ZZ
                                         360        175,906.34          3
    1301-1315 UPHAM STREET             9.125          1,431.99         80
                                       8.875          1,431.99      220,000.00
    LAKEWOOD         CO   80215          1            09/26/97         00
    0410535652                           05           11/01/97          0
    410535652                            N            10/01/27
    0


    1645381          K08/G02             F          168,000.00         ZZ
                                         360        167,908.23          2
    2046 EAST 4500 SOUTH               9.000          1,351.77         80
                                       8.750          1,351.77      210,000.00
    SALT LAKE CITY   UT   84117          1            10/01/97         00
    0410566301                           05           11/01/97          0
    410566301                            N            10/01/27
    0


    1645382          K08/G02             F           16,000.00         ZZ
                                         360         15,991.92          1
    922 S JACKSON AVENUE               9.375            133.08         70
                                       9.125            133.08       23,000.00
    JOPLIN           MO   64801          2            10/02/97         00
    0410540819                           05           11/01/97          0
    410540819                            N            10/01/27
    0


1


    1645383          K08/G02             F           43,200.00         ZZ
                                         360         43,173.83          2
    719 27TH AVENUE NORTH              8.500            332.17         90
                                       8.250            332.17       48,000.00
    ST. PETERSBURG   FL   33704          1            10/01/97         04
    0410543839                           05           11/01/97         25
    410543839                            N            10/01/27
    0


    1645385          K08/G02             F           74,000.00         ZZ
                                         360         73,950.34          1
    3077 CASA RIO COURT                8.000            542.99         50
                                       7.750            542.99      150,000.00
    PALM BEACH GARD  FL   33418          2            09/26/97         00
    0410543433                           03           11/01/97          0
    410543433                            O            10/01/27
    0


    1645386          A37/G02             F           39,600.00         ZZ
                                         360         39,600.00          2
    6119 NORTH 38TH STREET             9.500            332.98         90
                                       9.250            332.98       44,000.00
    MILWAUKEE        WI   53209          1            10/14/97         10
    0430449447                           05           12/01/97         25
    97WW26107                            N            11/01/27
    0


    1645388          K08/G02             F          194,000.00         ZZ
                                         360        193,882.48          1
    48 WOODLAND DRIVE UNIT #211        8.500          1,491.69         80
                                       8.250          1,491.69      242,500.00
    WEST PATERSON    NJ   07424          1            10/01/97         00
    0410540868                           01           11/01/97          0
    410540868                            O            10/01/27
    0


    1645390          K08/G02             F          140,600.00         ZZ
                                         360        140,600.00          2
    127-129 GROTON DRIVE               8.375          1,068.66         95
                                       8.125          1,068.66      148,000.00
    WESTERVILLE      OH   43081          1            10/06/97         04
    0410547335                           05           12/01/97         30
    410547335                            O            11/01/27
    0


    1645392          K08/G02             F           77,000.00         ZZ
                                         360         76,954.54          1
    2101 GRAND RIVER DRIVE NE          8.625            598.90         70
                                       8.375            598.90      110,000.00
1


    ADA              MI   49301          1            09/18/97         00
    0410520688                           05           11/01/97          0
    410520688                            O            10/01/27
    0


    1645393          E23/G02             F          105,000.00         ZZ
                                         360        105,000.00          3
    1500 WEST 102ND STREET             8.875            835.43         75
                                       8.625            835.43      140,000.00
    LOS ANGELES      CA   90047          2            10/13/97         00
    0430465989                           05           12/01/97          0
    50501368                             N            11/01/27
    0


    1645397          K08/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
    RT 15 BOX 1696                     8.375            912.09         79
                                       8.125            912.09      153,000.00
    LUFKIN           TX   75904          1            10/01/97         00
    0410541403                           05           12/01/97          0
    410541403                            O            11/01/27
    0


    1645398          K08/G02             F           31,500.00         ZZ
                                         360         31,482.34          1
    1507 E BOWMAN STREET               8.875            250.63         90
                                       8.625            250.63       35,000.00
    SOUTH BEND       IN   46613          1            10/01/97         04
    0410524615                           05           11/01/97         25
    410524615                            N            10/01/27
    0


    1645406          K08/G02             F           48,600.00         ZZ
                                         360         48,600.00          1
    612 E BRICKLEY                     8.500            373.70         90
                                       8.250            373.70       54,000.00
    HAZEL PARK       MI   48030          1            10/09/97         04
    0410549018                           05           12/01/97         25
    410549018                            N            11/01/27
    0


    1645407          H19/G02             F          234,000.00         ZZ
                                         360        233,838.96          1
    1081 CLOPTON BRIDGE                7.875          1,696.67         90
                                       7.625          1,696.67      260,000.00
    ROCHESTER HILLS  MI   48306          2            09/26/97         04
    0430449538                           05           11/01/97         25
    2030914                              O            10/01/27
    0
1




    1645409          K08/G02             F           65,250.00         T
                                         360         65,212.46          1
    2202 WHITE EAGLE STREET            8.750            513.32         70
                                       8.500            513.32       93,453.00
    CLERMONT         FL   34711          1            09/30/97         00
    0410563340                           03           11/01/97          0
    410563340                            O            10/01/27
    0


    1645415          K08/G02             F          139,200.00         ZZ
                                         360        139,200.00          1
    2646 FULLER AVENUE                 8.000          1,021.40         80
                                       7.750          1,021.40      174,000.00
    MINDEN           NV   89423          1            10/14/97         00
    0410564900                           05           12/01/97          0
    410564900                            O            11/01/27
    0


    1645416          480/G02             F           58,500.00         ZZ
                                         360         58,500.00          1
    605 N TENNESSEE STREET             8.750            460.22         90
                                       8.500            460.22       65,000.00
    CARTERSVILLE     GA   30120          1            10/10/97         12
    0430462549                           05           12/01/97         25
    2140333                              N            11/01/27
    0


    1645417          K08/G02             F          161,250.00         T
                                         360        161,250.00          1
    110 KAANAPALI SHORES PLACE         8.250          1,211.42         75
    UNIT #817                          8.000          1,211.42      215,000.00
    LAHAINA          HI   96761          1            10/03/97         00
    0410559322                           01           12/01/97          0
    410559322                            O            11/01/27
    0


    1645418          K08/G02             F          195,000.00         ZZ
                                         360        195,000.00          1
    316 SOUTH BASIL STREET             7.750          1,397.00         75
                                       7.500          1,397.00      260,000.00
    ANAHEIM          CA   92808          2            10/06/97         00
    0410523088                           05           12/01/97          0
    410523088                            O            11/01/27
    0


    1645419          K08/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
1


    1445 KIMBERLY DRIVE                8.375            912.09         80
                                       8.125            912.09      150,000.00
    KLAMATH FALLS    OR   97603          5            10/03/97         00
    0410557847                           05           12/01/97          0
    410557847                            O            11/01/27
    0


    1645422          K08/G02             F          167,200.00         ZZ
                                         360        167,200.00          1
    727 KILI PLACE                     7.875          1,212.32         67
                                       7.625          1,212.32      250,000.00
    HAIKU            HI   96708          2            10/06/97         00
    0410548077                           05           12/01/97          0
    410548077                            O            11/01/27
    0


    1645426          K08/G02             F           35,000.00         ZZ
                                         360         35,000.00          1
    1806 LAWRENCE STREET               8.250            262.94         28
                                       8.000            262.94      125,000.00
    PORT TOWNSEND    WA   98368          1            10/10/97         00
    0410566731                           05           12/01/97          0
    410566731                            O            11/01/27
    0


    1645430          K08/G02             F          125,000.00         ZZ
                                         360        125,000.00          1
    4222 BEACH DRIVE SOUTHWEST         8.500            961.14         79
    UNIT #303                          8.250            961.14      160,000.00
    SEATTLE          WA   98116          2            10/10/97         04
    0410572101                           01           12/01/97         12
    410572101                            N            11/01/27
    0


    1645638          E26/G02             F           59,400.00         ZZ
                                         360         59,400.00          1
    1458 BRAWLEY SCHOOL ROAD           8.875            472.62         90
                                       8.625            472.62       66,000.00
    MOORESVILLE      NC   28115          1            10/15/97         11
    0430446468                           05           12/01/97         25
    50701011                             N            11/01/27
    0


    1645652          G10/G02             F          102,350.00         ZZ
                                         360        102,294.09          1
    4721 CHAUCER COURT                 9.000            823.54         90
                                       8.750            823.54      113,730.00
    GRAND PRAIRIE    TX   75052          1            09/30/97         04
    0430439968                           05           11/01/97         25
1


    971077                               N            10/01/27
    0


    1645653          624/G02             F          153,600.00         ZZ
                                         360        153,600.00          1
    112 EAST SOLAR DRIVE               8.250          1,153.95         80
                                       8.000          1,153.95      192,000.00
    HANFORD          CA   93230          5            10/09/97         00
    0430441659                           05           12/01/97          0
    33500170163F                         O            11/01/27
    0


    1646432          B28/G02             F           59,500.00         T
                                         360         59,436.76          1
    81 PINE DRIVE                      8.500            457.51         66
                                       8.250            457.51       91,500.00
    SEDALIA          CO   80135          1            09/25/97         00
    0430449801                           05           11/01/97          0
    05970985                             O            10/01/27
    0


    1646440          B75/G02             F          118,000.00         T
                                         360        118,000.00          1
    3228 ALTMAN DRIVE                  8.375            896.89         88
                                       8.125            896.89      135,000.00
    DALLAS           TX   75229          2            10/01/97         01
    0430463752                           05           12/01/97         25
    7086259                              O            11/01/27
    0


    1646448          A37/G02             F          117,000.00         ZZ
                                         360        117,000.00          2
    3323 JACKSON STREET                9.250            962.54         87
                                       9.000            962.54      135,000.00
    BELLWOOD         IL   60104          2            10/10/97         10
    0430445536                           05           12/01/97         25
    0217529                              N            11/01/27
    0


    1646454          560/560             F           32,200.00         ZZ
                                         360         32,177.27          1
    2408 FISHER AVENUE                 7.750            230.69         70
                                       7.500            230.69       46,000.00
    MELVINDALE       MI   48122          2            09/29/97         00
    450862206                            05           11/01/97          0
    450862206                            N            10/01/27
    0


1


    1646455          560/560             F           56,625.00         ZZ
                                         360         56,625.00          1
    2301 PEARL ST. #66                 8.250            425.41         75
                                       8.000            425.41       75,500.00
    BOULDER          CO   80302          1            10/10/97         00
    450881867                            01           12/01/97          0
    450881867                            N            11/01/27
    0


    1646458          560/560             F           80,550.00         ZZ
                                         360         80,495.95          1
    1328 CRATER AVENUE                 8.000            591.05         90
                                       7.750            591.05       89,500.00
    MODESTO          CA   95358          1            10/08/97         04
    450878368                            05           11/01/97         25
    450878368                            N            10/01/27
    0


    1646470          560/560             F           58,500.00         ZZ
                                         360         58,500.00          3
    617 E MARKET STREET                8.375            444.65         90
                                       8.125            444.65       65,000.00
    SCRANTON         PA   18509          1            10/01/97         21
    450870787                            05           12/01/97         25
    450870787                            O            11/01/27
    0


    1646471          560/560             F           88,200.00         ZZ
                                         360         88,140.81          1
    1512 BOLLINGER COURT               8.000            647.19         90
                                       7.750            647.19       98,000.00
    MODESTO          CA   95358          1            09/18/97         04
    450877394                            05           11/01/97         25
    450877394                            N            10/01/27
    0


    1646474          560/560             F           33,750.00         ZZ
                                         360         33,729.02          1
    200 LANDING ROAD 47                8.375            256.53         75
                                       8.125            256.53       45,500.00
    HAMPTON          NH   03842          1            10/08/97         00
    450879333                            01           11/01/97          0
    450879333                            O            10/01/27
    0


    1646475          560/560             F           58,410.00         ZZ
                                         360         58,373.69          1
    2 SHERWOOD ROAD                    8.375            443.96         90
                                       8.125            443.96       64,900.00
1


    SAVANNAH         GA   31406          1            09/29/97         21
    450864947                            05           11/01/97         25
    450864947                            N            10/01/27
    0


    1646476          560/560             F           49,950.00         ZZ
                                         360         49,950.00          2
    61 BOSTON POST ROAD                8.375            379.66         90
                                       8.125            379.66       55,500.00
    WATERFORD        CT   06385          1            10/07/97         21
    450877600                            05           12/01/97         25
    450877600                            N            11/01/27
    0


    1646480          560/560             F           51,300.00         ZZ
                                         360         51,300.00          1
    134  WATER STREET                  8.375            389.92         90
                                       8.125            389.92       57,000.00
    BOYERTOWN        PA   19512          1            10/03/97         21
    450875810                            05           12/01/97         30
    450875810                            O            11/01/27
    0


    1646482          560/560             F           88,800.00         ZZ
                                         360         88,739.59          1
    215 LESLIE DRIVE                   8.250            667.13         80
                                       8.000            667.13      111,000.00
    PORTSMOUTH       NH   03801          1            10/01/97         00
    450871751                            05           11/01/97          0
    450871751                            O            10/01/27
    0


    1646485          560/560             F           97,750.00         ZZ
                                         360         97,686.05          1
    4492 W FOXCROFT ST. N.W.           8.125            725.80         85
                                       7.875            725.80      115,000.00
    COMSTOCK PARK    MI   49321          5            09/25/97         04
    450868807                            05           11/01/97         12
    450868807                            O            10/01/27
    0


    1646501          498/G02             F           91,800.00         ZZ
                                         360         91,748.53          1
    328 NELMS AVENUE                   8.875            730.41         90
                                       8.625            730.41      102,000.00
    ATLANTA          GA   30307          1            09/05/97         01
    0430445619                           05           11/01/97         25
    1497384                              N            10/01/27
    0
1




    1646503          498/G02             F           66,600.00         ZZ
                                         360         66,563.62          1
    109 CANTERBURY STREET              9.000            535.88         90
                                       8.750            535.88       74,000.00
    EULESS           TX   76039          1            09/05/97         04
    0430445510                           05           11/01/97         25
    1496495                              N            10/01/27
    0


    1646511          G10/G02             F           42,000.00         ZZ
                                         360         42,000.00          1
    1606 ST MICHAEL STREET             8.625            326.68         80
                                       8.375            326.68       53,000.00
    GONZALES         TX   78629          1            10/01/97         00
    0430441592                           05           12/01/97          0
    970938                               O            11/01/27
    0


    1646528          560/560             F           84,800.00         ZZ
                                         360         84,691.47          1
    7 CANDLEWYCK ROAD                  8.250            637.08         80
                                       8.000            637.08      106,000.00
    PORTLAND         ME   04102          1            08/15/97         00
    450812789                            05           10/01/97          0
    450812789                            O            09/01/27
    0


    1646530          560/560             F          108,000.00         ZZ
                                         360        107,929.35          1
    6304  S. ROSEBURY                  8.125            801.90         90
                                       7.875            801.90      120,000.00
    CLAYTON          MO   63105          1            09/30/97         21
    450872296                            01           11/01/97         25
    450872296                            O            10/01/27
    0


    1646531          560/560             F           47,000.00         ZZ
                                         360         47,000.00          2
    9 BOUTELLE STREET                  8.625            365.57         68
                                       8.375            365.57       70,000.00
    FITCHBURG        MA   01420          2            10/03/97         00
    450874680                            05           12/01/97          0
    450874680                            N            11/01/27
    0


    1646532          560/560             F           77,000.00         ZZ
                                         360         76,952.14          1
1


    616 W LOS LAGOS VISTA              8.375            585.26         70
                                       8.125            585.26      110,000.00
    MESA             AZ   85210          5            10/06/97         00
    450880778                            05           11/01/97          0
    450880778                            N            10/01/27
    0


    1646533          560/560             F           65,800.00         ZZ
                                         360         65,760.13          1
    3560  COUNTRY CLUB ROAD            8.500            505.95         70
                                       8.250            505.95       94,000.00
    JASPER           AL   35501          5            09/25/97         00
    450857214                            05           11/01/97          0
    450857214                            N            10/01/27
    0


    1646538          560/560             F           33,750.00         ZZ
                                         360         33,728.47          1
    616 S SCOTT STREET                 8.250            253.56         90
                                       8.000            253.56       37,500.00
    SPOKANE          WA   99202          1            09/23/97         04
    450873203                            05           11/01/97         25
    450873203                            N            10/01/27
    0


    1646539          560/560             F           76,000.00         ZZ
                                         360         75,947.69          1
    4088  NEDRA DRIVE                  7.875            551.06         67
                                       7.625            551.06      114,000.00
    BELLBROOK        OH   45305          5            09/26/97         00
    450860622                            05           11/01/97          0
    450860622                            N            10/01/27
    0


    1646565          637/G02             F           73,200.00         ZZ
                                         360         73,155.65          1
    922 - 924 NORTH SHORE ROAD         8.500            562.85         80
                                       8.250            562.85       92,000.00
    REVERE           MA   02151          1            09/30/97         00
    0430449397                           05           11/01/97          0
    4969333                              N            10/01/27
    0


    1646569          E67/G02             F          125,200.00         ZZ
                                         360        125,200.00          1
    857 SW 23RD COURT                  7.750            896.95         80
                                       7.500            896.95      156,500.00
    REDMOND          OR   97756          2            10/14/97         00
    0430443648                           05           12/01/97          0
1


    06701                                O            11/01/27
    0


    1646571          927/G02             F           76,000.00         ZZ
                                         360         76,000.00          1
    6508 DEADWOOD ROAD                 8.000            557.67         80
                                       7.750            557.67       95,000.00
    LAS VEGAS        NV   89108          2            10/02/97         00
    0430444919                           05           12/01/97          0
    341115                               O            11/01/27
    0


    1646580          731/G02             F          148,000.00         ZZ
                                         360        148,000.00          1
    6958 GREGORICH DRIVE, UNIT D       7.875          1,073.10         80
                                       7.625          1,073.10      185,000.00
    SAN JOSE         CA   95138          1            10/14/97         00
    0430444299                           01           12/01/97          0
    114055044                            O            11/01/27
    0


    1646584          744/G02             F          285,250.00         ZZ
                                         360        284,920.58          2
    1592-94 ROOSEVELT AVENUE           8.750          2,244.06         70
                                       8.500          2,244.06      407,500.00
    REDWOOD CITY     CA   94061          1            08/26/97         00
    0430440735                           05           10/01/97          0
    81371                                O            09/01/27
    0


    1646588          731/G02             F          270,000.00         ZZ
                                         360        269,654.48          4
    8921 KEITH AVENUE                  8.250          2,028.42         90
                                       8.000          2,028.42      300,000.00
    WEST HOLLYWO0OD  CA   90069          1            08/18/97         10
    0430465963                           05           10/01/97         25
    1001276                              O            09/01/27
    0


    1646592          731/G02             F           74,900.00         ZZ
                                         360         74,900.00          1
    1205 GADWELL COURT SOUTHEAST       8.500            575.92         60
                                       8.250            575.92      125,000.00
    OLYMPIA          WA   98513          2            10/10/97         00
    0430444588                           05           12/01/97          0
    230234367                            O            11/01/27
    0


1


    1646598          637/G02             F           51,350.00         ZZ
                                         360         51,318.89          1
    3544 E PRESIDIO ROAD               8.500            394.84         80
                                       8.250            394.84       64,208.00
    TUCSON           AZ   85716          1            09/26/97         00
    0430443085                           05           11/01/97          0
    9937426                              N            10/01/27
    0


    1646601          K08/G02             F          367,500.00         ZZ
                                         360        367,500.00          1
    2680 15TH AVENUE                   8.250          2,760.90         75
                                       8.000          2,760.90      490,000.00
    CARMEL           CA   93923          1            10/10/97         00
    0410575476                           05           12/01/97          0
    410575476                            N            11/01/27
    0


    1646603          E26/G02             F           56,800.00         ZZ
                                         360         56,764.69          1
    1126 FLORA DRIVE                   8.375            431.73         80
                                       8.125            431.73       71,000.00
    COLUMBIA         SC   29223          2            09/29/97         04
    0430446062                           05           11/01/97         17
    51700275                             N            10/01/27
    0


    1646604          637/G02             F          209,000.00         ZZ
                                         360        208,866.73          1
    108 SUNRISE DRIVE                  8.250          1,570.15         59
                                       8.000          1,570.15      359,000.00
    NOKOMIS          FL   34275          1            10/03/97         00
    0430442806                           05           11/01/97          0
    8194870                              O            10/01/27
    0


    1646611          K08/G02             F          344,000.00         ZZ
                                         360        344,000.00          1
    1900 PACIFIC COAST HIGHWAY         8.250          2,584.36         80
    UNIT# 24                           8.000          2,584.36      430,000.00
    HUNTINGTON BEAC  CA   92648          1            10/06/97         00
    0410561930                           01           12/01/97          0
    410561930                            O            11/01/27
    0


    1646612          K08/G02             F          215,200.00         ZZ
                                         360        215,200.00          2
    715-715 1/2 W. 28TH ST.            8.125          1,597.85         80
    (SAN PEDRO)                        7.875          1,597.85      269,000.00
1


    LOS ANGELES      CA   90731          1            10/10/97         00
    0410553267                           05           12/01/97          0
    410553267                            O            11/01/27
    0


    1646621          225/225             F          108,000.00         ZZ
                                         360        108,000.00          1
    119 SNOWDEN DRIVE                  8.875            859.30         90
                                       8.625            859.30      120,000.00
    PITTSBURG        PA   15229          1            10/01/97         14
    8063946                              05           12/01/97         25
    8063946                              N            11/01/27
    0


    1646622          965/G02             F          117,800.00         T
                                         360        117,800.00          1
    1074 COUNTY ROAD 84 WEST           8.000            864.37         80
                                       7.750            864.37      147,250.00
    ALLENSPARK       CO   80510          1            10/10/97         00
    0430474288                           05           12/01/97          0
    000                                  O            11/01/27
    0


    1646630          637/G02             F           82,300.00         ZZ
                                         360         82,252.64          1
    15778 VASSAR AVENUE                8.750            647.46         56
                                       8.500            647.46      147,000.00
    SAN LORENZO      CA   94580          5            09/10/97         00
    0430474858                           05           11/01/97          0
    8170441                              O            10/01/27
    0


    1646658          608/G02             F           96,000.00         ZZ
                                         360         95,938.78          1
    7614 BROOKFIELD ROAD               8.250            721.22         67
                                       8.000            721.22      144,500.00
    CHELTENHAM TOWN  PA   19012          1            09/30/97         00
    0430448316                           05           11/01/97          0
    10012862                             O            10/01/27
    0


    1646664          744/G02             F           51,000.00         ZZ
                                         360         50,970.66          1
    501 SW 11TH PLACE #313             8.750            401.22         68
                                       8.500            401.22       76,000.00
    BOCA RATON       FL   33432          1            09/25/97         00
    0430439745                           01           11/01/97          0
    23172                                O            10/01/27
    0
1




    1646676          201/G02             F           39,600.00         ZZ
                                         360         39,600.00          1
    61 DIX STREET                      8.750            311.54         90
                                       8.500            311.54       44,000.00
    ROCHESTER        NY   14606          1            10/07/97         04
    0430448217                           05           12/01/97         25
    2809012111                           N            11/01/27
    0


    1646678          B75/G02             F          166,000.00         ZZ
                                         360        166,000.00          1
    16501 MACKINAW WAY                 8.375          1,261.72         78
                                       8.125          1,261.72      215,000.00
    GRASS VALLEY     CA   95949          2            10/01/97         00
    0430462879                           05           12/01/97          0
    7058225                              O            11/01/27
    0


    1646679          575/G02             F           81,450.00         ZZ
                                         360         81,450.00          1
    7002 ST. LEONARDS CIRCLE           9.000            655.37         89
                                       8.750            655.37       92,000.00
    GREAT MILLS      MD   20634          2            10/10/97         12
    0430462671                           05           12/01/97         25
    972386043                            N            11/01/27
    0


    1646680          737/G02             F          165,000.00         ZZ
                                         360        165,000.00          1
    1328 A,B,C HANCOCK STREET          9.250          1,357.41         80
                                       9.000          1,357.41      207,000.00
    TALLAHASSEE      FL   32304          1            10/08/97         00
    0430447458                           05           12/01/97          0
    950961                               N            11/01/27
    0


    1646685          575/G02             F          169,100.00         ZZ
                                         360        169,100.00          1
    10502 MILLS CROSSING WAY           7.750          1,211.45         80
                                       7.500          1,211.45      211,400.00
    KENSINGTON       MD   20895          1            10/10/97         00
    0430462309                           09           12/01/97          0
    972409100                            O            11/01/27
    0


    1646689          737/G02             F           77,500.00         ZZ
                                         360         77,459.82          2
1


    3401-3403 BALTIMORE AVENUE         9.250            637.58         89
                                       9.000            637.58       87,500.00
    PUEBLO           CO   81008          1            10/01/97         10
    0430445205                           05           11/01/97         25
    576185                               N            10/01/27
    0


    1646693          757/757             F          105,000.00         ZZ
                                         360        105,000.00          4
    128 PINEHURST COURT                8.625            816.68         73
                                       8.375            816.68      145,000.00
    ATHENS           GA   30606          1            10/16/97         00
    3209228                              05           12/01/97          0
    3209228                              N            11/01/27
    0


    1646701          737/G02             F           90,700.00         ZZ
                                         360         90,700.00          1
    1625 CLIFTON DOWNS COURT           8.750            713.54         75
                                       8.500            713.54      121,000.00
    KENNESAW         GA   30144          5            10/01/97         00
    0430443044                           05           12/01/97          0
    951138                               O            11/01/27
    0


    1646719          B28/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
    3830 WINGSONG COURT                8.750            849.64         75
                                       8.500            849.64      144,000.00
    COLORADO SPRING  CO   80917          5            10/02/97         00
    0430446187                           03           12/01/97          0
    05970998                             O            11/01/27
    0


    1646748          737/G02             F           37,800.00         ZZ
                                         360         37,780.40          1
    2344 SYLVAN COURT                  9.250            310.97         90
                                       9.000            310.97       42,000.00
    TALLAHASSEE      FL   32303          1            09/29/97         04
    0430446138                           05           11/01/97         25
    950577                               N            10/01/27
    0


    1646777          286/286             F           86,100.00         ZZ
                                         360         85,989.80          1
    5750 HARBOR DRIVE                  8.250            646.85         90
                                       8.000            646.85       95,700.00
    BUFORD           GA   30518          1            09/02/97         12
    971560                               05           10/01/97         25
1


    971560                               N            09/01/27
    0


    1646798          K08/G02             F           50,200.00         ZZ
                                         360         50,166.32          1
    520 FAIRVIEW STREET                8.000            368.35         90
                                       7.750            368.35       55,800.00
    RICHARDSON       TX   75081          1            10/01/97         04
    0410568786                           05           11/01/97         25
    410568786                            N            10/01/27
    0


    1646801          K08/G02             F          139,750.00         ZZ
                                         360        139,663.14          1
    0448 INGERSOLL LANE                8.375          1,062.20         65
                                       8.125          1,062.20      215,000.00
    SILT             CO   81652          5            09/26/97         00
    0410554406                           05           11/01/97          0
    410554406                            O            10/01/27
    0


    1646805          K08/G02             F           81,750.00         ZZ
                                         360         81,700.47          1
    726 W 1720 N #232                  8.500            628.59         75
                                       8.250            628.59      109,000.00
    PROVO            UT   84604          1            09/29/97         00
    0410540421                           01           11/01/97          0
    410540421                            N            10/01/27
    0


    1646806          K08/G02             F          122,300.00         ZZ
                                         360        122,220.00          1
    4019 LEGEND CREEK DR               8.125            908.07         80
                                       7.875            908.07      152,905.00
    SAN ANTONIO      TX   78230          1            09/29/97         00
    0410526370                           03           11/01/97          0
    410526370                            O            10/01/27
    0


    1646816          K08/G02             F           87,500.00         ZZ
                                         360         87,445.62          1
    12431 205TH AVE.                   8.375            665.06         75
                                       8.125            665.06      118,000.00
    NEW RICHLAND     MN   56072          5            09/29/97         00
    0410526305                           05           11/01/97          0
    410526305                            O            10/01/27
    0


1


    1646817          K08/G02             F           80,100.00         ZZ
                                         360         80,048.93          1
    107 KING ARTHUR COURT              8.250            601.76         90
                                       8.000            601.76       89,000.00
    WEATHERFORD      TX   76086          1            10/03/97         04
    0410561971                           05           11/01/97         25
    410561971                            O            10/01/27
    0


    1646829          K08/G02             F           87,300.00         ZZ
                                         360         87,252.31          1
    1753 GARDENSTONE DRIVE             9.000            702.44         90
                                       8.750            702.44       97,000.00
    COLUMBUS         OH   43235          1            09/30/97         04
    0410551725                           05           11/01/97         25
    410551725                            N            10/01/27
    0


    1646834          B28/G02             F           99,000.00         ZZ
                                         360         98,941.54          1
    2255 AMES STREET                   8.625            770.02         90
                                       8.375            770.02      110,000.00
    EDGEWATER        CO   80214          1            09/30/97         10
    0430446583                           05           11/01/97         25
    01970915                             N            10/01/27
    0


    1646842          K08/G02             F           32,400.00         ZZ
                                         360         32,382.30          1
    2618 DELLWOOD AVENUE               9.000            260.70         90
                                       8.750            260.70       36,000.00
    JACKSONVILLE     FL   32205          1            09/25/97         04
    0410525331                           05           11/01/97         25
    410525331                            N            10/01/27
    0


    1646844          K08/G02             F          155,200.00         ZZ
                                         360        155,101.03          1
    902 PORTOFINO DRIVE                8.250          1,165.97         80
                                       8.000          1,165.97      194,000.00
    ARLINGTON        TX   76012          1            09/30/97         00
    0410529390                           03           11/01/97          0
    410529390                            O            10/01/27
    0


    1646845          K08/G02             F           62,900.00         ZZ
                                         360         62,698.59          2
    741 AND 743 HAWN CIRCLE            9.375            523.17         90
                                       9.125            523.17       69,900.00
1


    ABILENE          TX   79605          1            09/22/97         04
    0410481642                           05           11/01/97         25
    410481642                            N            10/01/27
    0


    1646846          K08/G02             F          101,200.00         ZZ
                                         360        101,200.00          1
    11322-B 8TH PLACE WEST UNIT E2     8.500            778.14         75
                                       8.250            778.14      134,990.00
    EVERETT          WA   98204          1            10/10/97         00
    0410459036                           01           12/01/97          0
    410459036                            O            11/01/27
    0


    1646849          K08/G02             F           99,200.00         ZZ
                                         360         99,138.34          1
    622 S.HARVEY                       8.375            753.99         80
                                       8.125            753.99      124,000.00
    OAK PARK         IL   60604          1            10/03/97         00
    0410532709                           05           11/01/97          0
    410532709                            O            10/01/27
    0


    1646850          737/G02             F           51,300.00         ZZ
                                         360         51,273.41          1
    2467 SANTA ROSA DRIVE              9.250            422.03         90
                                       9.000            422.03       57,000.00
    ATLANTA          GA   30331          1            09/30/97         01
    0430445221                           05           11/01/97         25
    950791                               N            10/01/27
    0


    1647046          003/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
    10212 ALLEGRO DRIVE                8.250            450.76         52
                                       8.000            450.76      117,000.00
    BOCA RATON       FL   33428          1            10/13/97         00
    0430447672                           03           12/01/97          0
    3892361                              O            11/01/27
    0


    1647068          K08/G02             F          276,000.00         ZZ
                                         360        276,000.00          1
    4206 TIVOLI AVENUE                 8.000          2,025.19         80
                                       7.750          2,025.19      345,000.00
    LOS ANGELES      CA   90066          5            10/01/97         00
    0410477871                           05           12/01/97          0
    410477871                            O            11/01/27
    0
1




    1647077          K08/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
    181 SCHLEE WAY                     7.625            707.79         80
                                       7.375            707.79      125,000.00
    SANTA ROSA       CA   95407          1            10/17/97         00
    0410572010                           03           12/01/97          0
    410572010                            O            11/01/27
    0


    1647091          003/G02             F           86,800.00         ZZ
                                         360         86,800.00          1
    2015 MADEIRA DRIVE                 8.500            667.42         80
                                       8.250            667.42      108,500.00
    FORT LAUDERDALE  FL   33327          1            10/17/97         00
    0430449702                           09           12/01/97          0
    0003891231                           O            11/01/27
    0


    1647095          286/286             F           57,750.00         ZZ
                                         360         57,716.77          1
    290 CANAVERAL BEACH BLVD.          8.750            454.32         90
                                       8.500            454.32       64,167.00
    CAPE CANAVERAL   FL   32920          1            09/30/97         10
    8686973                              05           11/01/97         25
    8686973                              N            10/01/27
    0


    1647097          A19/G02             F           54,000.00         T
                                         360         54,000.00          1
    187 SHORE DRIVE                    8.625            420.01         21
                                       8.375            420.01      260,000.00
    SALEM            NH   03079          2            10/27/97         00
    0430440719                           05           12/01/97          0
    1622601                              O            11/01/27
    0


    1647098          405/405             F           54,900.00         ZZ
                                         360         54,900.00          1
    3131 FRANCINE                      8.750            431.90         90
                                       8.500            431.90       61,000.00
    DECATUR          GA   30033          1            10/14/97         10
    8355885                              05           12/01/97         25
    8355885                              N            11/01/27
    0


    1647100          286/286             F           57,750.00         ZZ
                                         360         57,716.77          1
1


    294 CANAVERAL BEACH BLVD.          8.750            454.32         90
                                       8.500            454.32       64,167.00
    CAPE CANAVERAL   FL   32920          1            09/30/97         10
    0008686975                           05           11/01/97         25
    0008686975                           N            10/01/27
    0


    1647105          965/G02             F           55,900.00         ZZ
                                         360         55,900.00          2
    4564 E SENECA STREET               8.375            424.88         80
                                       8.125            424.88       69,900.00
    TUCSON           AZ   85712          1            10/15/97         00
    0430445759                           05           12/01/97          0
    148460897566                         O            11/01/27
    0


    1647109          965/G02             F           93,600.00         ZZ
                                         360         93,600.00          1
    570 JOSEPHINE STREET               8.750            736.35         90
                                       8.500            736.35      104,000.00
    DENVER           CO   80206          1            10/20/97         12
    0430447961                           05           12/01/97         25
    000                                  N            11/01/27
    0


    1647121          927/G02             F          182,000.00         ZZ
                                         360        181,877.87          1
    5053 MT PLEASANT LANE              8.000          1,335.46         78
                                       7.750          1,335.46      235,000.00
    LAS VEGAS        NV   89113          2            09/24/97         00
    0430476887                           01           11/01/97          0
    341198                               N            10/01/27
    0


    1647126          927/G02             F          120,000.00         ZZ
                                         360        119,929.15          1
    2200 WINERY ROAD                   8.625            933.35         80
                                       8.375            933.35      150,000.00
    PAHRUMP          NV   89041          4            09/24/97         00
    0430447946                           05           11/01/97          0
    340174                               N            10/01/27
    0


    1647129          286/286             F           85,500.00         ZZ
                                         360         85,452.06          4
    21 PINE STREET                     8.875            680.28         90
                                       8.625            680.28       95,000.00
    PITTSFIELD       MA   01201          1            09/25/97         12
    8676435                              05           11/01/97         25
1


    8676435                              N            10/01/27
    0


    1647135          286/286             F          127,900.00         T
                                         360        127,822.51          1
    1440 OCEAN BLVD. #235              8.500            983.45         80
                                       8.250            983.45      159,900.00
    ST. SIMONS ISLA  GA   31522          1            09/30/97         00
    8697527                              01           11/01/97          0
    8697527                              O            10/01/27
    0


    1647144          H05/H05             F          224,000.00         ZZ
                                         360        224,000.00          1
    199 COUNTRY CLUB ROAD              8.750          1,762.21         80
                                       8.375          1,762.21      280,000.00
    PROSPECT HEIGHT  IL   60070          1            10/10/97         00
    7090336                              01           12/01/97          0
    7090336                              O            11/01/27
    0


    1647166          575/G02             F          148,000.00         ZZ
                                         360        148,000.00          1
    605 HOMESTEAD ROAD                 8.625          1,151.13         80
                                       8.375          1,151.13      185,000.00
    BRIELLE          NJ   08730          1            10/16/97         00
    0430449413                           05           12/01/97          0
    972383776                            O            11/01/27
    0


    1647206          286/286             F          103,500.00         ZZ
                                         360        103,447.72          1
    935 NE 39 ST                       9.375            860.87         90
                                       9.125            860.87      115,000.00
    OAKLAND PARK     FL   33334          1            09/30/97         11
    8645046                              05           11/01/97         25
    8645046                              N            10/01/27
    0


    1647209          286/286             F           34,300.00         ZZ
                                         360         34,282.22          1
    2210 NE 67TH ST, #1227             9.250            282.18         90
                                       9.000            282.18       38,150.00
    FORT LAUDERDALE  FL   33308          1            09/11/97         10
    8645014                              01           11/01/97         30
    8645014                              N            10/01/27
    0


1


    1647240          246/G02             F           52,500.00         ZZ
                                         360         52,466.53          1
    1036 BRANTLEY DRIVE                8.250            394.41         75
                                       8.000            394.41       70,000.00
    KNOXVILLE        TN   37923          1            09/26/97         00
    0430447763                           05           11/01/97          0
    025723                               N            10/01/27
    0


    1647248          K08/G02             F           81,100.00         ZZ
                                         360         81,100.00          1
    4034 EASTRIDGE CIRCLE              8.500            623.59         80
                                       8.250            623.59      101,440.00
    POMPANO BEACH    FL   33064          1            10/01/97         00
    0410547814                           03           12/01/97          0
    410547814                            O            11/01/27
    0


    1647250          K08/G02             F           35,100.00         ZZ
                                         360         35,081.32          1
    932 INNES ST NE                    9.125            285.59         90
                                       8.875            285.59       39,000.00
    GRAND RAPIDS     MI   49503          1            10/02/97         04
    0410566020                           05           11/01/97         25
    410566020                            N            10/01/27
    0


    1647252          K08/G02             F           32,000.00         ZZ
                                         360         31,981.11          1
    916A NORTH 2ND STREET              8.625            248.89         69
                                       8.375            248.89       47,000.00
    NASHVILLE        TN   37207          2            10/01/97         00
    0410486526                           05           11/01/97          0
    410486526                            N            10/01/27
    0


    1647253          K08/G02             F           32,000.00         ZZ
                                         360         31,981.11          1
    811 NORTH 2ND STREET               8.625            248.89         69
                                       8.375            248.89       47,000.00
    NASHVILLE        TN   37207          2            10/01/97         00
    0410486559                           05           11/01/97          0
    410486559                            N            10/01/27
    0


    1647254          K08/G02             F           32,000.00         ZZ
                                         360         31,981.11          1
    1419 A MONETTA AVENUE              8.625            248.89         66
                                       8.375            248.89       49,000.00
1


    NASHVILLE        TN   37216          2            10/01/97         00
    0410486534                           05           11/01/97          0
    410486534                            N            10/01/27
    0


    1647259          K08/G02             F           56,000.00         ZZ
                                         360         56,000.00          1
    497 SOUTH 450 WEST                 8.375            425.64         80
                                       8.125            425.64       70,000.00
    VICTOR           ID   83455          1            10/01/97         00
    0410545172                           05           12/01/97          0
    410545172                            O            11/01/27
    0


    1647260          K08/G02             F           93,400.00         ZZ
                                         360         93,343.41          1
    2908 NOYES AVENUE                  8.500            718.17         80
                                       8.250            718.17      116,750.00
    CHARLESTON       WV   25304          1            09/30/97         00
    0410551857                           05           11/01/97          0
    410551857                            O            10/01/27
    0


    1647262          K08/G02             F           32,000.00         ZZ
                                         360         31,981.11          1
    1419 B MONETTA AVENUE              8.625            248.89         66
                                       8.375            248.89       49,000.00
    NASHVILLE        TN   37216          2            10/01/97         00
    0410486567                           05           11/01/97          0
    410486567                            N            10/01/27
    0


    1647274          K08/G02             F          265,000.00         ZZ
                                         360        264,839.46          1
    388 SKI TRAIL                      8.500          2,037.62         57
                                       8.250          2,037.62      467,000.00
    KINNELON         NJ   07405          5            09/23/97         00
    0410532774                           05           11/01/97          0
    410532774                            O            10/01/27
    0


    1647276          K08/G02             F          100,350.00         ZZ
                                         360        100,293.74          3
    7821 SOUTHWEST 10TH COURT          8.875            798.43         90
                                       8.625            798.43      111,500.00
    NORTH LAUDERDAL  FL   33322          1            09/30/97         04
    0410560379                           05           11/01/97         25
    410560379                            N            10/01/27
    0
1




    1647284          K08/G02             F           95,600.00         T
                                         360         95,600.00          1
    400 PADRE BLVD. #9142/9143         8.875            760.64         75
                                       8.625            760.64      127,500.00
    SOUTH PADRE ISL  TX   78597          1            10/06/97         00
    0410567432                           20           12/01/97          0
    410567432                            O            11/01/27
    0


    1647287          K08/G02             F          120,150.00         ZZ
                                         360        120,082.64          4
    205 FLETCHER DRIVE                 8.875            955.97         90
                                       8.625            955.97      133,500.00
    DEL RIO          TX   78840          1            09/30/97         04
    0410541569                           05           11/01/97         25
    410541569                            N            10/01/27
    0


    1647288          K08/G02             F           51,300.00         ZZ
                                         360         51,268.11          1
    1829 AUGUSTA DRIVE UNIT #20        8.375            389.92         95
                                       8.125            389.92       54,000.00
    HOUSTON          TX   77057          1            09/30/97         12
    0410567200                           01           11/01/97         30
    410567200                            O            10/01/27
    0


    1647291          K08/G02             F           87,000.00         ZZ
                                         360         87,000.00          3
    2523 NORTH FAIRFIELD AVENUE        8.875            692.21         44
                                       8.625            692.21      198,000.00
    CHICAGO          IL   60647          5            10/01/97         00
    0410331532                           05           12/01/97          0
    410331532                            O            11/01/27
    0


    1647292          K08/G02             F           75,000.00         ZZ
                                         360         74,957.96          1
    1235 TENNESSEE STREET              8.875            596.73         75
                                       8.625            596.73      100,000.00
    LAWRENCE         KS   66044          2            09/26/97         00
    0410481220                           05           11/01/97          0
    410481220                            N            10/01/27
    0


    1647366          964/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
1


    19372 OLANA LANE                   8.125          1,069.20         80
                                       7.875          1,069.20      180,000.00
    HUNTINGTON BEAC  CA   92646          1            10/03/97         00
    0430441139                           05           12/01/97          0
    28373                                O            11/01/27
    0


    1647582          253/253             F          110,200.00         ZZ
                                         360        110,200.00          1
    9219 HANGING MOSS DRIVE            8.000            808.61         80
                                       7.750            808.61      137,760.00
    GRANBURY         TX   76049          1            10/10/97         00
    902650                               05           12/01/97          0
    902650                               O            11/01/27
    0


    1647610          H05/H05             F           60,000.00         ZZ
                                         360         60,000.00          1
    890 A WHITE PINE DRIVE             9.000            482.77         75
                                       8.750            482.77       80,000.00
    AKRON            OH   44313          2            10/16/97         00
    7090030                              01           12/01/97          0
    7090030                              N            11/01/27
    0


    1647615          201/G02             F          276,300.00         ZZ
                                         360        276,123.81          1
    3820 OLD MILTON PARKWAY            8.250          2,075.75         90
                                       8.000          2,075.75      307,000.00
    ALPHARETTA       GA   30005          1            09/30/97         01
    0430448076                           05           11/01/97         25
    503638                               N            10/01/27
    0


    1647668          575/G02             F           79,000.00         ZZ
                                         360         79,000.00          1
    816 SAINT JAMES DRIVE              7.625            559.16         70
                                       7.375            559.16      113,000.00
    VIRGINIA BEACH   VA   23455          5            10/15/97         00
    0430448381                           05           12/01/97          0
    972391944                            N            11/01/27
    0


    1647702          637/G02             F          105,800.00         ZZ
                                         360        105,729.00          1
    18328 CYPRESS STAND CIRCLE         8.000            776.33         80
                                       7.750            776.33      132,300.00
    TAMPA            FL   33647          1            09/30/97         00
    0430462234                           03           11/01/97          0
1


    8451130                              O            10/01/27
    0


    1647711          514/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
    2068 ORCA COURT                    8.375            608.06         84
                                       8.125            608.06       96,000.00
    FERNANDINA BEAC  FL   32034          5            10/09/97         01
    0430448308                           03           12/01/97         20
    362850                               O            11/01/27
    0


    1647715          637/G02             F           27,525.00         ZZ
                                         360         27,507.44          1
    14131 E JEWELL AVENUE #103         8.250            206.79         75
                                       8.000            206.79       37,000.00
    AURORA           CA   90012          1            09/25/97         00
    0430449918                           01           11/01/97          0
    9787904                              N            10/01/27
    0


    1647717          904/G02             F          177,600.00         ZZ
                                         360        177,600.00          4
    8617-8623 SOUTH MONROE STREET      8.750          1,397.18         80
                                       8.500          1,397.18      222,000.00
    MIDVALE          UT   84047          1            10/15/97         00
    0430465948                           05           12/01/97          0
    SILCOX                               N            11/01/27
    0


    1647719          514/G02             F           48,000.00         ZZ
                                         360         48,000.00          1
    2701 WESTHEIMER ROAD #7D           8.500            369.08         80
                                       8.250            369.08       60,000.00
    HOUSTON          TX   77098          1            10/06/97         00
    0430448159                           06           12/01/97          0
    362949                               O            11/01/27
    0


    1647721          927/G02             F           71,200.00         ZZ
                                         360         71,153.42          1
    1928 MARGARITA AVENUE              8.125            528.66         80
                                       7.875            528.66       89,000.00
    HENDERSON        NV   89015          5            09/23/97         00
    0430449454                           05           11/01/97          0
    340992                               O            10/01/27
    0


1


    1647723          927/G02             F          118,750.00         ZZ
                                         360        118,666.19          1
    44217 SOUTHEAST 142ND STREET       7.750            850.74         72
                                       7.500            850.74      165,000.00
    NORTH BEND       WA   98045          2            09/24/97         00
    0430449249                           03           11/01/97          0
    345470                               O            10/01/27
    0


    1647724          514/G02             F          110,000.00         ZZ
                                         360        110,000.00          1
    2803 KINGS CROSSING DRIVE #220     8.500            845.80         75
                                       8.250            845.80      147,000.00
    KINGWOOD         TX   77345          1            10/02/97         00
    0430448027                           01           12/01/97          0
    362655                               O            11/01/27
    0


    1647734          369/G02             F          260,000.00         ZZ
                                         360        259,842.49          1
    5123 BRIDGEWATER DRIVE             8.500          1,999.18         94
                                       8.250          1,999.18      277,000.00
    ARLINGTON        TX   76017          2            09/29/97         01
    0430448019                           05           11/01/97         30
    0061044806                           O            10/01/27
    0


    1647750          664/G02             F          189,000.00         ZZ
                                         360        189,000.00          1
    4202 33RD AVENUE WEST              8.250          1,419.90         79
                                       8.000          1,419.90      240,000.00
    SEATTLE          WA   98199          2            10/09/97         00
    0430463182                           05           12/01/97          0
    2370450                              O            11/01/27
    0


    1647761          369/G02             F           49,500.00         T
                                         360         49,469.23          1
    108 LEA ROAD                       8.375            376.24         90
                                       8.125            376.24       55,000.00
    NEW CASTLE       DE   19720          1            09/26/97         01
    0430448258                           05           11/01/97         25
    0061015590                           O            10/01/27
    0


    1647765          369/G02             F           84,550.00         ZZ
                                         360         84,498.78          1
    3134 W DESERT COVE AVENUE          8.500            650.12         85
                                       8.250            650.12       99,500.00
1


    PHOENIX          AZ   85029          1            09/30/97         01
    0430448241                           05           11/01/97         20
    0060773140                           N            10/01/27
    0


    1647786          369/G02             F           54,900.00         ZZ
                                         360         54,869.22          1
    902 GLEN OAK DRIVE                 8.875            436.81         90
                                       8.625            436.81       61,000.00
    AUSTIN           TX   78745          1            09/24/97         01
    0430462937                           05           11/01/97         25
    60391729                             N            10/01/27
    0


    1647787          514/G02             F           27,200.00         ZZ
                                         360         27,200.00          1
    140 EAST PEAR STREET               9.000            218.86         71
                                       8.750            218.86       38,500.00
    ROSWELL          NM   88201          2            10/03/97         00
    0430477877                           05           12/01/97          0
    837401                               N            11/01/27
    0


    1647837          K08/G02             F           97,500.00         ZZ
                                         360         97,500.00          1
    7525 FARMHOUSE COURT               8.625            758.34         75
                                       8.375            758.34      130,000.00
    CITRUS HEIGHTS   CA   95610          1            10/15/97         00
    0410571301                           05           12/01/97          0
    410571301                            N            11/01/27
    0


    1647843          K08/G02             F           97,000.00         ZZ
                                         360         97,000.00          1
    UAKEA ROAD                         9.000            780.48         61
    UNIT # 207                         8.750            780.48      160,000.00
    HANA             HI   96713          2            10/08/97         00
    0410541007                           20           12/01/97          0
    410541007                            N            11/01/27
    0


    1647848          369/G02             F           24,800.00         ZZ
                                         360         24,786.10          1
    901 TURTLE LAKE BLVD               8.875            197.32         80
                                       8.625            197.32       31,000.00
    IRVING           TX   75060          1            09/29/97         01
    0430462994                           01           11/01/97         12
    0061042826                           N            10/01/27
    0
1




    1647863          K08/G02             F          143,000.00         ZZ
                                         360        142,917.73          1
    724-A LAGOON DRIVE                 8.750          1,124.98         90
                                       8.500          1,124.98      159,000.00
    FRISCO           CO   80443          1            10/01/97         04
    0410551600                           01           11/01/97         25
    410551600                            N            10/01/27
    0


    1647870          K08/G02             F           31,050.00         ZZ
                                         360         31,033.90          2
    6100 EAST 152ND TERRACE            9.250            255.44         90
                                       9.000            255.44       34,500.00
    GRANDVIEW        MO   64030          1            09/26/97         04
    0410553176                           05           11/01/97         25
    410553176                            N            10/01/27
    0


    1647882          K08/G02             F           45,000.00         ZZ
                                         360         44,975.42          4
    3460 TENNESSEE AVENUE              9.000            362.08         90
                                       8.750            362.08       50,000.00
    ST. LOUIS        MO   63118          1            09/30/97         04
    0410566095                           05           11/01/97         25
    410566095                            N            10/01/27
    0


    1647891          286/286             F           42,300.00         ZZ
                                         360         42,275.66          1
    1723 HILLSIDE AVE                  8.750            332.78         90
                                       8.500            332.78       47,000.00
    SPRINGFIELD      OH   45506          1            09/12/97         10
    0008674215                           05           11/01/97         25
    0008674215                           N            10/01/27
    0


    1647899          K08/G02             F          130,000.00         ZZ
                                         360        130,000.00          1
    1601 DOVER RIDGE LANE              9.000          1,046.01         65
                                       8.750          1,046.01      200,500.00
    DURHAM           NC   27712          2            10/10/97         00
    0410513832                           03           12/01/97          0
    410513832                            N            11/01/27
    0


    1647902          964/G02             F           83,900.00         ZZ
                                         360         83,900.00          1
1


    2912 SOQUEL AVENUE                 7.875            608.33         80
                                       7.625            608.33      104,900.00
    ATWATER          CA   95301          1            09/30/97         00
    0430443705                           05           12/01/97          0
    27307                                O            11/01/27
    0


    1647915          964/G02             F           62,400.00         ZZ
                                         360         62,400.00          1
    3107 WALLACE AVENUE                8.375            474.29         80
                                       8.125            474.29       78,000.00
    STOCKTON         CA   95204          1            10/07/97         00
    0430442814                           05           12/01/97          0
    28444                                N            11/01/27
    0


    1647925          K08/G02             F           36,550.00         ZZ
                                         360         36,527.86          1
    1629 BLACKHAWK LANE                8.500            281.04         66
                                       8.250            281.04       55,850.00
    GARLAND          TX   75043          5            09/30/97         00
    0410561252                           05           11/01/97          0
    410561252                            N            10/01/27
    0


    1647936          664/G02             F           37,800.00         ZZ
                                         360         37,800.00          1
    6111 IVYHILL ROAD                  8.625            294.01         90
                                       8.375            294.01       42,000.00
    FORT WORTH       TX   76135          1            10/17/97         01
    0430444802                           05           12/01/97         25
    2318111                              N            11/01/27
    0


    1647938          K08/G02             F           30,350.00         T
                                         360         30,350.00          1
    628 PLAYERS PLACE                  8.625            236.06         75
    UNIT # 28                          8.375            236.06       40,500.00
    SAM RAYBURN      TX   75951          1            10/07/97         00
    0410527758                           01           12/01/97          0
    410527758                            O            11/01/27
    0


    1647941          K08/G02             F           31,500.00         ZZ
                                         360         31,500.00          1
    C-5 GOLF VIEW VILLA                9.000            253.46         75
                                       8.750            253.46       42,000.00
    SAM RAYBURN      TX   75951          1            10/06/97         00
    0410481212                           01           12/01/97          0
1


    410481212                            N            11/01/27
    0


    1647946          664/G02             F           90,500.00         ZZ
                                         360         90,500.00          1
    37341 26TH EAST                    8.125            671.96         79
                                       7.875            671.96      115,000.00
    PALMDALE         CA   93550          2            10/08/97         00
    0430446617                           05           12/01/97          0
    2388874                              O            11/01/27
    0


    1647974          225/225             F          279,200.00         ZZ
                                         360        279,002.94          1
    522 LOS PALMOS DRIVE               7.750          2,000.23         80
                                       7.500          2,000.23      349,000.00
    SAN FRANCISCO    CA   94127          1            09/25/97         00
    8066920                              05           11/01/97          0
    8066920                              O            10/01/27
    0


    1648030          369/G02             F           70,150.00         ZZ
                                         360         70,102.93          1
    3615 LAWTON AVENUE                 8.000            514.74         74
                                       7.750            514.74       95,000.00
    AUSTIN           TX   78731          2            09/30/97         00
    0430462952                           05           11/01/97          0
    0060951639                           N            10/01/27
    0


    1648051          E84/G02             F           20,250.00         ZZ
                                         360         20,250.00          1
    2524 HODGES AVENUE                 8.625            157.50         90
                                       8.375            157.50       22,500.00
    GRANITE CITY     IL   62040          3            10/07/97         10
    0430445338                           05           12/01/97         30
    PS9700072                            N            11/01/27
    0


    1648068          E57/G02             F          127,350.00         ZZ
                                         360        127,350.00          2
    5333-5335 CLEON AVENUE             8.875          1,013.25         90
                                       8.625          1,013.25      141,500.00
    NORTH HOLLYWOOD  CA   91601          1            10/06/97         11
    0430474908                           05           12/01/97         25
    114912001538                         N            11/01/27
    0


1


    1648069          E60/G02             F          118,000.00         ZZ
                                         360        118,000.00          1
    512 ALLEN STREET                   8.125            876.15         80
                                       7.875            876.15      147,500.00
    ARROYO GRANDE    CA   93420          1            10/13/97         00
    0430448472                           05           12/01/97          0
    510447                               O            11/01/27
    0


    1648122          514/G02             F           58,125.00         ZZ
                                         360         58,125.00          1
    2513 DAISY LANE                    8.375            441.80         75
                                       8.125            441.80       77,500.00
    FORT WORTH       TX   76111          1            10/13/97         00
    0430463497                           05           12/01/97          0
    018650                               O            11/01/27
    0


    1648195          757/757             F           53,200.00         ZZ
                                         360         53,200.00          1
    2111 GENERAL WINSHIP DRIVE         8.125            395.01         70
                                       7.875            395.01       76,000.00
    MACON            GA   31204          2            10/21/97         00
    3209426                              05           12/01/97          0
    3209426                              N            11/01/27
    0


    1648207          450/450             F          332,000.00         ZZ
                                         360        332,000.00          1
    1930 BAYVIEW AVENUE                7.625          2,349.88         80
                                       7.375          2,349.88      415,000.00
    BELMONT          CA   94002          1            09/30/97         00
    4323358                              05           12/01/97          0
    4323358                              O            11/01/27
    0


    1648230          737/G02             F           92,400.00         ZZ
                                         360         92,400.00          1
    3348 SOUTH ONEIDA WAY #22-1        8.375            702.31         74
                                       8.125            702.31      125,000.00
    DENVER           CO   80224          1            10/14/97         00
    0430472787                           01           12/01/97          0
    576592                               N            11/01/27
    0


    1648242          624/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
    808 PENITENCIA STREET              8.000          1,115.32         80
                                       7.750          1,115.32      190,000.00
1


    MILPITAS         CA   95035          1            10/14/97         00
    0430449041                           05           12/01/97          0
    87500470126                          O            11/01/27
    0


    1648314          E45/G02             F           35,000.00         ZZ
                                         360         34,980.37          1
    5361 SYCAMORE ROAD                 8.875            278.48         78
                                       8.625            278.48       45,000.00
    SUGAR HILL       GA   30518          1            09/05/97         00
    0430450015                           05           11/01/97          0
    34440                                N            10/01/27
    0


    1648394          K08/G02             F          191,000.00         ZZ
                                         360        191,000.00          1
    219 VILLAGE WAY                    8.500          1,468.62         74
                                       8.250          1,468.62      260,000.00
    SO SAN FRANCISC  CA   94080          5            10/02/97         00
    0410548549                           05           12/01/97          0
    410548549                            O            11/01/27
    0


    1648444          862/G02             F           90,000.00         ZZ
                                         360         90,000.00          3
    418 PASEO FLAMENCO                 8.750            708.04         90
                                       8.500            708.04      100,000.00
    RIO RICO         AZ   85648          1            10/06/97         01
    0430473447                           05           12/01/97         25
    4512042                              N            11/01/27
    0


    1648446          862/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
    1763 OLIVE STREET                  8.000            733.77         75
                                       7.750            733.77      135,000.00
    EUGENE           OR   97401          1            10/08/97         00
    0430449132                           05           12/01/97          0
    4575163                              O            11/01/27
    0


    1648450          664/G02             F          269,200.00         ZZ
                                         360        269,200.00          1
    30899 CANTERBURY WAY               7.625          1,905.39         80
                                       7.375          1,905.39      336,545.00
    UNION CITY       CA   94587          1            10/09/97         00
    0430474296                           05           12/01/97          0
    2338655                              O            11/01/27
    0
1




    1648453          731/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
    1010 HAMMOND STREET NO 314         8.250          1,141.93         80
                                       8.000          1,141.93      190,000.00
    WEST HOLLYWOOD   CA   90069          2            10/15/97         00
    0430449520                           01           12/01/97          0
    411014851                            O            11/01/27
    0


    1648466          685/G02             F          355,000.00         ZZ
                                         360        355,000.00          1
    1302 STEWART STREET                8.500          2,729.64         59
                                       8.250          2,729.64      610,000.00
    OCEANSIDE        CA   92054          5            10/13/97         00
    0430463430                           05           12/01/97          0
    109330                               O            11/01/27
    0


    1648470          A37/G02             F           91,000.00         ZZ
                                         360         91,000.00          2
    7121 SOUTH CONSTANCE               8.875            724.04         70
                                       8.625            724.04      130,000.00
    CHICAGO          IL   60649          5            10/21/97         00
    0430471607                           05           12/01/97          0
    97W98427                             N            11/01/27
    0


    1648476          G17/G02             F          164,000.00         ZZ
                                         360        164,000.00          1
    921 SOUTH LONE PINE LANE           8.250          1,232.08         80
                                       8.000          1,232.08      205,000.00
    ANAHEIM          CA   92808          1            10/20/97         00
    0430449728                           09           12/01/97          0
    283705                               O            11/01/27
    0


    1648740          B75/G02             F           61,650.00         ZZ
                                         360         61,650.00          2
    2739-41 URSULINES AVENUE           9.000            496.05         90
                                       8.750            496.05       68,500.00
    NEW ORLEANS      LA   70119          1            10/09/97         14
    0430472589                           05           12/01/97         25
    7086291                              N            11/01/27
    0


    1648758          K08/G02             F          130,000.00         ZZ
                                         360        129,921.24          1
1


    7089 E. TOWNSEND DRIVE             8.500            999.59         71
                                       8.250            999.59      183,098.00
    HIGHLANDS RANCH  CO   80126          5            09/30/97         00
    0410557474                           03           11/01/97          0
    410557474                            O            10/01/27
    0


    1648765          K08/G02             F           60,800.00         ZZ
                                         360         60,759.20          1
    9427 SINGING QUAIL DRIVE           8.000            446.13         80
                                       7.750            446.13       76,000.00
    AUSTIN           TX   78758          1            09/29/97         00
    0410555700                           01           11/01/97          0
    410555700                            O            10/01/27
    0


    1648778          105/G02             F           60,800.00         ZZ
                                         360         60,800.00          1
    1211 PRIMROSE AVENUE               8.500            467.50         80
                                       8.250            467.50       76,000.00
    BALTIMORE        MD   21237          1            10/16/97         00
    0430447508                           07           12/01/97          0
    1005784                              O            11/01/27
    0


    1648879          624/G02             F          258,000.00         ZZ
                                         360        258,000.00          1
    38 WESTGATE                        7.875          1,870.68         64
                                       7.625          1,870.68      408,000.00
    LAGUNA NIGUEL    CA   92677          1            10/07/97         00
    0430477786                           03           12/01/97          0
    87500470146                          O            11/01/27
    0


    1648881          F30/G02             F          152,800.00         ZZ
                                         360        152,800.00          1
    977 VITO'S WAY                     8.500          1,174.90         80
                                       8.250          1,174.90      191,000.00
    CARBONDALE       CO   81623          1            10/22/97         00
    0430474262                           03           12/01/97          0
    13551                                N            11/01/27
    0


    1648894          105/G02             F          184,000.00         ZZ
                                         360        184,000.00          1
    506 COPPERLEAF ROAD                8.875          1,463.99         80
                                       8.625          1,463.99      230,000.00
    LAKEWAY          TX   78734          2            10/03/97         00
    0430475087                           05           12/01/97          0
1


    1094093                              O            11/01/27
    0


    1648903          405/405             F           92,000.00         ZZ
                                         360         91,951.03          1
    1309 WEBER DRIVE                   9.125            748.55         80
                                       8.875            748.55      115,000.00
    CLEARWATER       FL   33764          1            09/30/97         00
    008353757                            05           11/01/97          0
    008353757                            N            10/01/27
    0


    1648929          664/G02             F          177,650.00         ZZ
                                         360        177,650.00          1
    2834 SOUTHWEST PATTON ROAD         8.375          1,350.27         85
                                       8.125          1,350.27      209,000.00
    PORTLAND         OR   97201          5            10/09/97         01
    0430473322                           05           12/01/97         12
    2347334                              O            11/01/27
    0


    1648982          B28/G02             F           59,150.00         ZZ
                                         360         59,115.96          1
    633 PITTARD DRIVE                  8.750            465.34         65
                                       8.500            465.34       91,000.00
    ALBUQUERQUE      NM   87121          2            10/02/97         00
    0430472779                           05           11/01/97          0
    05971033                             N            10/01/27
    0


    1649007          E84/G02             F           49,500.00         ZZ
                                         360         49,500.00          1
    5612 NORTHWEST DRIVE               8.875            393.84         90
                                       8.625            393.84       55,000.00
    OMAHA            NE   68104          3            10/17/97         11
    0430446153                           05           12/01/97         25
    PS9700127                            O            11/01/27
    0


    1649055          862/G02             F           78,050.00         ZZ
                                         360         78,050.00          1
    6868 N SMITH STREET                8.750            614.02         90
                                       8.500            614.02       86,735.00
    PORTLAND         OR   97203          1            10/15/97         01
    0430471961                           05           12/01/97         25
    4555413                              N            11/01/27
    0


1


    1649080          765/G02             F           71,000.00         ZZ
                                         360         71,000.00          1
    5340 LAKE MURRAY BLVD              8.125            527.18         60
                                       7.875            527.18      120,000.00
    LA MESA          CA   91942          1            10/03/97         00
    0430476168                           05           12/01/97          0
    141272                               O            11/01/27
    0


    1649081          765/G02             F          148,000.00         ZZ
                                         360        148,000.00          1
    19 CALLE COTURNO                   8.500          1,137.99         80
    (AREA)                             8.250          1,137.99      185,000.00
    RANCHO SANTA MA  CA   92688          1            10/14/97         00
    0430474817                           03           12/01/97          0
    327055                               O            11/01/27
    0


    1649084          765/G02             F          147,200.00         ZZ
                                         360        147,200.00          1
    13723 CLARK AVENUE                 8.500          1,131.85         80
                                       8.250          1,131.85      184,000.00
    BELLFLOWER       CA   90706          2            10/09/97         00
    0430472332                           05           12/01/97          0
    326277                               O            11/01/27
    0


    1649094          637/G02             F          150,350.00         ZZ
                                         360        150,350.00          1
    9611 SOUTH 3645 WEST               7.750          1,077.13         80
                                       7.500          1,077.13      187,991.00
    JORDAN           UT   84095          1            10/07/97         00
    0430472902                           05           12/01/97          0
    9114901                              O            11/01/27
    0


    1649100          637/G02             F           89,600.00         ZZ
                                         360         89,600.00          1
    1002 DELTA DRIVE                   7.625            634.19         80
                                       7.375            634.19      112,000.00
    CORPUS CHRISTI   TX   78412          1            10/15/97         00
    0430474395                           05           12/01/97          0
    3399698                              O            11/01/27
    0


    1649185          638/G02             F           41,100.00         ZZ
                                         360         41,100.00          1
    13035 N 34TH ST                    8.625            319.67         90
    #15                                8.375            319.67       45,700.00
1


    PHOENIX          AZ   85032          1            10/14/97         10
    0430471516                           01           12/01/97         25
    08672977                             O            11/01/27
    0


    1649190          K08/G02             F          109,000.00         ZZ
                                         360        109,000.00          1
    2601 HARRINGTON COURT              8.500            838.12         80
                                       8.250            838.12      136,250.00
    NORMAN           OK   73072          1            10/07/97         00
    0410563522                           03           12/01/97          0
    410563522                            O            11/01/27
    0


    1649193          K08/G02             F          131,100.00         ZZ
                                         360        131,012.03          4
    4431 WHISPERING VALLEY ROAD        8.000            961.97         95
                                       7.750            961.97      138,000.00
    AUSTIN           TX   78727          1            09/30/97         04
    0410555072                           05           11/01/97         30
    410555072                            O            10/01/27
    0


    1649194          K08/G02             F          123,650.00         ZZ
                                         360        123,650.00          1
    5301 WEST CYGNUS HILL COVE         8.250            928.94         80
                                       8.000            928.94      154,574.00
    WEST JORDAN      UT   84084          1            10/03/97         00
    0410387245                           05           12/01/97          0
    410387245                            O            11/01/27
    0


    1649195          K08/G02             F          196,000.00         ZZ
                                         360        196,000.00          1
    3478 PENCE COURT                   8.500          1,507.07         80
                                       8.250          1,507.07      248,000.00
    ANNANDALE        VA   22003          5            10/03/97         00
    0410562276                           05           12/01/97          0
    410562276                            O            11/01/27
    0


    1649197          K08/G02             F           14,250.00         ZZ
                                         360         14,250.00          1
    9170 FOREST LANE                   9.500            119.82         75
    UNIT #238                          9.250            119.82       19,000.00
    DALLAS           TX   75243          1            10/07/97         00
    0410569941                           01           12/01/97          0
    410569941                            N            11/01/27
    0
1




    1649206          K08/G02             F           70,450.00         ZZ
                                         360         70,450.00          1
    1201 BERING DRIVE #83              8.625            547.95         95
                                       8.375            547.95       74,158.00
    HOUSTON          TX   77057          1            10/16/97         12
    0410554398                           01           12/01/97         30
    410554398                            O            11/01/27
    0


    1649216          K08/G02             F          159,550.00         ZZ
                                         360        159,550.00          1
    829 HARRISON DRIVE                 8.375          1,212.70         80
                                       8.125          1,212.70      199,500.00
    ST. GEORGE       UT   84790          2            10/09/97         00
    0410466452                           05           12/01/97          0
    410466452                            O            11/01/27
    0


    1649263          G52/G02             F           57,400.00         ZZ
                                         360         57,366.97          1
    3920 EAST HARDY ROAD               8.750            451.57         70
                                       8.500            451.57       82,000.00
    TUSCON           AZ   85712          5            09/29/97         00
    0430448514                           05           11/01/97          0
    BAKRJUD                              N            10/01/27
    0


    1649354          664/G02             F          210,000.00         ZZ
                                         360        210,000.00          1
    4972 RAFTON DRIVE                  8.125          1,559.25         75
                                       7.875          1,559.25      280,000.00
    SAN JOSE         CA   95124          5            10/14/97         00
    0430476234                           05           12/01/97          0
    2272979                              O            11/01/27
    0


    1649360          676/676             F          500,000.00         ZZ
                                         360        499,681.16          1
    1179 IKENA CIRCLE                  8.250          3,756.34         65
                                       8.000          3,756.34      781,000.00
    HONOLULU         HI   96821          1            09/25/97         00
    850100292953                         03           11/01/97          0
    850100292953                         O            10/01/27
    0


    1649475          K30/G02             F           48,300.00         ZZ
                                         360         48,300.00          1
1


    493 HARRIS ROAD                    8.375            367.11         70
                                       8.125            367.11       69,000.00
    GRAND JUNCTION   CO   81501          5            10/13/97         00
    0430477158                           05           12/01/97          0
    0049840                              N            11/01/27
    0


    1649489          B28/G02             F          106,000.00         ZZ
                                         360        106,000.00          1
    1945 YARROW STREET                 8.625            824.46         80
                                       8.375            824.46      132,500.00
    LAKEWOOD         CO   80215          1            10/07/97         00
    0430474585                           05           12/01/97          0
    11970463                             N            11/01/27
    0


    1649493          638/G02             F          265,000.00         ZZ
                                         360        265,000.00          1
    1344 VISTA GRANDE                  7.875          1,921.43         70
                                       7.625          1,921.43      380,000.00
    MILLBRAE         CA   94030          1            10/14/97         00
    0430473132                           05           12/01/97          0
    08669554                             O            11/01/27
    0


    1649500          638/G02             F           77,000.00         ZZ
                                         360         77,000.00          2
    322 E PARK                         8.875            612.65         88
                                       8.625            612.65       88,000.00
    SAN ANTONIO      TX   78212          1            10/16/97         01
    0430471946                           05           12/01/97         25
    08663149                             N            11/01/27
    0


    1649532          575/G02             F          119,900.00         ZZ
                                         360        119,900.00          1
    1684 TAMARISK DRIVE                8.375            911.33         80
                                       8.125            911.33      149,900.00
    SANTA CLARA      UT   84765          1            10/06/97         00
    0430474601                           05           12/01/97          0
    972411502                            O            11/01/27
    0


    1649549          575/G02             F           47,700.00         ZZ
                                         360         47,700.00          1
    73 EAST 200 SOUTH                  8.875            379.52         90
                                       8.625            379.52       53,000.00
    HURRICANE        UT   84737          1            10/08/97         10
    0430476382                           05           12/01/97         25
1


    972429991                            N            11/01/27
    0


    1649624          721/G02             F           65,700.00         ZZ
                                         360         65,700.00          1
    1641 W PUEBLO                      8.750            516.87         90
                                       8.500            516.87       73,000.00
    MESA             AZ   85202          1            10/01/97         01
    0430474494                           05           12/01/97         25
    7810032258                           N            11/01/27
    0


    1649653          731/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
    121 SUNNYSIDE AVENUE               8.375            608.06         30
                                       8.125            608.06      270,000.00
    SANTA CRUZ       CA   95062          5            10/20/97         00
    0430473462                           05           12/01/97          0
    114454886                            O            11/01/27
    0


    1649660          664/G02             F           29,700.00         ZZ
                                         360         29,700.00          1
    745 W OLIVE STREET                 9.000            238.98         90
                                       8.750            238.98       33,000.00
    DECATUR          IL   62526          1            10/21/97         01
    0430473348                           05           12/01/97         25
    2394104                              N            11/01/27
    0


    1649704          369/G02             F          103,500.00         ZZ
                                         360        103,500.00          4
    7228 E BELLEVIEW STREET            8.750            814.24         90
                                       8.500            814.24      115,000.00
    SCOTTSDALE       AZ   85257          1            10/07/97         01
    0430476218                           05           12/01/97         25
    60773751                             N            11/01/27
    0


    1649850          G17/G02             F           80,000.00         T
                                         360         80,000.00          1
    545 CIENEGA ROAD                   7.875            580.06         52
                                       7.625            580.06      155,000.00
    BIG BEAR LAKE    CA   92315          1            10/22/97         00
    0430475103                           05           12/01/97          0
    284105                               O            11/01/27
    0


1


    1649864          830/830             F          112,000.00         ZZ
                                         360        112,000.00          1
    2244 EAST FALCON WAY               8.000            821.82         80
                                       7.750            821.82      140,000.00
    SANDY            UT   84093          1            10/22/97         00
    532847                               05           12/01/97          0
    532847                               O            11/01/27
    0


    1649936          638/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
    4248 ATLAS AVENUE                  8.500          1,038.03         90
                                       8.250          1,038.03      150,000.00
    OAKLAND          CA   94619          1            10/15/97         10
    0430474429                           05           12/01/97         25
    08673374                             N            11/01/27
    0


    1650349          G51/G02             F           53,650.00         ZZ
                                         360         53,650.00          1
    2280 SOUTH OSWEGO WAY #301         8.750            422.07         95
                                       8.500            422.07       56,500.00
    AURORA           CO   80014          1            10/27/97         04
    0430473496                           01           12/01/97         30
    0230248                              O            11/01/27
    0


    1650364          830/830             F          115,000.00         ZZ
                                         360        115,000.00          1
    5027 WEST 6960 SOUTH               8.375            874.08         80
                                       8.125            874.08      145,000.00
    WEST JORDAN      UT   84084          2            10/17/97         00
    532278                               05           12/01/97          0
    532278                               O            11/01/27
    0


    1650866          664/G02             F           22,400.00         ZZ
                                         360         22,400.00          1
    2104 EAST PRAIRIE                  9.125            182.26         90
                                       8.875            182.26       24,900.00
    DECATUR          IL   62521          1            10/24/97         01
    0430475251                           05           12/01/97         25
    2394849                              N            11/01/27
    0


    1651040          K56/G02             F           68,600.00         ZZ
                                         360         68,600.00          1
    1005 S. ALGONQUIAN LOOP            8.000            503.36         80
                                       7.750            503.36       85,750.00
1


    PRINEVILLE       OR   97754          1            10/30/97         00
    0430476242                           05           12/01/97          0
    000                                  O            11/01/27
    0

   TOTAL NUMBER OF LOANS   :      2,634

   TOTAL ORIGINAL BALANCE  :   298,421,895.00

   TOTAL PRINCIPAL BALANCE :   298,104,002.05

   TOTAL ORIGINAL P+I      :     2,292,578.29

   TOTAL CURRENT P+I       :     2,292,578.29


                             ***************************
                             *      END OF REPORT      *
                             ***************************


1

  RUN ON     : 11/26/97           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 07.14.19           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 1997-QS12                                 CUTOFF : 11/01/97
  POOL       : 0004270
             :
             :
  POOL STATUS: F

    RFC LOAN NUMBER                      SUB SERV FEE
    PRINCIPAL BALANCE                    MSTR SERV FEE
    CURR NOTE RATE                       ALL EXP
    RFC NET RATE                         MISC EXP
    NET MTG RATE(INVSTR RATE)            SPREAD
    POST STRIP RATE                      STRIP
  ---------------------------------------------------------------------

      1553026                              .2500
      224,999.00                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.2500                         .6700

      1553038                              .2500
      283,447.36                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.2500                        1.2950

      1561375                              .2500
      109,756.97                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.2500                        1.4200

      1568069                              .2500
       75,714.94                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.2500                        1.0450

      1569627                              .2500
      103,652.70                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.2500                        1.4200

      1570038                              .2500
      113,373.54                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.2500                         .4200
1



      1570048                              .2500
       47,518.17                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.2500                        1.5450

      1570092                              .2500
      115,357.29                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.2500                         .6700

      1570367                              .2500
       56,483.91                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.2500                        1.5450

      1571566                              .2500
      100,335.97                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.2500                        1.2950

      1571635                              .2500
       85,951.79                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.2500                        1.2950

      1572739                              .2500
       66,359.77                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.2500                        1.0450

      1576350                              .2500
      249,447.58                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.2500                        1.4200

      1576848                              .2500
      111,797.17                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.2500                        1.5450
1



      1577800                              .2500
       57,244.93                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.2500                        1.9200

      1580901                              .2500
       78,285.99                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.2500                         .9200

      1582211                              .2500
      169,861.71                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.2500                        1.2950

      1583372                              .2500
       77,944.91                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.2500                         .4200

      1583391                              .2500
       89,057.83                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.2500                        1.5450

      1583393                              .2500
      189,252.98                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.2500                         .9200

      1583406                              .2500
      279,854.84                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            7.2500                        1.6700

      1584104                              .2500
       31,426.72                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.2500                        1.1700
1



      1584699                              .2500
      100,445.59                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.2500                        1.1700

      1585812                              .2500
      169,161.32                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.2500                         .6700

      1586142                              .2500
      233,642.70                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
            7.2500                        1.7950

      1586593                              .2500
       67,262.25                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
            7.2500                        1.7950

      1586796                              .2500
       80,053.44                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.2500                         .9200

      1586799                              .2500
       72,825.73                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.2500                        1.0450

      1589156                              .2500
       64,848.75                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.2500                        1.1700

      1589202                              .2500
      259,260.33                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.2500                        1.2950
1



      1589386                              .2500
       56,799.42                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.2500                        1.1700

      1589898                              .2500
      175,685.99                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.2500                        1.0450

      1590644                              .2500
      100,646.41                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.2500                        1.5450

      1590871                              .2500
       96,193.17                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.2500                        1.0450

      1591335                              .2500
      119,658.59                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.2500                        1.2950

      1591337                              .2500
      119,658.59                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.2500                        1.2950

      1591795                              .2500
       52,432.81                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.2500                         .6700

      1592725                              .2500
       95,067.81                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.2500                        1.4200
1



      1592913                              .2500
       73,362.00                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.2500                         .7950

      1593942                              .2500
      107,716.80                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.2500                        1.2950

      1594422                              .2500
       49,908.48                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.2500                         .9200

      1594517                              .2500
      282,607.20                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
            7.2500                        1.7950

      1594547                              .2500
      116,719.21                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.2500                         .4200

      1594586                              .2500
       46,503.13                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.2500                         .2950

      1595255                              .2500
      142,335.42                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.2500                        1.1700

      1599197                              .2500
       99,676.74                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.2500                         .6700
1



      1599267                              .2500
       78,547.06                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.2500                         .6700

      1599555                              .2500
       64,445.75                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.2500                        1.0450

      1599757                              .2500
      255,506.91                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.2500                         .6700

      1599796                              .2500
      124,534.05                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.2500                         .1700

      1600080                              .2500
       42,655.13                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            7.2500                        1.6700

      1600434                              .2500
      129,946.94                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.2500                        1.1700

      1600824                              .2500
       58,372.26                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.2500                         .9200

      1601109                              .2500
       85,500.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.2500                        1.4200
1



      1601917                              .2500
       60,059.96                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.2500                        1.1700

      1601982                              .2500
      118,233.68                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.2500                        1.2950

      1602015                              .2500
      113,925.42                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.2500                         .5450

      1603023                              .2500
      193,500.00                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.2500                        1.0450

      1603107                              .2500
       83,957.58                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
            7.2500                        1.7950

      1603122                              .2500
      184,643.67                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.2500                         .6700

      1603298                              .2500
       75,766.48                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.2500                         .9200

      1603599                              .2500
       88,289.73                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.2500                         .7950
1



      1603841                              .2500
      112,721.67                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.2500                        1.1700

      1603966                              .2500
       49,445.72                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.2500                        1.4200

      1604006                              .2500
       80,954.58                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.2500                        1.2950

      1604707                              .2500
      103,435.67                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.2500                         .7950

      1604719                              .2500
      256,188.10                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.2500                         .9200

      1604782                              .2500
      233,954.37                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.2500                        1.1700

      1604970                              .2500
      271,812.81                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.2500                         .2950

      1605089                              .2500
      143,914.98                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.2500                        1.0450
1



      1605169                              .2500
       64,360.99                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.2500                         .9200

      1605983                              .2500
       60,933.11                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.2500                        1.4200

      1606085                              .2500
       78,846.37                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.2500                         .5450

      1606140                              .2500
      146,908.63                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.2500                         .7950

      1606189                              .2500
       85,406.25                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.2500                        1.4200

      1606285                              .2500
       31,432.15                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.2500                        1.5450

      1606313                              .2500
       78,008.48                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.2500                         .9200

      1606700                              .2500
       61,134.63                           .0800
            9.1250                         .0000
            8.8750                         .0000
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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



      1623544                              .2500
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1



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1



      1623561                              .2500
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      1623568                              .2500
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      1623570                              .2500
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1



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1



      1623580                              .2500
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      1623587                              .2500
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1



      1623589                              .2500
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1



      1623598                              .2500
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1



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1



      1623618                              .2500
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1



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1



      1623635                              .2500
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1



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1



      1623660                              .2500
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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



      1623849                              .2500
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1



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      1623866                              .2500
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1



      1623867                              .2500
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      1623868                              .2500
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      1623870                              .2500
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      1623873                              .2500
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      1623874                              .2500
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      1623875                              .2500
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1



      1623876                              .2500
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      1623877                              .2500
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      1623880                              .2500
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1



      1623885                              .2500
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      1623893                              .2500
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      1623894                              .2500
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1



      1623896                              .2500
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      1623899                              .2500
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      1623901                              .2500
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1



      1623906                              .2500
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      1623910                              .2500
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      1623911                              .2500
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      1623912                              .2500
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1



      1623915                              .2500
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1



      1623923                              .2500
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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



      1636210                              .2500
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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



      1641705                              .2500
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1



      1641816                              .2500
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1



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1



      1641862                              .2500
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      1641909                              .2500
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      1641913                              .2500
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1



      1641950                              .2500
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      1641982                              .2500
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      1641983                              .2500
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1



      1641984                              .2500
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      1641985                              .2500
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      1642008                              .2500
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      1642015                              .2500
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1



      1642024                              .2500
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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



      1644387                              .2500
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1



      1644469                              .2500
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      1644476                              .2500
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1



      1644562                              .2500
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1



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1



      1644618                              .2500
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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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      120,082.64                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.2500                        1.2950

      1647288                              .2500
       51,268.11                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.2500                         .7950
1



      1647291                              .2500
       87,000.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.2500                        1.2950

      1647292                              .2500
       74,957.96                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.2500                        1.2950

      1647366                              .2500
      144,000.00                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.2500                         .5450

      1647582                              .2500
      110,200.00                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.2500                         .4200

      1647610                              .2500
       60,000.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.2500                        1.4200

      1647615                              .2500
      276,123.81                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.2500                         .6700

      1647668                              .2500
       79,000.00                           .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.2500                         .0450

      1647702                              .2500
      105,729.00                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.2500                         .4200
1



      1647711                              .2500
       80,000.00                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.2500                         .7950

      1647715                              .2500
       27,507.44                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.2500                         .6700

      1647717                              .2500
      177,600.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.2500                        1.1700

      1647719                              .2500
       48,000.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.2500                         .9200

      1647721                              .2500
       71,153.42                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.2500                         .5450

      1647723                              .2500
      118,666.19                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.2500                         .1700

      1647724                              .2500
      110,000.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.2500                         .9200

      1647734                              .2500
      259,842.49                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.2500                         .9200
1



      1647750                              .2500
      189,000.00                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.2500                         .6700

      1647761                              .2500
       49,469.23                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.2500                         .7950

      1647765                              .2500
       84,498.78                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.2500                         .9200

      1647786                              .2500
       54,869.22                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.2500                        1.2950

      1647787                              .2500
       27,200.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.2500                        1.4200

      1647837                              .2500
       97,500.00                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.2500                        1.0450

      1647843                              .2500
       97,000.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.2500                        1.4200

      1647848                              .2500
       24,786.10                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.2500                        1.2950
1



      1647863                              .2500
      142,917.73                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.2500                        1.1700

      1647870                              .2500
       31,033.90                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            7.2500                        1.6700

      1647882                              .2500
       44,975.42                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.2500                        1.4200

      1647891                              .2500
       42,275.66                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.2500                        1.1700

      1647899                              .2500
      130,000.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.2500                        1.4200

      1647902                              .2500
       83,900.00                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.2500                         .2950

      1647915                              .2500
       62,400.00                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.2500                         .7950

      1647925                              .2500
       36,527.86                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.2500                         .9200
1



      1647936                              .2500
       37,800.00                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.2500                        1.0450

      1647938                              .2500
       30,350.00                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.2500                        1.0450

      1647941                              .2500
       31,500.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.2500                        1.4200

      1647946                              .2500
       90,500.00                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.2500                         .5450

      1647974                              .2500
      279,002.94                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.2500                         .1700

      1648030                              .2500
       70,102.93                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.2500                         .4200

      1648051                              .2500
       20,250.00                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.2500                        1.0450

      1648068                              .2500
      127,350.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.2500                        1.2950
1



      1648069                              .2500
      118,000.00                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.2500                         .5450

      1648122                              .2500
       58,125.00                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.2500                         .7950

      1648195                              .2500
       53,200.00                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.2500                         .5450

      1648207                              .2500
      332,000.00                           .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.2500                         .0450

      1648230                              .2500
       92,400.00                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.2500                         .7950

      1648242                              .2500
      152,000.00                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.2500                         .4200

      1648314                              .2500
       34,980.37                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.2500                        1.2950

      1648394                              .2500
      191,000.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.2500                         .9200
1



      1648444                              .2500
       90,000.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.2500                        1.1700

      1648446                              .2500
      100,000.00                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.2500                         .4200

      1648450                              .2500
      269,200.00                           .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.2500                         .0450

      1648453                              .2500
      152,000.00                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.2500                         .6700

      1648466                              .2500
      355,000.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.2500                         .9200

      1648470                              .2500
       91,000.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.2500                        1.2950

      1648476                              .2500
      164,000.00                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.2500                         .6700

      1648740                              .2500
       61,650.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.2500                        1.4200
1



      1648758                              .2500
      129,921.24                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.2500                         .9200

      1648765                              .2500
       60,759.20                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.2500                         .4200

      1648778                              .2500
       60,800.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.2500                         .9200

      1648879                              .2500
      258,000.00                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.2500                         .2950

      1648881                              .2500
      152,800.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.2500                         .9200

      1648894                              .2500
      184,000.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.2500                        1.2950

      1648903                              .2500
       91,951.03                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.2500                        1.5450

      1648929                              .2500
      177,650.00                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.2500                         .7950
1



      1648982                              .2500
       59,115.96                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.2500                        1.1700

      1649007                              .2500
       49,500.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.2500                        1.2950

      1649055                              .2500
       78,050.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.2500                        1.1700

      1649080                              .2500
       71,000.00                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.2500                         .5450

      1649081                              .2500
      148,000.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.2500                         .9200

      1649084                              .2500
      147,200.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.2500                         .9200

      1649094                              .2500
      150,350.00                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.2500                         .1700

      1649100                              .2500
       89,600.00                           .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.2500                         .0450
1



      1649185                              .2500
       41,100.00                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.2500                        1.0450

      1649190                              .2500
      109,000.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.2500                         .9200

      1649193                              .2500
      131,012.03                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.2500                         .4200

      1649194                              .2500
      123,650.00                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.2500                         .6700

      1649195                              .2500
      196,000.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.2500                         .9200

      1649197                              .2500
       14,250.00                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.2500                        1.9200

      1649206                              .2500
       70,450.00                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.2500                        1.0450

      1649216                              .2500
      159,550.00                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.2500                         .7950
1



      1649263                              .2500
       57,366.97                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.2500                        1.1700

      1649354                              .2500
      210,000.00                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.2500                         .5450

      1649360                              .2500
      499,681.16                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.2500                         .6700

      1649475                              .2500
       48,300.00                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.2500                         .7950

      1649489                              .2500
      106,000.00                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.2500                        1.0450

      1649493                              .2500
      265,000.00                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.2500                         .2950

      1649500                              .2500
       77,000.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.2500                        1.2950

      1649532                              .2500
      119,900.00                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.2500                         .7950
1



      1649549                              .2500
       47,700.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.2500                        1.2950

      1649624                              .2500
       65,700.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.2500                        1.1700

      1649653                              .2500
       80,000.00                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.2500                         .7950

      1649660                              .2500
       29,700.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.2500                        1.4200

      1649704                              .2500
      103,500.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.2500                        1.1700

      1649850                              .2500
       80,000.00                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.2500                         .2950

      1649864                              .2500
      112,000.00                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.2500                         .4200

      1649936                              .2500
      135,000.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.2500                         .9200
1



      1650349                              .2500
       53,650.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.2500                        1.1700

      1650364                              .2500
      115,000.00                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.2500                         .7950

      1650866                              .2500
       22,400.00                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.2500                        1.5450

      1651040                              .2500
       68,600.00                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.2500                         .4200

  TOTAL NUMBER OF LOANS:     2634
  TOTAL BALANCE........:        298,104,002.05


1

  RUN ON     : 11/26/97            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 07.14.19            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 1997-QS12       FIXED SUMMARY REPORT      CUTOFF : 11/01/97
  POOL       : 0004270
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  --------------------------------------------------------------------
  CURR NOTE RATE                        8.4856            7.6250     10.5000
  RFC NET RATE                          8.2353            7.3750     10.2500
  NET MTG RATE(INVSTR RATE)             8.1553            7.2950     10.1700
  POST STRIP RATE                       7.2500            7.2500      7.2500
  SUB SERV FEE                           .2503             .2500       .5000
  MSTR SERV FEE                          .0800             .0800       .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .9053             .0450      2.9200







  TOTAL NUMBER OF LOANS:  2634
  TOTAL BALANCE........:     298,104,002.05


                             ***************************
                             *      END OF REPORT      *
                             ***************************


<PAGE>



                                                     EXHIBIT G

                                         FORM OF SELLER/SERVICER CONTRACT


         This  Seller/Servicer  Contract  (as may be  amended,  supplemented  or
otherwise  modified from time to time,  this  "Contract") is made this _________
day of _______,  19____, by and between  Residential  Funding  Corporation,  its
successors and assigns ("Residential  Funding") and  _____________________  (the
"Seller/Servicer,"  and,  together with Residential  Funding,  the "parties" and
each, individually, a "party").

         WHEREAS,  the Seller/Servicer  desires to sell Loans to, and/or service
Loans for,  Residential  Funding,  and  Residential  Funding desires to purchase
Loans from the Seller/Servicer  and/or have the Seller/Servicer  service various
of its Loans, pursuant to the terms of this Contract and the Residential Funding
Seller  and  Servicer  Guides  incorporated  herein by  reference,  as  amended,
supplemented or otherwise modified, from time to time (together, the "Guides").

         NOW,  THEREFORE,  in  consideration  of the  premises,  and the  terms,
conditions and agreements set forth below, the parties agree as follows:

1.       Incorporation of Guides by Reference.

         The  Seller/Servicer  acknowledges  that it has  received  and read the
Guides. All provisions of the Guides are incorporated by reference into and made
a part of this  Contract,  and  shall be  binding  upon the  parties;  provided,
however,  that the  Seller/Servicer  shall be  entitled  to sell Loans to and/or
service Loans for  Residential  Funding only if and for so long as it shall have
been authorized to do so by Residential  Funding in writing.  Specific reference
in this  Contract  to  particular  provisions  of the  Guides  and not to  other
provisions  does not mean that those  provisions of the Guides not  specifically
cited in this Contract are not applicable.  All terms used herein shall have the
same  meanings  as such terms have in the  Guides,  unless the  context  clearly
requires otherwise.

2.       Amendments.

         This Contract may not be amended or modified  orally,  and no provision
of this Contract may be waived or amended  except in writing signed by the party
against whom  enforcement  is sought.  Such a written  waiver or amendment  must
expressly  reference this Contract.  However,  by their terms, the Guides may be
amended or  supplemented  by  Residential  Funding  from time to time.  Any such
amendment(s) to the Guides shall be binding upon the parties hereto.



<PAGE>



3.       Representations and Warranties.

         a.       Reciprocal Representations and Warranties.

                  The  Seller/Servicer  and Residential  Funding each represents
and warrants to the other that as of the date of this Contract:

                  (1)      Each party is duly organized, validly existing,
                           and in good standing under the laws of its
                           jurisdiction of organization, is qualified, if
                           necessary, to do business and in good standing in
                           each jurisdiction in which it is required to be so
                           qualified, and has the requisite power and
                           authority to enter into this Contract and all
                           other agreements which are contemplated by this
                           Contract and to carry out its obligations
                           hereunder and under the Guides and under such
                           other agreements.

                  (2)      This Contract has been duly authorized,  executed and
                           delivered by each party and  constitutes  a valid and
                           legally binding  agreement of each party  enforceable
                           in accordance with its terms.

                  (3)      There  is  no  action,  proceeding  or  investigation
                           pending or threatened, and no basis therefor is known
                           to either  party,  that could  affect the validity or
                           prospective validity of this Contract.

                  (4)      Insofar as its capacity to carry out any
                           obligation under this Contract is concerned,
                           neither party is in violation of any charter,
                           articles of incorporation, bylaws, mortgage,
                           indenture, indebtedness, agreement, instrument,
                           judgment, decree, order, statute, rule or
                           regulation and none of the foregoing adversely
                           affects its capacity to fulfill any of its
                           obligations under this Contract.  Its execution
                           of, and performance pursuant to, this Contract
                           will not result in a violation of any of the
                           foregoing.

         b.       Seller/Servicer's Representations, Warranties and
Covenants.

                  In addition to the  representations,  warranties and covenants
                  made by the  Seller/Servicer  pursuant to subparagraph  (a) of
                  this    paragraph   3,   the    Seller/Servicer    makes   the
                  representations,  warranties  and  covenants  set forth in the
                  Guides and,  upon  request,  agrees to deliver to  Residential
                  Funding the certified  Resolution of Board of Directors  which
                  authorizes the execution and delivery of this Contract.

                                                        G-2

<PAGE>




4.       Remedies of Residential Funding.

         If an Event of Seller  Default or an Event of  Servicer  Default  shall
occur,  Residential  Funding  may, at its option,  exercise one or more of those
remedies set forth in the Guides.

5.       Seller/Servicer's Status as Independent Contractor.

         At no time shall the Seller/Servicer  represent that it is acting as an
agent of Residential Funding. The Seller/Servicer shall, at all times, act as an
independent contractor.

6.       Prior Agreements Superseded.

         This Contract restates,  amends and supersedes any and all prior Seller
Contracts or Servicer Contracts between the parties except that any subservicing
agreement  executed by the  Seller/Servicer in connection with any loan-security
exchange transaction shall not be affected.

7.       Assignment.

         This Contract may not be assigned or transferred,  in whole or in part,
by the Seller/Servicer without the prior written consent of Residential Funding.
Residential  Funding may sell,  assign,  convey,  hypothecate,  pledge or in any
other way transfer,  in whole or in part, without restriction,  its rights under
this Contract and the Guides with respect to any Commitment or Loan.

8.       Notices.

         All notices,  requests,  demands or other communications that are to be
given under this  Contract  shall be in writing,  addressed  to the  appropriate
parties and sent by  telefacsimile  or by overnight  courier or by United States
mail,  postage prepaid,  to the addresses and  telefacsimile  numbers  specified
below.  However,  another  name,  address  and/or  telefacsimile  number  may be
substituted  by  the  Seller/Servicer  pursuant  to  the  requirements  of  this
paragraph 8, or Residential Funding pursuant to an amendment to the Guides.

If to Residential  Funding,  notices must be sent to the appropriate  address or
telefacsimile number specified in the Guides.


                                                        G-3

<PAGE>



If to the Seller/Servicer, notice must be sent to:







         Attention:

         Telefacsimile Number:  (___) ___-____

9.       Jurisdiction and Venue.

         Each of the  parties  irrevocably  submits to the  jurisdiction  of any
state or federal court located in Hennepin County,  Minnesota,  over any action,
suit or  proceeding  to  enforce  or defend any right  under  this  Contract  or
otherwise  arising  from any loan sale or  servicing  relationship  existing  in
connection with this Contract,  and each of the parties  irrevocably agrees that
all  claims  in  respect  of any  such  action  or  proceeding  may be  heard or
determined  in such  state or federal  court.  Each of the  parties  irrevocably
waives  the  defense of an  inconvenient  forum to the  maintenance  of any such
action or proceeding and any other  substantive or procedural rights or remedies
it may have with respect to the  maintenance of any such action or proceeding in
any such  forum.  Each of the parties  agrees that a final  judgment in any such
action  or  proceeding  shall be  conclusive  and may be  enforced  in any other
jurisdiction  by suit on the  judgment or in any other  manner  provided by law.
Each of the  parties  further  agrees  not to  institute  any legal  actions  or
proceedings  against  the  other  party  or  any  director,  officer,  employee,
attorney,  agent or property of the other  party,  arising out of or relating to
this Contract in any court other than as hereinabove specified in this paragraph
9.

10.      Miscellaneous.

         This  Contract,  including  all  documents  incorporated  by  reference
herein,  constitutes  the entire  understanding  between the parties  hereto and
supersedes  all  other  agreements,  covenants,   representations,   warranties,
understandings and communications between the parties,  whether written or oral,
with respect to the  transactions  contemplated by this Contract.  All paragraph
headings contained herein are for convenience only and shall not be construed as
part of this  Contract.  Any  provision of this  Contract  that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability  without  invalidating the
remaining  portions hereof or affecting the validity or  enforceability  of such
provision in any other jurisdiction, and, to this end, the provisions hereof are
severable. This Contract shall be governed by, and construed and

                                                        G-4

<PAGE>



enforced in accordance with, applicable federal laws and the laws
of the State of Minnesota.

                                                        G-5

<PAGE>



         IN WITNESS WHEREOF, the duly authorized officers of the Seller/Servicer
and Residential  Funding have executed this  Seller/Servicer  Contract as of the
date first above written.

ATTEST:                       SELLER/SERVICER

[Corporate Seal]


                                                (Name of Seller/Servicer)

By:                           By:
         (Signature)                            (Signature)


                              By:
         (Typed Name)                           (Typed Name)


Title:                        Title:




ATTEST:                       RESIDENTIAL FUNDING CORPORATION

By:                           By:
         (Signature)                            (Signature)


                              By:
         (Typed Name)                           (Typed Name)


Title:                        Title:

                                 G-6

<PAGE>



                                                     EXHIBIT H
                                           FORMS OF REQUEST FOR RELEASE

DATE:
TO:
RE:               REQUEST FOR RELEASE OF DOCUMENTS

In connection with the  administration of the pool of Mortgage Loans held by you
for the  referenced  pool,  we request  the  release of the  Mortgage  Loan File
described below.

Pooling and Servicing Agreement Dated:
Series#:
Account#:
Pool#:
Loan#:
Borrower Name(s):
Reason for Document Request: (circle one)     Mortgage Loan
Prepaid in Full
                                              Mortgage Loan Repurchased

"We hereby  certify  that all amounts  received or to be received in  connection
with such  payments  which are required to be deposited  have been or will be so
deposited as provided in the Pooling and Servicing Agreement."


Residential Funding Corporation
Authorized Signature

****************************************************************

TO  CUSTODIAN/TRUSTEE:  Please acknowledge this request, and check off documents
being  enclosed  with a copy of this form.  You should retain this form for your
files in accordance with the terms of the Pooling and Servicing Agreement.

 Enclosed Documents:       [ ] Promissory Note
                          [ ] Primary Insurance Policy
                          [ ] Mortgage or Deed of Trust
                           [ ] Assignment(s) of Mortgage or
Deed of Trust
                           [ ] Title Insurance Policy
                           [ ] Other:


Name

Title

Date


<PAGE>



                                                    EXHIBIT I-1

                                     FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

STATE OF                   )
                           : ss.:
COUNTY OF                  )

                  [NAME OF OFFICER], being first duly sworn, deposes and
says:

                  1. That he is [Title of Officer] of [Name of Owner] (record or
beneficial owner of the Mortgage Asset-Backed Pass-Through Certificates,  Series
1997-QS12,  Class R (the "Owner")),  a [savings institution]  [corporation] duly
organized and existing under the laws of [the State of __________________]  [the
United States], on behalf of which he makes this affidavit and agreement.

                  2. That the  Owner (i) is not and will not be a  "disqualified
organization" as of [date of transfer] within the meaning of Section  860E(e)(5)
of the  Internal  Revenue  Code of 1986,  as  amended  (the  "Code"),  (ii) will
endeavor  to remain  other than a  disqualified  organization  for so long as it
retains  its  ownership  interest  in the  Class R  Certificates,  and  (iii) is
acquiring  the Class R  Certificates  for its own  account or for the account of
another  Owner  from  which  it has  received  an  affidavit  and  agreement  in
substantially the same form as this affidavit and agreement.  (For this purpose,
a "disqualified  organization"  means the United States,  any state or political
subdivision  thereof,  any  agency or  instrumentality  of any of the  foregoing
(other than an instrumentality all of the activities of which are subject to tax
and, except for the Federal Home Loan Mortgage Corporation,  a majority of whose
board of  directors  is not  selected  by any such  governmental  entity) or any
foreign government,  international organization or any agency or instrumentality
of such foreign  government  or  organization,  any rural  electric or telephone
cooperative, or any organization (other than certain farmers' cooperatives) that
is generally exempt from federal income tax unless such  organization is subject
to the tax on unrelated business taxable income).

                  3.  That  the  Owner is  aware  (i) of the tax  that  would be
imposed on transfers of Class R Certificates to disqualified organizations under
the Code, that applies to all transfers of Class R Certificates  after March 31,
1988;  (ii) that such tax would be on the  transferor,  or, if such  transfer is
through an agent (which person  includes a broker,  nominee or middleman)  for a
disqualified organization,  on the agent; (iii) that the person otherwise liable
for the  tax  shall  be  relieved  of  liability  for the tax if the  transferee
furnishes to such person an affidavit  that the transferee is not a disqualified
organization  and,  at the time of  transfer,  such  person does not have actual
knowledge  that the affidavit is false;  and (iv) that the Class R  Certificates
may  be  "noneconomic   residual  interests"  within  the  meaning  of  Treasury
regulations promulgated pursuant to the Code


<PAGE>



and that the  transferor of a noneconomic  residual  interest will remain liable
for any taxes due with respect to the income on such residual  interest,  unless
no  significant  purpose  of  the  transfer  was to  impede  the  assessment  or
collection of tax.

                  4.  That  the  Owner  is  aware  of  the  tax   imposed  on  a
"pass-through  entity"  holding Class R  Certificates  if at any time during the
taxable  year of the  pass-through  entity a  disqualified  organization  is the
record holder of an interest in such entity.  (For this purpose, a "pass through
entity" includes a regulated  investment company, a real estate investment trust
or common trust fund, a partnership, trust or estate, and certain cooperatives.)

                  5. The Owner is a citizen or resident of the United States,  a
corporation,  partnership  or other entity created or organized in, or under the
laws of, the United States or any political  subdivision  thereof,  or an estate
that is  described  in Section  7701(a)(30)(D)  of the Code,  or a trust that is
described in Section 7701(a)(30)(E) of the Code.

                  6. That the Owner is aware that the Trustee  will not register
the  transfer  of  any  Class  R  Certificates  unless  the  transferee,  or the
transferee's  agent,  delivers to it an  affidavit  and  agreement,  among other
things,  in  substantially  the same form as this affidavit and  agreement.  The
Owner expressly agrees that it will not consummate any such transfer if it knows
or believes  that any of the  representations  contained in such  affidavit  and
agreement are false.

                  7. That the Owner has reviewed the  restrictions  set forth on
the face of the Class R Certificates  and the  provisions of Section  5.02(f) of
the Pooling and Servicing  Agreement  under which the Class R Certificates  were
issued (in  particular,  clause  (iii)(A) and (iii)(B) of Section  5.02(f) which
authorize  the Trustee to deliver  payments to a person other than the Owner and
negotiate  a  mandatory  sale by the  Trustee in the event the Owner  holds such
Certificates in violation of Section 5.02(f)).  The Owner expressly agrees to be
bound by and to comply with such restrictions and provisions.

                  8. That the Owner consents to any additional  restrictions  or
arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable  arrangement to ensure that the Class R  Certificates  will only be
owned,  directly  or  indirectly,  by  an  Owner  that  is  not  a  disqualified
organization.

                  9.  The Owner's Taxpayer Identification Number is
- --------------.

                  10. This  affidavit and agreement  relates only to the Class R
Certificates  held by the  Owner  and not to any  other  holder  of the  Class R
Certificates. The Owner understands that

                                                       I-1-2

<PAGE>



the liabilities described herein relate only to the Class R
Certificates.

                  11. That no purpose of the Owner  relating to the  transfer of
any of the  Class R  Certificates  by the  Owner  is or will  be to  impede  the
assessment or collection of any tax.

                  12.  That the Owner has no present  knowledge  or  expectation
that it will be unable to pay any United  States taxes owed by it so long as any
of the  Certificates  remain  outstanding.  In this  regard,  the  Owner  hereby
represents  to and for the benefit of the person from whom it acquired the Class
R Certificate  that the Owner intends to pay taxes  associated with holding such
Class R Certificate  as they become due, fully  understanding  that it may incur
tax  liabilities  in  excess  of  any  cash  flows  generated  by  the  Class  R
Certificate.

                  13.  That the Owner has no present  knowledge  or  expectation
that it will become insolvent or subject to a bankruptcy  proceeding for so long
as any of the Class R Certificates remain outstanding.

                  14. The  Purchaser  is not an employee  benefit  plan or other
plan subject to the prohibited transaction provisions of the Employee Retirement
Income  Security  Act of 1974,  as amended  ("ERISA"),  or  Section  4975 of the
Internal  Revenue  Code of 1986,  as  amended  (the  "Code"),  or an  investment
manager,  named  fiduciary  or a trustee of any such plan,  or any other  Person
acting, directly or indirectly,  on behalf of or purchasing any Certificate with
"plan assets" of any such plan.

                                                       I-1-3

<PAGE>



                  IN WITNESS WHEREOF, the Owner has caused this instrument to be
executed on its behalf,  pursuant to the authority of its Board of Directors, by
its [Title of Officer] and its corporate seal to be hereunto attached,  attested
by its [Assistant] Secretary, this ____ day of _______________, 199__.

                                                     [NAME OF OWNER]


                                                     By:
                                                     [Name of Officer]
                                                     [Title of Officer]
[Corporate Seal]

ATTEST:



[Assistant] Secretary



                  Personally   appeared  before  me  the  above-named  [Name  of
Officer], known or proved to me to be the same person who executed the foregoing
instrument and to be the [Title of Officer] of the Owner, and acknowledged to me
that he executed  the same as his free act and deed and the free act and deed of
the Owner.

                  Subscribed   and   sworn   before   me   this   ____   day  of
________________, 199__.




                              NOTARY PUBLIC

                              COUNTY OF
                              STATE OF
                              My Commission expires the ____ day
                            of _______________, 19__.

                                                       I-1-4

<PAGE>



                                                    EXHIBIT I-2

                                          FORM OF TRANSFEROR CERTIFICATE


                                          __________________, 19__


Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota  55437

Bankers Trust Company
3 Park Plaza
Irvine, California  92714

Attention:  Residential Funding Corporation Series 1997-QS12

                  Re:     Mortgage Asset-Backed Pass-Through Certificates,
                          Series 1997-QS12, Class R

Ladies and Gentlemen:

                  This  letter  is  delivered  to you  in  connection  with  the
transfer    by     _______________________________     (the     "Seller")     to
_______________________________  (the  "Purchaser")  of  $_____________  Initial
Certificate   Principal   Balance   of   Mortgage   Asset-Backed    Pass-Through
Certificates,  Series  1997-QS12,  Class  R (the  "Certificates"),  pursuant  to
Section 5.02 of the Pooling and Servicing  Agreement (the "Pooling and Servicing
Agreement"),  dated as of November  1, 1997 among  Residential  Accredit  Loans,
Inc., as seller (the  "Company"),  Residential  Funding  Corporation,  as master
servicer, and Bankers Trust Company, as trustee (the "Trustee").  All terms used
herein  and not  otherwise  defined  shall  have the  meanings  set forth in the
Pooling and Servicing  Agreement.  The Seller hereby  certifies,  represents and
warrants to, and covenants with, the Company and the Trustee that:

                  1. No purpose of the Seller  relating  to the  transfer of the
Certificate  by  the  Seller  to the  Purchaser  is or  will  be to  impede  the
assessment or collection of any tax.

                  2. The Seller  understands that the Purchaser has delivered to
the Trustee and the Master  Servicer a transfer  affidavit  and agreement in the
form attached to the Pooling and Servicing  Agreement as Exhibit I-1. The Seller
does not know or believe that any representation contained therein is false.

                  3. The  Seller  has at the time of the  transfer  conducted  a
reasonable  investigation  of  the  financial  condition  of  the  Purchaser  as
contemplated by Treasury Regulations Section  1.860E-1(c)(4)(i) and, as a result
of that  investigation,  the  Seller  has  determined  that  the  Purchaser  has
historically  paid its debts as they  become  due and has  found no  significant
evidence to indicate that the Purchaser will not continue to pay


<PAGE>



its debts as they  become due in the  future.  The Seller  understands  that the
transfer of a Class R Certificate  may not be respected for United States income
tax purposes  (and the Seller may continue to be liable for United States income
taxes   associated   therewith)   unless  the  Seller  has  conducted   such  an
investigation.

                  4. The  Seller  has no  actual  knowledge  that  the  proposed
Transferee is not both a United States Person and a Permitted Transferee.

                                Very truly yours,




                                                         (Seller)


                                                         By:
                                                         Name:
                                                         Title:

                                                       I-2-2

<PAGE>



                                                    EXHIBIT J-1

                                      FORM OF INVESTOR REPRESENTATION LETTER

                                           ______________, 19__

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437

Bankers Trust Company
3 Park Plaza
Irvine, California  92714

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN  55437

Attention:  Residential Funding Corporation Series 1997-QS12

                  RE:     Mortgage Asset-Backed Pass-Through Certificates,
                          Series 1997-QS12, [Class B-]

Ladies and Gentlemen:

                  _________________________   (the   "Purchaser")   intends   to
purchase from  ___________________________ (the "Seller") $_____________ Initial
Certificate   Principal   Balance   of   Mortgage   Asset-Backed    Pass-Through
Certificates,  Series 1997-QS12, Class __ (the "Certificates"),  issued pursuant
to the Pooling and Servicing Agreement (the "Pooling and Servicing  Agreement"),
dated as of November 1, 1997 among Residential  Accredit Loans,  Inc., as seller
(the  "Company"),  Residential  Funding  Corporation,  as master  servicer  (the
"Master Servicer"),  and Bankers Trust Company, as trustee (the "Trustee").  All
terms used herein and not otherwise defined shall have the meanings set forth in
the Pooling and Servicing Agreement. The Purchaser hereby certifies,  represents
and warrants to, and  covenants  with,  the Company,  the Trustee and the Master
Servicer that:

                          1. The Purchaser understands that (a) the Certificates
                  have not been and will not be  registered  or qualified  under
                  the  Securities  Act of 1933,  as amended  (the  "Act") or any
                  state  securities  law,  (b) the Company is not required to so
                  register or qualify the Certificates, (c) the Certificates may
                  be resold only if  registered  and  qualified  pursuant to the
                  provisions  of the Act or any state  securities  law, or if an
                  exemption  from  such   registration   and   qualification  is
                  available,  (d) the Pooling and Servicing  Agreement  contains
                  restrictions  regarding the transfer of the  Certificates  and
                  (e) the  Certificates  will  bear a  legend  to the  foregoing
                  effect.

                          2. The Purchaser is acquiring the Certificates for its
                  own account for investment only and not with a


<PAGE>



                  view  to or for  sale  in  connection  with  any  distribution
                  thereof  in any  manner  that  would  violate  the  Act or any
                  applicable state securities laws.

                          3. The Purchaser is (a) a  substantial,  sophisticated
                  institutional investor having such knowledge and experience in
                  financial and business  matters,  and, in particular,  in such
                  matters  related to  securities  similar to the  Certificates,
                  such that it is capable of evaluating  the merits and risks of
                  investment in the Certificates,  (b) able to bear the economic
                  risks of such an investment and (c) an  "accredited  investor"
                  within the meaning of Rule 501(a) promulgated  pursuant to the
                  Act.

                          4. The Purchaser has been furnished  with, and has had
                  an opportunity to review (a) [a copy of the Private  Placement
                  Memorandum,  dated ___________________,  19__, relating to the
                  Certificates   (b)]  a  copy  of  the  Pooling  and  Servicing
                  Agreement and [b] [c] such other  information  concerning  the
                  Certificates,  the Mortgage  Loans and the Company as has been
                  requested by the Purchaser  from the Company or the Seller and
                  is  relevant  to the  Purchaser's  decision  to  purchase  the
                  Certificates. The Purchaser has had any questions arising from
                  such  review  answered  by the  Company  or the  Seller to the
                  satisfaction  of the  Purchaser.  [If  the  Purchaser  did not
                  purchase the  Certificates  from the Seller in connection with
                  the initial  distribution of the Certificates and was provided
                  with  a  copy  of  the  Private   Placement   Memorandum  (the
                  "Memorandum")  relating to the  original  sale (the  "Original
                  Sale")  of the  Certificates  by the  Company,  the  Purchaser
                  acknowledges  that such  Memorandum  was provided to it by the
                  Seller, that the Memorandum was prepared by the Company solely
                  for use in  connection  with the Original Sale and the Company
                  did not  participate  in or facilitate in any way the purchase
                  of the Certificates by the Purchaser from the Seller,  and the
                  Purchaser  agrees  that it will look  solely to the Seller and
                  not to the  Company  with  respect to any  damage,  liability,
                  claim  or  expense  arising  out  of,  resulting  from  or  in
                  connection  with (a) error or  omission,  or alleged  error or
                  omission, contained in the Memorandum, or (b) any information,
                  development   or  event   arising   after   the  date  of  the
                  Memorandum.]

                          5.  The  Purchaser  has  not and  will  not nor has it
                  authorized  or will it  authorize  any  person  to (a)  offer,
                  pledge,   sell,   dispose  of  or   otherwise   transfer   any
                  Certificate,  any  interest  in any  Certificate  or any other
                  similar security to any person in any manner,  (b) solicit any
                  offer  to buy or to  accept  a  pledge,  disposition  of other
                  transfer of any  Certificate,  any interest in any Certificate
                  or any other similar

                                                       J-1-2

<PAGE>



                  security from any person in any manner, (c) otherwise approach
                  or negotiate with respect to any Certificate,  any interest in
                  any Certificate or any other similar  security with any person
                  in any manner,  (d) make any general  solicitation by means of
                  general  advertising  or in any  other  manner or (e) take any
                  other action,  that (as to any of (a) through (e) above) would
                  constitute a distribution  of any  Certificate  under the Act,
                  that  would  render  the  disposition  of  any  Certificate  a
                  violation of Section 5 of the Act or any state securities law,
                  or that would require  registration or qualification  pursuant
                  thereto. The Purchaser will not sell or otherwise transfer any
                  of the Certificates,  except in compliance with the provisions
                  of the Pooling and Servicing Agreement.

                          6.          The Purchaser

                                      (a) is not an  employee  benefit  or other
                  plan subject to the prohibited  transaction  provisions of the
                  Employee  Retirement  Income  Security Act of 1974, as amended
                  ("ERISA"),  or Section  4975 of the  Internal  Revenue Code of
                  1986, as amended (the "Code") (a "Plan"),  or any other person
                  (including  an  investment  manager,  a named  fiduciary  or a
                  trustee of any Plan) acting, directly or indirectly, on behalf
                  of or  purchasing  any  Certificate  with "plan assets" of any
                  Plan within the  meaning of the  Department  of Labor  ("DOL")
                  regulation at 29 C.F.R. ss.2510.3-101; or

                                      (b) is an insurance company, the source of
                  funds  to be used by it to  purchase  the  Certificates  is an
                  "insurance company general account" (within the meaning of DOL
                  Prohibited  Transaction Class Exemption  ("PTCE") 95-60),  and
                  the purchase is being made in reliance  upon the  availability
                  of the exemptive  relief  afforded under Sections I and III of
                  PTCE 95-60.

         In addition,  the Purchaser hereby  certifies,  represents and warrants
to, and covenants  with, the Company,  the Trustee and the Master  Servicer that
the Purchaser will not transfer such  Certificates  to any Plan or person unless
such Plan or person meets the requirements set forth in either (a) or (b) above.

                                Very truly yours,



                                                         By:
                                                         Name:
                                                         Title:

                                                       J-1-3

<PAGE>



                                                    EXHIBIT J-2

                                        FORM OF ERISA REPRESENTATION LETTER


                                                _____________, 199_


Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota  55437

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota  55437

Bankers Trust Company
Four Albany Street
New York, New York  10006


Attention:                Residential Funding Corporation Series 1997-QS_

                          Re:         Mortgage Asset-Backed Pass-Through
                                      Certificates, Series 1997-QS_, Class M-__

Dear Sirs:

         ________________     (the    "Purchaser")     intends    to    purchase
from___________________  (the "Seller")  $________________  Initial  Certificate
Principal Balance of Mortgage  Asset-Backed  Pass-Through  Certificates,  Series
1997-QS_,  Class M-__ (the  "Certificates"),  issued pursuant to the Pooling and
Servicing  Agreement  (the  "Pooling  and  Servicing  Agreement"),  dated  as of
November  1, 1997,  among  Residential  Accredit  Loans,  Inc.,  as seller  (the
"Company"),  Residential  Funding  Corporation,  as master servicer (the "Master
Servicer") and Bankers Trust Company, as (the "Trustee").  All terms used herein
and not  otherwise  defined shall have the meanings set forth in the Pooling and
Servicing Agreement. The Purchaser hereby certifies, represents and warrants to,
and covenants with the Company, the Trustee and the Master Servicer that either:

                          (a) The Purchaser is not an employee  benefit or other
                  plan subject to the prohibited  transaction  provisions of the
                  Employee  Retirement  Income  Security Act of 1974, as amended
                  ("ERISA"),  or Section  4975 of the  Internal  Revenue Code of
                  1986, as amended (the "Code") (a "Plan"),  or any other person
                  (including  an  investment  manager,  a named  fiduciary  or a
                  trustee of any Plan) acting, directly or indirectly, on behalf
                  of or  purchasing  any  Certificate  with "plan assets" of any
                  Plan within the  meaning of the  Department  of Labor  ("DOL")
                  regulation at 29 C.F.R. ss.2510.3-101; or



<PAGE>



                          (b) The  Purchaser  as is an  insurance  company,  the
                  source of funds to be used by it to purchase the  Certificates
                  is an "insurance  company general account" (within the meaning
                  of DOL Prohibited Transaction Class Exemption ("PTCE") 95-60),
                  and  the   purchase  is  being  made  in  reliance   upon  the
                  availability of the exemptive relief afforded under Sections I
                  and III of PTCE 95-60.

                          In   addition,   the   Purchaser   hereby   certifies,
                  represents  and warrants to, and covenants  with, the Company,
                  the Trustee and the Master  Servicer that the  Purchaser  will
                  not transfer  such  Certificates  to any Plan or person unless
                  such Plan or person meets the requirements set forth in either
                  (a) or (b) above.



                                                     Very truly yours,



                                                     By:
                                                     Name:
                                                     Title:


                                                       J-2-2

<PAGE>



                                                     EXHIBIT K

                                     FORM OF TRANSFEROR REPRESENTATION LETTER




                                      , 19


Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437

Bankers Trust Company
3 Park Plaza
Irvine, California  92714

Attention: Residential Funding Corporation Series 1997-QS12

                                                   Re:  Mortgage
Asset-Backed Pass-Through Certificates,
                                                        Series 1997-QS12,
[Class B-]

Ladies and Gentlemen:

                  In  connection  with  the  sale  by  (the  "Seller")  to  (the
"Purchaser") of $ Initial Certificate Principal Balance of Mortgage Asset-Backed
Pass-Through Certificates, Series 1997-QS12, Class (the "Certificates"),  issued
pursuant to the Pooling and  Servicing  Agreement  (the  "Pooling and  Servicing
Agreement"),  dated as of November  1, 1997 among  Residential  Accredit  Loans,
Inc., as seller (the  "Company"),  Residential  Funding  Corporation,  as master
servicer,  and Bankers Trust  Company,  as trustee (the  "Trustee").  The Seller
hereby  certifies,  represents and warrants to, and covenants  with, the Company
and the Trustee that:

                  Neither the Seller nor anyone acting on its behalf has
(a) offered, pledged, sold, disposed of or otherwise transferred
any Certificate, any interest in any Certificate or any other
similar security to any person in any manner, (b) has solicited
any offer to buy or to accept a pledge, disposition or other
transfer of any Certificate, any interest in any Certificate or
any other similar security from any person in any manner, (c) has
otherwise approached or negotiated with respect to any
Certificate, any interest in any Certificate or any other similar
security with any person in any manner, (d) has made any general
solicitation by means of general advertising or in any other
manner, or (e) has taken any other action, that (as to any of (a)
through (e) above) would constitute a distribution of the
Certificates under the Securities Act of 1933 (the "Act"), that
would render the disposition of any Certificate a violation of
Section 5 of the Act or any state securities law, or that would
require registration or qualification pursuant thereto.  The


<PAGE>



Seller  will not act,  in any manner set forth in the  foregoing  sentence  with
respect to any  Certificate.  The Seller has not and will not sell or  otherwise
transfer any of the  Certificates,  except in compliance  with the provisions of
the Pooling and Servicing Agreement.

                                            Very truly yours,


                                            (Seller)



                                            By:
                                            Name:
                                            Title:

                                                        K-2

<PAGE>



                                       EXHIBIT L

                     [FORM OF RULE 144A INVESTMENT REPRESENTATION]


                Description  of Rule  144A  Securities,  including
numbers:
                    ===============================================
                    ===============================================


                  The undersigned  seller,  as registered holder (the "Seller"),
intends to transfer the Rule 144A Securities  described above to the undersigned
buyer (the "Buyer").

                  1. In connection with such transfer and in accordance with the
agreements  pursuant to which the Rule 144A Securities  were issued,  the Seller
hereby  certifies the following  facts:  Neither the Seller nor anyone acting on
its behalf has offered, transferred,  pledged, sold or otherwise disposed of the
Rule 144A  Securities,  any  interest in the Rule 144A  Securities  or any other
similar security to, or solicited any offer to buy or accept a transfer,  pledge
or other disposition of the Rule 144A Securities,  any interest in the Rule 144A
Securities  or any other  similar  security  from,  or otherwise  approached  or
negotiated  with respect to the Rule 144A  Securities,  any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general  solicitation  by means of general  advertising or in any other
manner,  or taken any other action,  that would constitute a distribution of the
Rule 144A  Securities  under the  Securities  Act of 1933, as amended (the "1933
Act"),  or that  would  render the  disposition  of the Rule 144A  Securities  a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or  another  "qualified  institutional  buyer" as defined in Rule
144A under the 1933 Act.

                  2. The Buyer warrants and  represents to, and covenants  with,
the Seller,  the Trustee and the Master  Servicer (as defined in the Pooling and
Servicing  Agreement  (the  "Agreement"),  dated as of  November  1, 1997  among
Residential Funding Corporation as Master Servicer,  Residential Accredit Loans,
Inc. as depositor  pursuant to Section 5.02 of the  Agreement  and Bankers Trust
Company, as trustee, as follows:

                           a.  The   Buyer   understands   that  the  Rule  144A
         Securities  have  not  been  registered  under  the  1933  Act  or  the
         securities laws of any state.

                           b.  The  Buyer   considers   itself  a   substantial,
         sophisticated   institutional   investor   having  such  knowledge  and
         experience  in  financial  and  business  matters that it is capable of
         evaluating  the  merits  and  risks  of  investment  in the  Rule  144A
         Securities.



<PAGE>



                           c. The Buyer has been furnished with all  information
         regarding  the Rule  144A  Securities  that it has  requested  from the
         Seller, the Trustee or the Servicer.

                           d. Neither the Buyer nor anyone  acting on its behalf
         has offered,  transferred,  pledged,  sold or otherwise disposed of the
         Rule 144A  Securities,  any interest in the Rule 144A Securities or any
         other  similar  security to, or solicited  any offer to buy or accept a
         transfer, pledge or other disposition of the Rule 144A Securities,  any
         interest  in the Rule 144A  Securities  or any other  similar  security
         from, or otherwise  approached  or negotiated  with respect to the Rule
         144A Securities,  any interest in the Rule 144A Securities or any other
         similar  security with,  any person in any manner,  or made any general
         solicitation by means of general advertising or in any other manner, or
         taken any other action,  that would  constitute a  distribution  of the
         Rule  144A  Securities  under  the 1933 Act or that  would  render  the
         disposition of the Rule 144A Securities a violation of Section 5 of the
         1933 Act or require registration pursuant thereto, nor will it act, nor
         has it  authorized  or will it  authorize  any  person to act,  in such
         manner with respect to the Rule 144A Securities.

                           e. The Buyer is a "qualified  institutional buyer" as
         that term is defined in Rule 144A under the 1933 Act and has  completed
         either of the forms of  certification to that effect attached hereto as
         Annex 1 or  Annex 2.  The  Buyer is aware  that the sale to it is being
         made in reliance  on Rule 144A.  The Buyer is  acquiring  the Rule 144A
         Securities  for its own  account  or the  accounts  of other  qualified
         institutional buyers, understands that such Rule 144A Securities may be
         resold, pledged or transferred only (i) to a person reasonably believed
         to be a  qualified  institutional  buyer  that  purchases  for  its own
         account or for the account of a qualified  institutional  buyer to whom
         notice is given that the  resale,  pledge or  transfer is being made in
         reliance  on Rule 144A,  or (ii)  pursuant  to another  exemption  from
         registration under the 1933 Act.

                  [3.      The Buyer

                           a. is not an employee  benefit or other plan  subject
         to the  prohibited  transaction  provisions of the Employee  Retirement
         Income Security Act of 1974, as amended  ("ERISA"),  or Section 4975 of
         the Internal  Revenue Code of 1986, as amended (the "Code") (a "Plan"),
         or any other person (including an investment manager, a named fiduciary
         or a trustee of any Plan) acting, directly or indirectly,  on behalf of
         or purchasing any Certificate with "plan assets" of any Plan; or

                           b.  is an insurance company, the source of funds
         to be used by it to purchase the Certificates is an
         "insurance company general account" (within the meaning of

                                                        L-2

<PAGE>



         Department of Labor  Prohibited  Transaction  Class Exemption  ("PTCE")
         95-60),   and  the  purchase  is  being  made  in  reliance   upon  the
         availability of the exemptive  relief afforded under Sections I and III
         of PTCE 95-60.]

                  4. This  document may be executed in one or more  counterparts
and by the different  parties  hereto on separate  counterparts,  each of which,
when  so  executed,  shall  be  deemed  to be an  original;  such  counterparts,
together, shall constitute one and the same document.

                  IN WITNESS  WHEREOF,  each of the  parties has  executed  this
document as of the date set forth below.



Print Name of Seller                  Print Name of Buyer

By:                                   By:
     Name:                                Name:
     Title:                               Title:

Taxpayer Identification:                  Taxpayer Identification:

No.                                   No.

Date:                                 Date:





                                                        L-3

<PAGE>



                              ANNEX 1 TO EXHIBIT L


            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

             [For Buyers Other Than Registered Investment Companies]


                  The undersigned hereby certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

                  1. As indicated below, the undersigned is the
President,  Chief  Financial  Officer,  Senior Vice President or other executive
officer of the Buyer.

                  2. In connection  with purchases by the Buyer,  the Buyer is a
"qualified  institutional  buyer" as that term is defined in Rule 144A under the
Securities Act of 1933 ("Rule 144A") because (i) the Buyer owned and/or invested
on a discretionary basis  $______________________  in securities (except for the
excluded  securities referred to below) as of the end of the Buyer's most recent
fiscal year (such amount being calculated in accordance with Rule 144A) and (ii)
the Buyer satisfies the criteria in the category marked below.

         ___      Corporation,  etc.  The Buyer is a  corporation  (other than a
                  bank,  savings and loan  association or similar  institution),
                  Massachusetts  or  similar  business  trust,  partnership,  or
                  charitable  organization described in Section 501(c)(3) of the
                  Internal Revenue Code.

         ___      Bank.  The Buyer (a) is a national bank or banking
                  ----
                  institution organized under the laws of any State,
                  territory or the District of Columbia, the business of
                  which is substantially confined to banking and is
                  supervised by the State or territorial banking
                  commission or similar official or is a foreign bank or
                  equivalent institution, and (b) has an audited net
                  worth of at least $25,000,000 as demonstrated in its
                  latest annual financial statements, a copy of which is
                                                      ------------------
                  attached hereto.
                  ---------------

                                                        L-4

<PAGE>



         ___      Savings and Loan.  The Buyer (a) is a savings and loan
                  ----------------
                  association, building and loan association, cooperative
                  bank, homestead association or similar institution,
                  which is supervised and examined by a State or Federal
                  authority having supervision over any such institutions
                  or is a foreign savings and loan association or
                  equivalent institution and (b) has an audited net worth
                  of at least $25,000,000 as demonstrated in its latest
                  annual financial statements.

         ___      Broker-Dealer.  The Buyer is a dealer registered
                  pursuant to Section 15 of the Securities Exchange Act
                  of 1934.

         ___      Insurance Company.  The Buyer is an insurance company
                  -----------------
                  whose primary and predominant business activity is the
                  writing of insurance or the reinsuring of risks
                  underwritten by insurance companies and which is
                  subject to supervision by the insurance commissioner or
                  a similar official or agency of a State or territory or
                  the District of Columbia.

         ___      State or Local Plan.  The Buyer is a plan established
                  and maintained by a State, its political subdivisions,
                  or any agency or instrumentality of the State or its
                  political subdivisions, for the benefit of its
                  employees.

         ___      ERISA Plan.  The Buyer is an employee  benefit plan within the
                  meaning of Title I of the Employee  Retirement Income Security
                  Act of 1974.

         ___      Investment Adviser.   The Buyer is an investment
                  adviser registered under the Investment Advisers Act of
                  1940.

         ___      SBIC.  The Buyer is a Small Business Investment Company
                  licensed by the U.S. Small Business Administration
                  under Section 301(c) or (d) of the Small Business
                  Investment Act of 1958.

         ___      Business Development Company.  The Buyer is a business
                  development company as defined in Section 202(a)(22) of
                  the Investment Advisers Act of 1940.

         ___      Trust Fund.  The Buyer is a trust fund whose trustee is
                  ----------
                  a bank or trust company and whose participants are
                  exclusively (a) plans established and maintained by a
                  State, its political subdivisions, or any agency or
                  instrumentality of the State or its political
                  subdivisions, for the benefit of its employees, or
                  (b) employee benefit plans within the meaning of Title
                  I of the Employee Retirement Income Security Act of
                  1974, but is not a trust fund that includes as

                                                        L-5

<PAGE>



                  participants individual retirement accounts or H.R. 10
                  plans.

                  3. The term  "securities"  as used herein does not include (i)
securities of issuers that are affiliated  with the Buyer,  (ii) securities that
are part of an unsold allotment to or subscription by the Buyer, if the Buyer is
a dealer,  (iii) bank  deposit  notes and  certificates  of  deposit,  (iv) loan
participations,  (v) repurchase agreements, (vi) securities owned but subject to
a repurchase agreement and (vii) currency, interest rate and commodity swaps.

                  4.  For  purposes  of  determining  the  aggregate  amount  of
securities  owned and/or  invested on a  discretionary  basis by the Buyer,  the
Buyer used the cost of such  securities  to the Buyer and did not include any of
the securities referred to in the preceding  paragraph.  Further, in determining
such  aggregate  amount,  the  Buyer  may  have  included  securities  owned  by
subsidiaries of the Buyer, but only if such  subsidiaries are consolidated  with
the Buyer in its  financial  statements  prepared in accordance  with  generally
accepted  accounting  principles and if the investments of such subsidiaries are
managed under the Buyer's direction.  However, such securities were not included
if the Buyer is a majority-owned,  consolidated subsidiary of another enterprise
and the Buyer is not itself a reporting  company under the  Securities  Exchange
Act of 1934.

                  5. The Buyer  acknowledges  that it is familiar with Rule 144A
and  understands  that  the  seller  to it  and  other  parties  related  to the
Certificates are relying and will continue to rely on the statements made herein
because one or more sales to the Buyer may be in reliance on Rule 144A.

  ___              ___              Will the Buyer be purchasing the Rule 144A
  Yes              No               Securities only for the Buyer's own account?

                  6. If the answer to the foregoing  question is "no", the Buyer
agrees that, in connection with any purchase of securities sold to the Buyer for
the account of a third party  (including  any  separate  account) in reliance on
Rule 144A, the Buyer will only purchase for the account of a third party that at
the time is a "qualified  institutional  buyer" within the meaning of Rule 144A.
In addition,  the Buyer agrees that the Buyer will not purchase securities for a
third party unless the Buyer has obtained a current  representation  letter from
such third party or taken other appropriate  steps  contemplated by Rule 144A to
conclude that such third party  independently meets the definition of "qualified
institutional buyer" set forth in Rule 144A.

                  7. The Buyer  will  notify  each of the  parties to which this
certification is made of any changes in the information and conclusions  herein.
Until such notice is given, the Buyer's

                                                        L-6

<PAGE>



purchase  of Rule  144A  Securities  will  constitute  a  reaffirmation  of this
certification as of the date of such purchase.



                                                     Print Name of Buyer

                                                     By:

                                      Name:
                                     Title:

                                                     Date:


                                                        L-7

<PAGE>



                              ANNEX 2 TO EXHIBIT L


            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

              [For Buyers That Are Registered Investment Companies]


                  The undersigned hereby certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

                   1. As indicated  below,  the  undersigned  is the  President,
Chief  Financial  Officer or Senior Vice President of the Buyer or, if the Buyer
is a "qualified  institutional buyer" as that term is defined in Rule 144A under
the  Securities  Act of 1933 ("Rule 144A")  because Buyer is part of a Family of
Investment Companies (as defined below), is such an officer of the Adviser.

                  2. In  connection  with  purchases  by  Buyer,  the Buyer is a
"qualified  institutional  buyer" as  defined in SEC Rule 144A  because  (i) the
Buyer is an investment  company  registered under the Investment  Company Act of
1940,  and (ii) as marked  below,  the Buyer  alone,  or the  Buyer's  Family of
Investment Companies,  owned at least $100,000,000 in securities (other than the
excluded  securities referred to below) as of the end of the Buyer's most recent
fiscal year. For purposes of determining  the amount of securities  owned by the
Buyer or the Buyer's Family of Investment Companies, the cost of such securities
was used.

____              The Buyer owned $___________________ in securities
                  (other than the excluded securities referred to below)
                  as of the end of the Buyer's most recent fiscal year
                  (such amount being calculated in accordance with
                  Rule 144A).

____              The Buyer is part of a Family of Investment Companies
                  which owned in the aggregate $______________ in
                  securities (other than the excluded securities referred
                  to below) as of the end of the Buyer's most recent
                  fiscal year (such amount being calculated in accordance
                  with Rule 144A).

                  3. The term "Family of  Investment  Companies"  as used herein
means two or more registered  investment companies (or series thereof) that have
the same  investment  adviser or  investment  advisers that are  affiliated  (by
virtue of being  majority owned  subsidiaries  of the same parent or because one
investment adviser is a majority owned subsidiary of the other).

                  4. The term  "securities"  as used herein does not include (i)
securities  of  issuers  that are  affiliated  with the Buyer or are part of the
Buyer's Family of Investment Companies, (ii) bank deposit notes and certificates
of deposit, (iii) loan

                                                        L-8

<PAGE>



participations,  (iv) repurchase agreements, (v) securities owned but subject to
a repurchase agreement and (vi) currency, interest rate and commodity swaps.

                  5. The Buyer is familiar with Rule 144A and  understands  that
each of the  parties to which this  certification  is made are  relying and will
continue to rely on the statements  made herein because one or more sales to the
Buyer  will be in  reliance  on Rule  144A.  In  addition,  the Buyer  will only
purchase for the Buyer's own account.

                  6. The  undersigned  will  notify each of the parties to which
this  certification  is made of any changes in the  information  and conclusions
herein.  Until such notice,  the Buyer's  purchase of Rule 144A  Securities will
constitute a reaffirmation  of this  certification  by the undersigned as of the
date of such purchase.



                                                     Print Name of Buyer


                                                     By:
                                                        Name:
                                                        Title:

                                                     IF AN ADVISER:


                                                     Print Name of Buyer


                                                     Date:






                                                        L-9

<PAGE>



                                    EXHIBIT M

                   [TEXT OF AMENDMENT TO POOLING AND SERVICING
                  AGREEMENT PURSUANT TO SECTION 11.01(E) FOR A
                                LIMITED GUARANTY]


                                   ARTICLE XII

             Subordinate Certificate Loss Coverage; Limited Guaranty

                  Section 12.01. Subordinate Certificate Loss Coverage;  Limited
Guaranty.  (a) Subject to subsection (c) below,  prior to the later of the third
Business Day prior to each Distribution Date or the related  Determination Date,
the  Master  Servicer  shall  determine  whether it or any  Subservicer  will be
entitled to any  reimbursement  pursuant to Section 4.02(a) on such Distribution
Date for Advances or Subservicer  Advances  previously made,  (which will not be
Advances or  Subservicer  Advances that were made with respect to  delinquencies
which were  subsequently  determined to be Excess Special Hazard Losses,  Excess
Fraud Losses,  Excess Bankruptcy Losses or Extraordinary Losses) and, if so, the
Master Servicer shall demand payment from Residential Funding of an amount equal
to the amount of any Advances or  Subservicer  Advances  reimbursed  pursuant to
Section  4.02(a),  to the extent such Advances or Subservicer  Advances have not
been included in the amount of the Realized Loss in the related  Mortgage  Loan,
and  shall  distribute  the same to the Class B  Certificateholders  in the same
manner as if such amount were to be distributed pursuant to Section 4.02(a).

                  (b) Subject to subsection (c) below, prior to the later of the
third Business Day prior to each Distribution Date or the related  Determination
Date, the Master  Servicer shall  determine  whether any Realized  Losses (other
than Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses
and Extraordinary  Losses) will be allocated to the Class B Certificates on such
Distribution  Date  pursuant to Section  4.05,  and, if so, the Master  Servicer
shall demand  payment from  Residential  Funding of the amount of such  Realized
Loss and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount  were to be  distributed  pursuant to Section  4.02(a);
provided, however, that the amount of such demand in respect of any Distribution
Date shall in no event be greater than the sum of (i) the  additional  amount of
Accrued  Certificate  Interest  that  would  have  been  paid  for  the  Class B
Certificateholders  on such  Distribution  Date had such Realized Loss or Losses
not occurred plus (ii) the amount of the reduction in the Certificate  Principal
Balances  of the  Class B  Certificates  on such  Distribution  Date due to such
Realized  Loss or Losses.  Notwithstanding  such payment,  such Realized  Losses
shall be deemed to have been borne by the  Certificateholders  for  purposes  of
Section  4.05.  Excess  Special  Hazard  Losses,  Excess  Fraud  Losses,  Excess
Bankruptcy Losses and Extraordinary Losses allocated to the Class B Certificates
will not be covered by the Subordinate Certificate Loss Obligation.



<PAGE>



                  (c) Demands for  payments  pursuant to this  Section  shall be
made  prior to the later of the third  Business  Day prior to each  Distribution
Date or the  related  Determination  Date by the Master  Servicer  with  written
notice thereof to the Trustee. The maximum amount that Residential Funding shall
be  required  to pay  pursuant  to this  Section on any  Distribution  Date (the
"Amount Available") shall be equal to the lesser of (X)
      minus the sum of (i) all previous  payments made under subsections (a) and
(b) hereof and (ii) all draws  under the Limited  Guaranty  made in lieu of such
payments  as  described  below in  subsection  (d) and (Y) the then  outstanding
Certificate Principal Balances of the Class B Certificates, or such lower amount
as  may  be  established  pursuant  to  Section  12.02.   Residential  Funding's
obligations  as  described  in  this  Section  are  referred  to  herein  as the
"Subordinate Certificate Loss Obligation."

                  (d) The Trustee will promptly notify General Motors Acceptance
Corporation of any failure of Residential Funding to make any payments hereunder
and  shall  demand  payment  pursuant  to the  limited  guaranty  (the  "Limited
Guaranty"),  executed by General Motors Acceptance  Corporation,  of Residential
Funding's  obligation  to make payments  pursuant to this Section,  in an amount
equal to the lesser of (i) the Amount Available and (ii) such required payments,
by  delivering to General  Motors  Acceptance  Corporation a written  demand for
payment by wire  transfer,  not later than the second  Business Day prior to the
Distribution Date for such month, with a copy to the Master Servicer.

                  (e) All payments made by Residential  Funding pursuant to this
Section or amounts paid under the Limited  Guaranty shall be deposited  directly
in the Certificate  Account,  for distribution on the Distribution Date for such
month to the Class B Certificateholders.

                  (f) The Company shall have the option, in its sole discretion,
to  substitute  for either or both of the Limited  Guaranty  or the  Subordinate
Certificate  Loss  Obligation  another  instrument  in the  form of a  corporate
guaranty,  an irrevocable  letter of credit, a surety bond,  insurance policy or
similar  instrument  or a reserve fund;  provided  that (i) the Company  obtains
(subject to the provisions of Section 10.01(f) as if the Company was substituted
for the Master Servicer solely for the purposes of such provision) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
obtaining such  substitute  corporate  guaranty,  irrevocable  letter of credit,
surety bond,  insurance  policy or similar  instrument  or reserve fund will not
cause  either (a) any  federal  tax to be imposed on the Trust  Fund,  including
without limitation,  any federal tax imposed on "prohibited  transactions" under
Section  860(F)(a)(1) of the Code or on  "contributions  after the startup date"
under Section  860(G)(d)(1) of the Code or (b) the Trust Fund to fail to qualify
as a REMIC at any time that any  Certificate  is  outstanding,  and (ii) no such
substitution shall

                                                        M-2

<PAGE>



be made unless (A) the substitute  Limited  Guaranty or Subordinate  Certificate
Loss  Obligation is for an initial  amount not less than the then current Amount
Available and contains  provisions that are in all material respects  equivalent
to the original  Limited  Guaranty or Subordinate  Certificate  Loss  Obligation
(including  that no portion  of the fees,  reimbursements  or other  obligations
under any such  instrument  will be borne by the Trust Fund),  (B) the long term
debt  obligations  of  any  obligor  of  any  substitute   Limited  Guaranty  or
Subordinate  Certificate  Loss  Obligation  (if  not  supported  by the  Limited
Guaranty)  shall be rated at least the lesser of (a) the rating of the long term
debt  obligations  of General  Motors  Acceptance  Corporation as of the date of
issuance  of the  Limited  Guaranty  and (b) the  rating  of the long  term debt
obligations  of  General  Motors  Acceptance  Corporation  at the  date  of such
substitution  and  (C)  the  Company  obtains  written  confirmation  from  each
nationally  recognized  credit rating agency that rated the Class B Certificates
at the request of the Company that such substitution  shall not lower the rating
on the Class B  Certificates  below the  lesser of (a) the  then-current  rating
assigned to the Class B Certificates  by such rating agency and (b) the original
rating  assigned  to the  Class  B  Certificates  by  such  rating  agency.  Any
replacement of the Limited  Guaranty or Subordinate  Certificate Loss Obligation
pursuant to this Section shall be accompanied by a written Opinion of Counsel to
the substitute  guarantor or obligor,  addressed to the Master  Servicer and the
Trustee, that such substitute instrument  constitutes a legal, valid and binding
obligation of the  substitute  guarantor or obligor,  enforceable  in accordance
with its terms, and concerning such other matters as the Master Servicer and the
Trustee shall reasonably request.  Neither the Company,  the Master Servicer nor
the Trustee shall be obligated to substitute for or replace the Limited Guaranty
or Subordinate Certificate Loss Obligation under any circumstance.

                  Section 12.02.  Amendments  Relating to the Limited  Guaranty.
Notwithstanding  Sections 11.01 or 12.01: (i) the provisions of this Article XII
may be amended,  superseded or deleted, (ii) the Limited Guaranty or Subordinate
Certificate Loss Obligation may be amended,  reduced or canceled,  and (iii) any
other  provision of this Agreement which is related or incidental to the matters
described  in this  Article  XII may be amended in any  manner;  in each case by
written  instrument  executed or  consented  to by the  Company and  Residential
Funding but without the consent of any Certificateholder and without the consent
of the Master  Servicer or the Trustee being required  unless any such amendment
would impose any  additional  obligation on, or otherwise  adversely  affect the
interests of, the Master Servicer or the Trustee,  as applicable;  provided that
the Company shall also obtain a letter from each  nationally  recognized  credit
rating agency that rated the Class B Certificates  at the request of the Company
to the effect that such amendment,  reduction, deletion or cancellation will not
lower  the  rating  on the  Class B  Certificates  below  the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original rating assigned to the Class B Certificates by

                                                        M-3

<PAGE>



such rating agency, unless (A) the Holder of 100% of the Class B Certificates is
Residential  Funding  or an  Affiliate  of  Residential  Funding,  or  (B)  such
amendment,  reduction,  deletion  or  cancellation  is made in  accordance  with
Section 11.01(e) and,  provided further that the Company obtains (subject to the
provisions of Section  10.01(f) as if the Company was substituted for the Master
Servicer solely for the purposes of such  provision),  in the case of a material
amendment or supersession (but not a reduction,  cancellation or deletion of the
Limited Guaranty or the Subordinate Certificate Loss Obligation),  an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
any such amendment or supersession  will not cause either (a) any federal tax to
be imposed on the Trust  Fund,  including  without  limitation,  any federal tax
imposed on "prohibited  transactions" under Section 860F(a)(1) of the Code or on
"contributions  after the startup date" under Section  860G(d)(1) of the Code or
(b) the  Trust  Fund to  fail  to  qualify  as a  REMIC  at any  time  that  any
Certificate is outstanding.  A copy of any such instrument  shall be provided to
the Trustee and the Master  Servicer  together  with an Opinion of Counsel  that
such amendment complies with this Section 12.02.

                                                        M-4

<PAGE>



                                    EXHIBIT N

                           [FORM OF LIMITED GUARANTY]

                                LIMITED GUARANTY

                        RESIDENTIAL ACCREDIT LOANS, INC.

                 Mortgage Asset-Backed Pass-Through Certificates
                                Series 1997-QS12


                                     , 199__


Bankers Trust Company
3 Park Plaza
Irvine, California  92714

Attention:  Residential Funding Corporation Series 1997-QS12

Ladies and Gentlemen:

                  WHEREAS,   Residential   Funding   Corporation,   a   Delaware
corporation  ("Residential  Funding"),  an indirect  wholly-owned  subsidiary of
General Motors Acceptance Corporation, a New York corporation ("GMAC"), plans to
incur certain  obligations  as described  under Section 12.01 of the Pooling and
Servicing  Agreement dated as of November 1, 1997 (the  "Servicing  Agreement"),
among Residential Accredit Loans, Inc. (the "Company"),  Residential Funding and
Bankers Trust  Company (the  "Trustee") as amended by Amendment No. ___ thereto,
dated as of ________,  with respect to the  Mortgage  Asset-Backed  Pass-Through
Certificates, Series 1997-QS12 (the "Certificates"); and

                  WHEREAS, pursuant to Section 12.01 of the Servicing Agreement,
Residential  Funding  agrees  to make  payments  to the  Holders  of the Class B
Certificates  with respect to certain  losses on the Mortgage Loans as described
in the Servicing Agreement; and

                  WHEREAS,  GMAC  desires to  provide  certain  assurances  with
respect to the ability of  Residential  Funding to secure  sufficient  funds and
faithfully to perform its Subordinate Certificate Loss Obligation;

                  NOW  THEREFORE,   in  consideration  of  the  premises  herein
contained  and certain  other good and  valuable  consideration,  the receipt of
which is hereby acknowledged, GMAC agrees as follows:

                  1.  Provision  of Funds.  (a) GMAC  agrees to  contribute  and
deposit  in the  Certificate  Account  on  behalf  of  Residential  Funding  (or
otherwise  provide to Residential  Funding,  or to cause to be made available to
Residential Funding), either directly or through a subsidiary, in any case prior
to the related  Distribution Date, such moneys as may be required by Residential
Funding to perform its Subordinate Certificate Loss Obligation


<PAGE>



when and as the same  arises from time to time upon the demand of the Trustee in
accordance with Section 12.01 of the Servicing Agreement.

                  (b) The agreement set forth in the preceding  clause (a) shall
be  absolute,  irrevocable  and  unconditional  and shall not be affected by the
transfer by GMAC or any other person of all or any part of its or their interest
in Residential  Funding,  by any  insolvency,  bankruptcy,  dissolution or other
proceeding affecting  Residential Funding or any other person, by any defense or
right of  counterclaim,  set-off  or  recoupment  that  GMAC  may  have  against
Residential  Funding or any other  person or by any other fact or  circumstance.
Notwithstanding  the  foregoing,  GMAC's  obligations  under  clause  (a)  shall
terminate  upon  the  earlier  of (x)  substitution  for this  Limited  Guaranty
pursuant to Section 12.01(f) of the Servicing Agreement,  or (y) the termination
of the Trust Fund pursuant to the Servicing Agreement.

                  2. Waiver. GMAC hereby waives any failure or delay on the part
of  Residential  Funding,  the  Trustee  or any  other  person in  asserting  or
enforcing any rights or in making any claims or demands hereunder. Any defective
or partial  exercise of any such rights  shall not preclude any other or further
exercise  of  that  or  any  other  such  right.  GMAC  further  waives  demand,
presentment,  notice of default,  protest,  notice of  acceptance  and any other
notices with respect to this Limited Guaranty,  including,  without  limitation,
those of action or nonaction on the part of Residential Funding or the Trustee.

                  3.       Modification, Amendment and Termination.  This
                           ---------------------------------------
Limited Guaranty may be modified, amended or terminated only by
the written agreement of GMAC and the Trustee and only if such
modification, amendment or termination is permitted under Section
12.02 of the Servicing Agreement.  The obligations of GMAC under
this Limited Guaranty shall continue and remain in effect so long
as the Servicing Agreement is not modified or amended in any way
that might affect the obligations of GMAC under this Limited
Guaranty without the prior written consent of GMAC.

                  4.       Successor.  Except as otherwise expressly provided
herein, the guarantee herein set forth shall be binding upon GMAC
and its respective successors.

                  5.       Governing Law.  This Limited Guaranty shall be
governed by the laws of the State of New York.

                  6. Authorization and Reliance. GMAC understands that a copy of
this Limited  Guaranty shall be delivered to the Trustee in connection  with the
execution  of  Amendment  No.  1 to the  Servicing  Agreement  and  GMAC  hereby
authorizes  the Company and the Trustee to rely on the covenants and  agreements
set forth herein.


                                                        N-2

<PAGE>



                  7.       Definitions.  Capitalized terms used but not
otherwise defined herein shall have the meaning given them in the
Servicing Agreement.

                  8. Counterparts.  This Limited Guaranty may be executed in any
number of counterparts, each of which shall be deemed to be an original and such
counterparts shall constitute but one and the same instrument.

                  IN WITNESS  WHEREOF,  GMAC has caused this Limited Guaranty to
be executed and delivered by its respective  officers  thereunto duly authorized
as of the day and year first above written.

                            GENERAL MOTORS ACCEPTANCE
                                                     CORPORATION


                                                     By:
                                                     Name:
                                                     Title:


Acknowledged by:

BANKERS TRUST COMPANY,
  as Trustee


By:
Name:
Title:


RESIDENTIAL ACCREDIT LOANS, INC.



By:
Name:
Title:

                                                        N-3

<PAGE>



                                    EXHIBIT O

          FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN


                           __________________, 19____

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota  55437

Bankers Trust Company
3 Park Plaza
Irvine, California  92714

Attention:  Residential Funding Corporation Series 1997-QS12

                  Re:      Mortgage Asset-Backed Pass-Through Certificates,
                           Series 1997-QS12 Assignment of Mortgage Loan



Ladies and Gentlemen:

                  This  letter  is  delivered  to you  in  connection  with  the
assignment by _________________ (the "Trustee") to _______________________  (the
"Lender") of  _______________  (the "Mortgage Loan") pursuant to Section 3.13(d)
of the Pooling and Servicing Agreement (the "Pooling and Servicing  Agreement"),
dated as of November 1, 1997 among Residential  Accredit Loans,  Inc., as seller
(the "Company"),  Residential Funding Corporation,  as master servicer,  and the
Trustee. All terms used herein and not otherwise defined shall have the meanings
set forth in the Pooling and Servicing  Agreement.  The Lender hereby certifies,
represents  and warrants to, and  covenants  with,  the Master  Servicer and the
Trustee that:

           (i) the Mortgage Loan is secured by Mortgaged  Property  located in a
jurisdiction  in which an  assignment  in lieu of  satisfaction  is  required to
preserve lien priority,  minimize or avoid mortgage recording taxes or otherwise
comply with, or facilitate a refinancing under, the laws of such jurisdiction;

          (ii) the  substance  of the  assignment  is, and is  intended to be, a
refinancing  of such Mortgage Loan and the form of the  transaction is solely to
comply with, or facilitate the transaction under, such local laws;

         (iii) the  Mortgage  Loan  following  the proposed  assignment  will be
modified  to have a rate of interest  at least 0.25  percent  below or above the
rate of interest on such Mortgage Loan prior to such proposed assignment; and

          (iv) such  assignment  is at the  request  of the  borrower  under the
related Mortgage Loan.



<PAGE>



                                                     Very truly yours,



                                                     (Lender)

                                                     By:
                                                     Name:
                                                     Title:


                                                        O-2

<PAGE>



                                                     EXHIBIT P

                                          SCHEDULE OF DISCOUNT FRACTIONS
                                                    [Reserved]


                                                        P-1

<PAGE>


                                    EXHIBIT Q

                          FORM OF REQUEST FOR EXCHANGE

                                     [DATE]

Bankers Trust Company
3 Park Plaza
Irvine, California  92714


                  Re:      Residential Accredit Loans, Inc.,
                           Mortgage Asset-Backed Pass-Through Certificates,
                           Series 1997-QS12


                  Residential  Funding  Corporation,  as  the  Holder  of a ___%
Percentage  Interest of the Class  A-8[-1]  Certificates,  hereby  requests  the
Trustee  to  exchange  the  above-referenced  Certificates  for  the  Subclasses
referred to below:

                  1.       Class A-8-_ Certificates, corresponding to the
                           following Uncertificated REMIC Regular Interests:
                           [List numbers corresponding to the related loans
                           and Pool Strip Rates from the Mortgage Loan
                           Schedule].  The initial Subclass Notional Amount
                           and the Initial Pass-Through Rate on the Class A-
                           8-_ Certificates will be $__________ and ____%,
                           respectively.

                  [2.      Repeat as appropriate.]

                  The Subclasses requested above will represent in the aggregate
all of the  Uncertificated  REMIC  Regular  Interests  represented  by the Class
A-8[-1] Certificates surrendered for exchange.

                  All  capitalized  terms used but not defined herein shall have
the  meanings  set forth in the Pooling  and  Servicing  Agreement,  dated as of
November 1, 1997, among Residential  Accredit Loans, Inc.,  Residential  Funding
Corporation and Bankers Trust Company, as trustee.

                         RESIDENTIAL FUNDING CORPORATION




                          By:______________________________
                          Name:
                          Title:


                             Q-1

<PAGE>





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